The OECD and G20 are leading negotiations between more than 135 countries and jurisdictions on a deal that would see companies—particularly tech firms—taxed based on where they earn revenues, rather than where they have a physical presence, as well as establish a global minimum level of taxation. Speaking at a virtual plenary of the OECD/G20 Inclusive Framework on BEPS, the finance minister reiterated that Canada would impose its own digital-services tax (DST) if a multinational consensus cannot be reached. But she said a deal on the first set of changes is “doable and essential,” and called for the group to “get it done by July.” (The Logic)

Talking point: The consortium was originally aiming to reach consensus by the end of last year, but deferred its target to mid-2021, citing “the COVID-19 pandemic and political differences.” At the plenary, Freeland said the outbreak had increased the need for the overhaul, citing increased digitization as well as “the pressure on all of our treasuries.” She also described the process as a test of multilateral cooperation and “rebuilding the rules-based international order,” a reference to the Trump administration’s lack of interest in global compacts. But President Joe Biden is no more likely to agree to a deal if it appears to particularly affect U.S. tech giants. Meanwhile, the parliamentary budget officer estimates Ottawa’s threatened DST would bring in $3.96 billion over its first five fiscal years, 14 per cent more than Finance Canada’s $3.4-billion projection in the November 2020 Fall Economic Statement.