Possible tax reform in the US continues to be the main area of focus in international tax at the moment. The OECD has provided an update on its tax work to G20 finance ministers but most BEPS progress now is around implementation at country level, in particular transfer pricing with Hong Kong, Cyprus and Indonesia being three examples. In the UK, the 2017 Finance Bill contains revised legislation on the new corporate interest restriction, and the Supreme Court has granted HMRC permission to appeal in the CFC & Dividend GLO. Agreement has been reached at the EU on changes to the forthcoming anti-hybrid rules.
