Income tax

The Group's average tax rate decreased from 37.6% in 2007 to 32.3%. The change reflects the greater incidence of profit in countries with lower tax rates than the Group's two historically prevalent markets: the United States, where the average total tax rate is 39.5%, and Italy, where the combined rate of corporate and regional tax is only nominally 31.4% (it is actually much higher for labour-intensive businesses like Autogrill's). Tax was also affected by the reduction in nominal rates between 2007 and 2008 in several countries, including Italy (from 37.25% to 31.4%) and Spain (from 32.5% to 30%).