The first half of 2013 has seen many jurisdictions the world over implementing tax reforms. Denmark, Finland, Norway and the UK are among those in Europe reducing their corporate tax rate, Portugal has outlined a tax reform plan and the Japanese business community is clamouring for a rate reduction. Few require action on the same scale as the US, though. But tax reform in the US must travel a long and winding road, and it is tough to see an end in sight. Matthew Gilleard assesses the state of play, looking at why progress has been so slow in the last six months and whether there are any signs the process will be expedited.
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Wopke Hoekstra also swore the EU would ‘hit back harder’ if faced with a trade war; in other news, a UK watchdog has launched an investigation into an audit completed by MHA
A recent UK First-tier Tribunal decision highlights the broad application of an anti-avoidance rule to deny tax relief, say Robert Waterson and Matthew Cummings of Eversheds Sutherland