As previously reported, Canada's Department of Finance has announced the release of draft legislation for consultation that would implement a range of previously announced and other tax measures. This includes, among other things, proposed amendments to the Global Minimum Tax Act. The amendments are made through 13 clauses, summarized as follows:
- Clause 1: Introduces/refines key terms like "private investment entity," "recapture exception accrual," and "unclaimed accrual" to align with OEC…