Prime Minister Scott Morrison and Opposition Leader Bill Shorten are under renewed pressure to revisit tax cuts for Australian business, with a new report showing the country has the third highest effective corporate tax rate in the world.

Only Costa Rica and Chile have a higher effective company rate than Australia. The nation's businesses also face some of the highest nominal rates in the world.

The OECD, in its first report comparing business tax rates across more than 100 countries, found Australia was a high-taxing outlier among rich and developed nations, which are continuing to slice their tax rates.

The OECD also found Australia relied more heavily than most other nations on corporate tax collections to pay for government services. Credit:Louie Douvis

Across a range of key indicators, Australia was ranked in the top half of nations when it came to corporate tax rates and corporate tax takes.