Finance committee  Okay. Am I aware of the total amount? I mean, all industries pay taxes in different ways, and royalties.... The effective tax rate on the oil and gas industry has tended to be a bit lower than other sectors.

Finance committee  You know what? I can tell you what the deficit or the net debt is. I can't.... This is not 20 questions, right? I don't have that number. I don't know what the industry has put out on that.

Finance committee  Are you talking about the amount that the industry pays directly or indirectly, or what?

Finance committee  I think it's quite surprising to a lot of people how much revenue is lost in these different areas to tax havens and loopholes. The other aspect of this is that it's important for businesses to be on a level playing field in this area as well. Right now, it is the larger corporat

Finance committee  You talked about—and I hope I got the questions correctly—there being a large amount. I've been surprised in my experience of how many taxes are avoided through international corporate profit shifting. One company, Cameco, of course, was in court for over $2 billion. Internationa

Finance committee  Okay.

Finance committee  You're welcome, and thank you very much for inviting us, Chair and members of the committee. Congratulations to all members on your election or re-election and your appointment to the finance committee. I'd also like to commend all of you and the staff of the finance committee

Finance committee  Well, it all depends on what provisions are included or not. Just following up on the discussion about the principal purposes test, it's an essential part of this and I hope that it isn't weakened going forward. The estimates from some people in the industry are that it might i

Finance committee  Your question was partly, what is the point of this? I agree with Mr. Marley that it's important to have some consistency in international agreements on this. I do have concerns about some of the suggestions he's had in some of the reservations in these areas. I recognize there

Finance committee  I agree with greater transparency. I think there should be greater transparency both in terms of the arbitration panels for.... Lower-income countries are at a disadvantage. They don't have expertise in that, and I'd absolutely agree about the need for transparency in making chan

Finance committee  Yes, exactly.

Finance committee  That's right.

Finance committee  Yes, I mentioned two. There's been discussion about mandatory binding arbitration. That's a concern because these panels meet in secret. There's not much transparency. It puts a lot of the source countries at a disadvantage on that. In terms of the elements of article 17, it wo

Finance committee  No, you can't. As I said, this is an attempt at patching up a system that's, I would say, broken. Countries are moving beyond it. There's been a lot of discussion about what the definition of a permanent establishment would be in different areas. That's really problematic.

Finance committee  Some of the exemptions or reservations that are being suggested, I think, would perpetuate some of those problems.