Absolutely. I would be happy to go through its limitation.
Canada has been actively involved in the base erosion and profit shifting process since its inception. We have been actively engaged with our international counterparts on developing the rules and, as I said earlier, ensuring their work in a Canadian context.
Those draft legislative proposals in respect of the global minimum tax were released for consultation. We consulted on them. They have been enacted by Parliament for two of the three main components of the rules. Those are the IIR and the UTPR, the undertaxed profits rule, which allow Canada to essentially step in and tax its multinationals that have subsidiaries in low-tax jurisdictions, or to impose a top-up tax in Canada whereby foreign subsidiaries would be collecting their global minimum tax. Draft legislative proposals for the final component, the UTPR, the undertaxed profits rule, were released for consultation, and we have gathered feedback from stakeholders on that.
In addition, we are continuing to be actively engaged at the OECD and the inclusive framework on developing and refining the global minimum tax rules to ensure that they work appropriately for Canadians even after they have been enacted. We have draft legislative proposals that were put out to refine the rules to take into consideration particular issues that have arisen recently, and we will continue working together with our international counterparts to do that.