North America is a significant exception. But among the 29-nation Paris-based Organisation for Economic Cooperation & Development, corporate tax rates are slowly but surely continuing to fall. The average is now 34.1%, fractionally lower than last year's 34.8%, reports KPMG's International Tax Center. The U.S. (40%), Canada (44.6%), and Mexico (35%) have the same nominal rates this year as they did in 1999. But corporate rates are lower, for example, in the UK (down to 30% from 31%), France (36.66% now compared with 40% last year) and Japan (42%, dramatically down from 48%).