Tax shield at other countries

Hey everyone,

Hope I am posting on the correct forum. I have a question about finance: I know that debt is cheaper than equity partly because of the tax shield. And the tax shield is there because IRS wants to tax income instead of loans companies take out.

But how is tax shield like in other countries? Does it still exist in other parts of the world (say UK or Japan)?

Please kindly point out if I have any concept confusion.