ANNEX B. Additional marginal effective tax rate results
This annex presents additional marginal effective tax rate (METR) results for variations to the basic modelling assumptions presented in Chapter 3 regarding the inflation rate, real rate of return and expected holding period.
Tables B.1 to B.3 provide results for sensitivity analysis regarding the inflation rate by providing results for a zero inflation rate, while holding constant the real rate of return (3%) and expected holding period (20 years for private pensions and residential property; 5 years for all other assets). Results were presented in the main text using the country actual and OECD average inflation rates.
Tables B.4 to B.9 provide results for sensitivity analysis regarding the real rate of return by providing results for a lower (2%) and higher (4%) real rate of return, while holding constant the inflation rate (country actual) and expected holding period (20 years for private pensions and residential property; 5 years for all other assets).
Tables B.10 to B.15 provide sensitivity analysis regarding the expected holding period by providing results for a short (10 years for private pensions and residential property; 6 months for all other assets) and long (30 years for private pensions and residential property; 10 years for all other assets) expected holding period, while holding constant the inflation rate (country actual) and real rate of return (3%).
|
Table B.1. Marginal effective tax rates by asset: zero inflation, 67% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
34.5% |
34.5% |
33.7% |
34.5% |
33.7% |
4.5% |
9.8% |
15.3% |
|
Austria |
25.0% |
27.5% |
26.8% |
27.5% |
26.8% |
27.5% |
26.1% |
24.7% |
|
Belgium |
27.0% |
27.7% |
27.0% |
27.7% |
27.0% |
29.0% |
15.4% |
1.8% |
|
Canada |
20.1% |
20.1% |
17.3% |
20.1% |
17.3% |
0.0% |
4.4% |
8.8% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-24.0% |
-12.0% |
0.0% |
|
Czech Republic |
15.0% |
15.0% |
11.3% |
15.0% |
11.3% |
15.0% |
7.5% |
0.0% |
|
Denmark |
37.0% |
37.0% |
36.2% |
37.0% |
36.2% |
42.0% |
40.3% |
38.5% |
|
Estonia |
0.0% |
20.0% |
19.5% |
20.0% |
19.5% |
0.0% |
8.8% |
17.8% |
|
Finland |
30.0% |
30.0% |
29.3% |
30.0% |
29.3% |
25.5% |
26.3% |
27.0% |
|
France |
28.8% |
28.8% |
28.1% |
28.8% |
28.1% |
23.2% |
21.3% |
19.4% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
15.0% |
15.0% |
14.6% |
0.0% |
0.0% |
23.3% |
24.2% |
25.0% |
|
Hungary |
15.0% |
15.0% |
11.3% |
15.0% |
11.3% |
10.0% |
9.4% |
8.8% |
|
Iceland |
0.0% |
0.0% |
4.4% |
0.0% |
4.4% |
20.0% |
18.9% |
17.8% |
|
Ireland |
41.0% |
25.5% |
26.6% |
25.5% |
19.1% |
32.8% |
34.6% |
36.4% |
|
Israel |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
25.0% |
23.7% |
22.4% |
|
Italy |
27.5% |
27.5% |
26.8% |
14.0% |
13.6% |
26.9% |
25.5% |
24.1% |
|
Japan |
20.0% |
20.0% |
19.5% |
20.0% |
19.5% |
10.6% |
14.2% |
17.8% |
|
Korea |
14.0% |
14.0% |
13.6% |
14.0% |
13.6% |
21.5% |
14.0% |
6.6% |
|
Latvia |
10.0% |
10.0% |
10.8% |
10.0% |
10.8% |
10.0% |
11.6% |
13.3% |
|
Luxembourg |
10.0% |
10.0% |
7.5% |
10.0% |
7.5% |
17.0% |
8.5% |
0.0% |
|
Mexico |
0.5% |
0.5% |
0.5% |
0.5% |
0.5% |
