Composite primary key plus a separate (surrogate) id column for foreign key references
I would recommend using it (town_id) as the only primary key (provided my first comment is true about the increment and uniqueness), and the Region/Country IDs should only be foreign keys. This would allow you to have duplicate town names.

You might want to put a unique index on country_id, region_id, town, as I'm pretty sure there's no political subdivision that has two towns of the same name, and it would reflect that business logic.