Italian Prime Minister Metteo Renzi has reportedly stated the government's intention to cut the standard corporate tax (IRES) rate to 24% in 2017. The cut would be included in a series of tax reforms to reduce the tax burden in the country over the next three years, including cuts to individual income tax rates, a reduction in the levy or IRAP (regional production tax) and other measures. Currently, Italy's general effective tax rate is 31.4%, including 27.5% IRES and 3.9% IRAP.