Government of Canada moves ahead with Global Minimum Tax Act
Apr 30, 2024
On April 30, 2024, the government of Canada tabled a Notice of Ways and Means Motion (NWMM) in Parliament that includes the Global Minimum Tax Act. The NWMM was introduced as Bill C-69 on May 2, 2024.
Part 2 of Bill C-69 enacts the Global Minimum Tax Act (GMTA), a regime based on the rules of the Organisation for Economic Co-operation and Development (OECD). The global minimum tax regime will subject large multinational corporations to a minimum effective tax rate of 15% on their profits wherever they do business. It sets out rules for the purposes of establishing liability for the tax and also sets out applicable reporting and filing requirements.
Review Bill C-69 on the Parliament of Canada’s Web site.