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Encouraging Savings through Tax-Preferred Accounts

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ISBN Number: 9789264031357
Publication Date: 27/02/2007
Pages: 126
Number of tables: 59

  

OECD Tax Policy Studies No. 15: Encouraging Savings through Tax-Preferred Accounts

 

To boost their domestic saving rate, many OECD countries have introduced savings accounts that offer tax advantages, called tax-preferred saving accounts. This report describes and analyses various tax-preferred savings accounts, excluding pension-related accounts, in a cross-section of 11 OECD countries. Based on a comparison of results, the report then answers the following questions: (1) which income groups benefit the most from these accounts; (2) to what extent do these accounts generate additional savings; and (3) how much tax revenue is foregone due to these accounts. Based on the findings, the report also suggests measures on how to improve the effectiveness of tax-preferred savings accounts.

 

Other titles in the series of Tax Policy Studies

Example tables

T=taxed under personal income tax (or other tax affecting financial income); t=partially taxed (or taxed at a reduced rate); E=exempt; B=receiving a saving bonus.
* The scheme is still in place in 2005.
1. The letter B indicates that the account offers a saving bonus.

 

Executive Summary

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Table of contents

Executive Summary
Chapter 1. Comparative Analysis of Tax-preferred Accounts
- Description of the Questionnaire
- Description of tax-preferred accounts
- Comparative analysis of design features
- Comparative data analysis of selected OECD countries
- Summary and conclusions

Chapter 2. The Legislation Regulating Tax-Preferred Accounts in Selected OECD Countries
- Belgium: Tax-preferred deposits accounts and tax-preferred life-insurance contracts
- Canada: Registered Education Savings Plans (RESPs)
- Denmark: Savings Accounts for Children/grandchildren
Germany: Employee Saving Bonus (Arbeitnehmer-Sparzulage) and tax-preferred life-insurance
contracts
- Ireland: Special Savings Incentives Accounts (SSIAs), Special Savings Accounts (SSAs),
Special Investment Accounts (SIAs) and Special Term Accounts (STAs)
- Italy: tax-preferred life-insurance contracts
- Mexico: Bank Deposits and tax-preferred life-insurance contracts
- The Netherlands: Payroll Savings Schemes (Spaarloon) and Premium Savings Schemes
(Premiesparen)
- Norway: Tax-favoured Savings in Shares (AMS)
- The United Kingdom: Personal Equity Plans (PEPs), Tax-Exempt Special savings Accounts
(TESSAs), Individual savings Accounts (ISAs), the Saving Gateway, The Child Trust Fund, taxpreferred
life-insurance contracts
- The United States: Educational Savings Accounts (ESAs), 529 plans, Flexible Spending
Accounts (FSAs), the Health Reimbursement Arrangements (HRAs), Health Savings Accounts
(HSAs), Medical Savings Accounts (MSAs), Tax-preferred life-insurance contracts

Annex: Data on Tax-Preferred Accounts in Selected OECD Countries
References

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