With an average corporate tax rate of 31,4% percent, Italy consistently improved its position in European ranking. This is the main found for Italy of KPMG International's latest corporate & indirect tax rates survey that covers 106 countries, including the 30 member countries of the OECD, the 27 EU countries, 20 countries in the Asia Pacific region and 20 countries in the Latin America region. For the first time since 1994, not one of the 106 countries covered by the survey has raised its main corporate tax rate in the past year. As concerning Italy, the 2008 Italian Budget Law reduced the IRES rate from 33 percent to 27.5 percent and the IRAP rate from 4.25 percent to 3.9 percent (with an overall reduction of nominal 5.85 percent). IRAP rates varied by regions (in force on 1 January 2008) must be multiplied by the coefficient 0.9176; such coefficient (equal to the ratio 3.9:4.25) is coherent with the IRAP rate reduction. The survey found that Italy improves its position in world ranking, leaving the black jersey in Belgium and France. Among the OECD countries Italy stands at sixth place.