A statement released by Department of Finance of Canada on Saturday announced that a “safe harbor” system will fully exempt multinational corporations with US-based parent companies from the Income Inclusion Rule (IIR) and the Undertaxed Profits Rule (UTPR), for domestic and foreign profits, as they are already subject to existing US minimum tax rules.

The G7 emphasized that this agreement acknowledges the United States' current minimum tax legislation and aims to provide greater stability to the international tax system.