OECD Tax Policy Studies

ISSN :
1990-0538 (online)
ISSN :
1990-0546 (print)
DOI :
10.1787/19900538
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This series consists of studies analyzing of the effects of tax policies that have occurred in the past or might be considered for the future. Its primary purpose is to assist policy makers in designing tax policies that are suited to their objectives.
Also available in: French
 
Encouraging Savings through Tax-Preferred Accounts

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Author(s):
OECD
Publication Date :
01 Mar 2007
Pages :
126
ISBN :
9789264031364 (PDF) ; 9789264031357 (print)
DOI :
10.1787/9789264031364-en

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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.

 

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