When G7 Finance Ministers meet this weekend, they will discuss President Biden’s proposal to agree to a global minimum corporate tax rate. While other G7 countries have pledged support for this, Canada has remained silent.
A global minimum corporate tax rate is crucial to stop companies from shifting their profits around to low-tax jurisdictions and tax havens, depriving our governments of billions of dollars and giving the largest multinationals an unfair advantage over smaller domestic companies. Despite this, Minister Freeland still hasn’t publicly said she will support a global minimum corporate tax rate.
As for the rate itself, while some other countries may prefer a lower global minimum corporate tax rate of 15%, Canada should join with the US and insist on a minimum tax rate of at least 21% on the foreign earnings of multinationals.
Please don’t delay, and tell Minister Freeland that you want Canada to support a global minimum corporate tax.