Countries around the world are cutting tax rates

Nations around the world are reducing corporate taxes, according to a report by PricewaterhouseCoopers.

The report found that 21 economies have cut their corporate income tax rates. Eight economies have reduced the number of taxes paid by businesses. Thirty-six economies have made it easier to pay taxes, with the Dominican Republic leading the way in this respect, followed by Malaysia. Twelve have improved their electronic filing and payments systems efficiency.

Among the 30 industrialized countries in the Organization for Economic Cooperation and Development, the U.S. has the second highest corporate tax rate. The U.S. has a combined federal, state and local corporate tax rate of approximately 39.3 percent, or 50 percent higher than the 26.2 percent average for the other 29 OECD member countries.