• The tax competition to promote investment has led to declining corporate income tax (CIT)  rates in all geographical regions and in most economies since the 1980s. The worldwide  CIT rate more than halved, from 40 per cent in 1980 to 23 per cent in 2021.

• Beyond CIT reductions, the tax competition extends to various types of incentives. Of  100 countries that adopted investment measures related to taxation in the past decade, 90  lowered taxes, introduced new tax incentives or made existing incentives more generous,  bringing down drastically the effective tax rate in many regions.