The following chart shows the lowest corporate tax rates in OECD economies. It is based on their own calculations combining national and local rates, allowing for any surtax on the national rate as a result of a local tax. In the case of the US, a weighted average of state rates is used.

Ireland has the lowest rate, at 12.5%. The low tax level has seen Ireland become a popular location for start-ups and major multinationals, from Facebook to Pfizer.

The UK’s proposed rate of below 15% would see it take second place in the list, just ahead of Latvia. The eastern European nation was invited to join the OECD in May 2016, and has a corporate tax rate of 15%.

Other nations with a rate below 20% include Poland, the Czech Republic and Slovenia.

At the other end of the scale, the United States, France and Belgium have the highest rates among OECD economies, all in excess of 30%, an article published by the World Economic Forum portal says.

OECD data are available here.