On September 29th, TEI submitted comments to the Canadian Department of Finance regarding its proposed legislation to implement Pillar Two of the OECD's project on the taxation of the digitalization of the economy. Canada's legislation, entitled the Global Minimum Tax Act, encompasses most, but not all, of the necessary Pillar Two rules for Canada to comply with the global minimum tax regime. TEI's recommendations included the need to delay the Act's effective date, how to address certain items under ASC 980 for regulated industries, and the proposed filing, notice, and penalties provisions. TEI's comments were prepared under the aegis of its Canadian Income Tax Committee, whose Chair is Steve Saunders of Atco. Benjamin R. Shreck, TEI Tax Counsel, coordinated the preparation of TEI's comments.
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