Thank you, Mr. Chair.
I thank all of the witnesses for being here and for sharing their expertise with us.
I will begin with Ms. Alepin.
You stated that a tax regime had to respect three principles: it has to be fair, effective and simple. In light of that, I would like to clarify something I may not have understood very well. I am going to put my question to you in English.
Did you say the changes we are making to tighten up our laws for upstream loans by companies—in other words, loans they make, in essence, to limit their tax liabilities...? When we negotiate trade agreements with some of these countries that have a reputation for being low-tax jurisdictions, potentially tax havens, they could be exempt from the laws we are tightening here in Canada. Could you explain that? Perhaps I've not understood correctly.
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