A new report published by the Organisation for Economic Co-operation and Development (OECD) has found that the pace of tax reform has 'slowed across multiple economies'.
The report suggested that fewer countries have introduced comprehensive tax reform packages in 2019 compared to previous years.
According to the OECD, corporate tax rate cuts have 'continued across countries', but they have proved to be 'less significant' than the ones implemented in 2018.
A number of countries have continued to lower personal income taxes, the report found. It also revealed that some countries have expanded tax incentives in order to support pension savings and small savers.
'At a time when countries are facing many significant challenges, such as weakening economic growth, ageing populations, income and wealth inequality, and the changing nature of work and climate change, the appetite for growth-enhancing, structural tax reforms seems to be waning,' said Pascal Saint-Amans, Director of the OECD's Centre for Tax Policy and Administration.
'In the face of these challenges, it is clear that bolder action is needed.'