Sam Fleming

speaker

105 appearances 3 recordings 1 series first heard May 2026 last heard 21 Jul

Sam Fleming’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 3 in all, peaking in Jul 2026 with 1.

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FT News Briefing · China’s President Xi visits North Korea to talk nuclear programme · 8 Jun 2026 podcast

And so it could end up being bad for business and bad for trade and bad for everyone.

All right.

So the current agreement involves a landmark deal which was struck by over 100 countries to find a better way of taxing big corporations around the world.

And there were two key elements to that deal.

The first was about taxing the digital giants and other big multinationals that had activities in countries but weren't paying much tax there, would pay more tax in those countries around the world.

And the second was the agreement to implement a minimum corporation tax of 15%.

around the world.

And so Pillar 1 and Pillar 2, that's what they were called.

Pillar 2 has progressed more smoothly than Pillar 1.

Pillar 1 has basically founded and not really gone anywhere.

Well, the OECD has been the key organisation trying to draw up compromises in this area.

The concern here is that if no global deal can be agreed, then more countries might seek to implement local taxes to get a share of the revenue generated by big multi-nationals.

We've already seen some countries implement digital services taxes in their jurisdictions.

An obvious one is the UK, France.

Canada has also looked at this.

So the risk here is that if you start to see a kind of fractured, fragmented approach, it could create more trade tensions.

And so it could end up, as in his view, being bad for business and bad for trade and bad for everyone.

Yeah, so the US has signed up under the G20, G20, G7 frameworks to language saying they want to continue to explore ways of cooperating better when it comes to the digital economy around the world.

But I think everyone accepts that pillar one in its original form negotiated a few years ago is dead.

The issue here is that this would need to be done via treaty and you need to get Congress on board immediately.

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