Canada’s corporate taxes are the second lowest overall, and lowest of any developed country, among 14 large economies included in a KPMG survey of international tax competitiveness.

At the other end of the scale, Italy and France had the least competitive corporate tax rates in the survey, while the US was in the middle of the pack, at eighth most competitive.

Four of the five developing countries included in the survey: India, China, Mexico and Russia, ranked in the top of five in tax competitiveness, at first, second, fourth and fifth, respectively. Brazil was the only developing country with a tax competitive rating in the bottom half, ranking eleventh.

The survey only looked at corporate taxes and did not factor in taxes paid by individuals directly like the personal income tax and sales tax.

KPMG’s Canadian managing tax partner, Elio Luongo, lauded Canada’s standing in the survey in an interview with the Globe and Mail: “This helps our attractiveness around the world and helps us compete .. We need this to compensate for other costs.”