By Canadian Press

Finance minister says Canada is committed to proposed global corporate tax rate

Jul 10, 2021 | 4:07 PM

VENICE, Italy — Finance Minister Chrystia Freeland says Canada is all in on a “historic” effort to prevent multinational companies from shopping around for lower tax rates.

Freeland and other finance ministers from the Group of 20 countries representing most of the world’s economy formally endorsed a plan for major changes to global taxation at a meeting in Venice, Italy on Saturday. 

The plan includes a 15% global minimum corporate levy to deter big companies from making use of low-rate tax haven.

Freeland says a global corporate minimum tax rate is now supported by 132 countries.

The Paris-based Organization for Economic Cooperation and Development is set to hash out more key details of the proposed plan before G20 leaders make a final decision at their meeting on Oct. 30-31 in Rome.

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Freeland says the deal could “end the race to the bottom in corporate taxation around the world and ensure that all multinational corporations pay their fair share of taxes, regardless of where they do business or their headquarters are located.”

Freeland also says the deal will level the playing field for Canadian companies by ending jurisdiction shopping, ensuring that the country’s workforce and social safety net are globally competitive.

This report by The Canadian Press was first published July 10, 2021.

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This story was produced with the financial assistance of the Facebook and Canadian Press News Fellowship.

The Canadian Press