The latest global corporate tax survey undertaken by accounting and legal firm KPMG has found that tax rates are continuing on their downward trend in most parts of the world.
The 2004 Corporate Tax Rate Survey found that the average rate for the members of the thirty OECD nations (Organisation for Economic Cooperation and Development) has broken below the 30% barrier, and now stands at 29.96%. This is down from 30.68% in 2003 and 31.39% in 2002.
For the European Union, the average remained above 30%, standing at 31.32% in the 2004 survey. This is down slightly from 31.68% in 2003 and 32.53% in 2002. Meanwhile, for the Asia Pacific region, rates remained more or less steady at 30.37%.
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