Thank you, Mr. Chair.
Part 2 of the bill makes big multinational corporations subject to a minimum effective tax rate of 15% on their profits so they stop using tax havens in order to pay less tax and so they no longer evade their duty to obey the law. The effect of clause 17 is to exempt shipping companies from the 15% minimum tax, which would allow fleets to continue using tax havens and not pay tax.
Personally, I would call that “the Paul Martin clause”. I am opposed to it. I do not want us to give shipping companies a free pass. I want them to pay their fair share of tax like the other multinationals.
That is why I am asking that we vote on this clause and I encourage you to reject it.