OECD Tax Policy Studies
- ISSN :
- 1990-0538 (online)
- ISSN :
- 1990-0546 (print)
- DOI :
- 10.1787/19900538
Encouraging Savings through Tax-Preferred Accounts
- Publication Date :
- 01 Mar 2007
- Pages :
- 126
- ISBN :
- 9789264031364 (PDF) ; 9789264031357 (print)
- DOI :
- 10.1787/9789264031364-en
To boost their domestic saving rate, many OECD countries have introduced savings accounts that offer tax advantages, called tax-preferred savings 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.
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 contacts
-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 Savings Gateway, the Child Trust Fund, Tax-preferred life insurance contracts
-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 insurance contracts
Annex: Data on Tax Preferred Accounts in Selected OECD Countries
References