Economics commissioner Paolo Gentiloni cited ongoing work on the OECD-led inclusive framework, which would overhaul taxation of multinationals. The EU plans to review the decision in the autumn. (Reuters)

Talking point: France and the U.K. implemented their digital-services taxes (DST) last year, while other countries are moving forward despite the threat of retaliatory U.S. tariffs. Canada’s own interim measure is scheduled to take effect next year, over repeated objections from the Biden administration, and is likely to primarily affect foreign tech giants. On Saturday, Finance Minister Chrystia Freeland told journalists the global tax deal will be a “net benefit for Canada” and “bring in revenues” to the federal government, but that a specific number would depend on final details that still need to be agreed. The 2021 federal budget estimated the DST would bring in $3.4 billion over its first five years. The key parts of the OECD-led deal are due to take effect in 2023; U.S. Treasury Secretary Janet Yellen said Sunday that the part dealing with which countries can tax multinationals’ profits was on a “slightly slower track” than setting a global minimum rate, and may not be agreed until spring 2022.