Yellen sees progress on U.S. tax reforms; urges support for vulnerable countries

FILE PHOTO: U.S. Senate Appropriations Subcommittee hearing to examine the FY22 budget request
FILE PHOTO: U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool via REUTERS/File Photo

September 9, 2021

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday underscored the importance of finalizing and swiftly implementing new international tax rules agreed by 134 countries, and said the U.S. Congress was making progress on strengthening U.S. international tax rules, her office said.

Yellen told her counterparts from the Group of Seven advanced economies that the Biden administration was seeking to achieve a U.S. minimum tax rate on foreign earnings of at least 21% on a per-country basis.

She also emphasized the need for continued G7 efforts to enhance support for low-income countries hit hard by the COVID-19 pandemic, and urged major economies to lend their newly allocated Special Drawing Rights from the International Monetary Fund to further support vulnerable countries.

(Reporting by Andrea Shalal and David Lawder)