A study by PricewaterhouseCoopers and the world bank assessing which countries have improved their tax systems found that the US tax system is behind the pack.

The report, Paying Taxes 2008 The global picture, shows that of the 178 countries surveyed, the US came in at 102 in terms of the total tax rate (TTR), the term covering the amount of all taxes and mandatory contributions borne by a business expressed as a percentage of profit.

When it came to time to comply, the US was ranked at 122.