I think the current international efforts, over the last 10 years, are reducing the various strategies that one could use to avoid Canadian tax. There has been progress—without getting all legalistic—with the anti-hybrid rules, the excessive interest limitation rules and some of our rules on so-called treaty shopping when we're talking about the inbound side. Through those multilateral efforts, prompted by the OECD BEPS project, and some of our own, there has been progress.
The global minimum tax, again, is progress. I agree with the other commentators that it's not perfect, because we've been forced, one would say, to allow the U.S. to have this side-by-side system of their own, the so-called GILTI rules, and of course OECD pillar one, to have a source-based tax on digital services, has just been jettisoned in Canada because of pressure from the United States.
There has been progress. It's come from international co-operation. I think the global minimum tax, if we can really get there, with a 15% floor, doesn't eliminate tax competition, of course, but it makes moving your profits to Bermuda and paying zero impossible. Bermuda has introduced a corporate tax of 15% on some multinationals to respond to that.
I think there has been progress, but yes, the fundamental system still has problems.