Thank you, Chair, and thank you to the member for those questions.
The member is correct in stating that the legislation for the new global minimum tax act in part 2 of the bill does not contain a mechanism for sharing the revenues from the pillar two global minimum tax between the federal government and provincial governments.
The government indicated in budget 2023 that it intended to share with the provinces some portion of the revenues from the pillar two international tax plan that has been led by the OECD's G20 inclusive framework and is being implemented in Canada.
We don't have any further information at this point in time as to sharing, but we anticipate that the government will be engaging with the provinces in due course on the question of the sharing of revenues from, again, the pillar two international tax reform, which consists of pillar one and the pillar two global minimum tax that is in part 2.
To be clear, pillar one is not in part 2 of this bill.
The other point that I would make in response to the member's question is that the pillar two global minimum tax does take into consideration taxes paid at both the federal and provincial levels by the large multinational enterprises that are within the scope of pillar two in determining the effective tax rate of the multinational in Canada for purposes of applying the global minimum tax.