Thank you for that question, Mr. Rankin.
If I may, I'll start, and then I'm going to ask Mr. Macklem to supplement because he did some work, not on the tax aspect of non-cooperatives, but on the broader aspect of non-cooperative jurisdictions, at the FSB.
There is an initiative that is under way in the G-20. It was highlighted again this past weekend in Washington—and this is very much in the domain of the finance committee and the Minister of Finance—to enhance information exchange. That's one of the key elements of addressing this issue, to ensure there is appropriate, timely, and complete information exchange across jurisdictions, so that home jurisdictions can ensure their citizens, and their corporations, importantly, are paying their appropriate and fair share of tax.
The second element is that there is an OECD action plan that is being developed for the G-20—it's due in July of this year—to address the issue of so-called base shifting, and transfer pricing related to that, of corporations. This is with the big multinational corporations. They have become very effective in ensuring that costs are being booked in jurisdictions such as Canada and other G-7 countries and that revenue is being booked in low-tax jurisdictions, effectively ensuring that they pay relatively low levels of tax.
This is a global issue. Ideally, it will be tackled in a coordinated fashion by the major countries, because if one moves, then it becomes a competitiveness issue for them. At this stage I would say there is encouraging progress being made on both those facts, besides the information exchange and a more comprehensive plan. It is a tough issue, and I obviously defer very much to the committee and the minister.
Mr. Macklem can speak a bit to what's been done with non-cooperative jurisdictions more broadly.