Taxes paid by companies remain a key source of government revenues, especially in developing countries, despite the worldwide trend of falling corporate tax rates over the past two decades. That’s according to a new report from the OECD.

The report shows that corporate income tax remains a significant source of tax revenues for governments across the globe. In 2016, corporate tax revenues accounted for 13.3 percent of total tax revenues on average across the 88 jurisdictions for which data is available. This figure has increased from 12 percent in 2000.

The OECD analysis shows that a clear trend of falling statutory corporate tax rates over the last two decades with the average tax rate falling from 28.6 percent in 2000 to 21.4 percent in 2018. The findings in this report are interesting in light of the intense focus on corporates internationally over the last ten years over concerns on the use tax avoidance tools to minimize tax and falling corporate tax rates.