-9.2% |
-0.2% |
8.8% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
17.5% |
17.5% |
17.2% |
17.5% |
17.2% |
-10.5% |
-5.3% |
0.0% |
|
Norway |
53.3% |
53.3% |
52.9% |
53.3% |
52.9% |
28.3% |
28.3% |
28.3% |
|
Poland |
19.0% |
19.0% |
18.5% |
19.0% |
18.5% |
19.0% |
18.0% |
16.9% |
|
Portugal |
28.0% |
28.0% |
27.3% |
28.0% |
27.3% |
28.0% |
26.6% |
25.2% |
|
Slovak Republic |
19.0% |
19.0% |
18.5% |
19.0% |
18.5% |
0.0% |
8.4% |
16.9% |
|
Slovenia |
25.0% |
25.0% |
24.4% |
25.0% |
24.4% |
25.0% |
19.2% |
13.3% |
|
Spain |
21.0% |
21.0% |
20.0% |
21.0% |
20.0% |
21.0% |
19.0% |
16.9% |
|
Sweden |
30.0% |
30.0% |
29.3% |
30.0% |
29.3% |
30.0% |
28.5% |
27.0% |
|
Switzerland |
16.6% |
17.7% |
13.5% |
17.7% |
13.5% |
17.7% |
9.4% |
1.0% |
|
Turkey |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
10.4% |
5.2% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
0.0% |
0.0% |
0.0% |
|
Argentina |
0.0% |
25.0% |
25.0% |
0.0% |
0.0% |
25.0% |
25.0% |
25.0% |
|
Bulgaria |
8.0% |
0.0% |
0.0% |
0.0% |
0.0% |
5.0% |
2.5% |
0.0% |
|
Colombia |
7.0% |
4.0% |
3.9% |
4.0% |
3.9% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
15.0% |
7.5% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
16.9% |
9.3% |
8.0% |
|
Table B.1. Marginal effective tax rates by asset: zero inflation, 67% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
34.5% |
-25.4% |
15.0% |
34.5% |
14.7% |
74.7% |
47.3% |
74.7% |
|
Austria |
24.8% |
-7.4% |
0.0% |
25.0% |
15.5% |
39.9% |
39.0% |
30.3% |
|
Belgium |
0.0% |
-52.4% |
13.3% |
0.0% |
49.3% |
50.6% |
31.7% |
73.1% |
|
Canada |
20.1% |
0.0% |
13.2% |
0.0% |
38.9% |
59.5% |
56.0% |
59.5% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Czech Republic |
5.0% |
0.0% |
9.7% |
15.0% |
11.1% |
22.1% |
11.1% |
22.1% |
|
Denmark |
42.0% |
15.3% |
15.3% |
42.0% |
21.3% |
38.9% |
17.7% |
43.8% |
|
Estonia |
17.8% |
-20.8% |
16.7% |
0.0% |
0.0% |
16.2% |
-21.6% |
16.2% |
|
Finland |
27.0% |
0.0% |
20.3% |
0.0% |
12.1% |
40.1% |
26.0% |
40.1% |
|
France |
25.9% |
-2.3% |
13.4% |
0.0% |
22.8% |
37.1% |
49.2% |
62.5% |
|
Germany |
0.0% |
0.0% |
23.1% |
0.0% |
19.4% |
57.4% |
19.4% |
24.7% |
|
Greece |
13.3% |
0.0% |
0.0% |
15.0% |
27.2% |
27.4% |
30.9% |
31.3% |
|
Hungary |
8.8% |
-41.7% |
0.0% |
0.0% |
10.3% |
25.2% |
24.7% |
39.2% |
|
Iceland |
17.8% |
0.0% |
26.6% |
20.0% |
15.5% |
25.2% |
34.3% |
43.8% |
|
Ireland |
37.5% |
11.5% |
17.0% |
41.0% |
6.6% |
32.0% |
46.6% |
52.4% |
|
Israel |
22.4% |
-89.7% |
0.0% |
0.0% |
10.0% |
28.4% |
24.4% |
42.1% |
|
Italy |
20.2% |
-9.3% |
26.7% |
27.5% |
1.8% |
47.2% |
11.4% |
71.5% |
|
Japan |
17.8% |
-4.9% |
5.1% |
0.0% |
17.7% |
28.1% |
3.5% |
37.1% |
|
Korea |
14.0% |
-19.6% |
3.2% |
0.0% |
5.6% |
5.1% |
4.6% |
19.1% |
|
Latvia |
10.0% |
-39.8% |
10.0% |
10.0% |
17.8% |
26.4% |
27.1% |
35.7% |
|
Luxembourg |
0.0% |
-42.9% |
11.1% |
0.0% |
0.3% |
35.7% |
10.3% |
11.3% |
|
Mexico |
8.8% |
-20.3% |
0.0% |
0.5% |
11.0% |
21.4% |
0.7% |
11.3% |
|
Netherlands |
40.0% |
-61.6% |
0.0% |
40.0% |
10.5% |
49.8% |
15.8% |
49.8% |
|
New Zealand |
17.5% |
17.5% |
17.5% |
17.5% |
20.0% |
35.2% |
36.2% |
35.2% |
|
Norway |
51.6% |
-3.9% |
53.3% |
41.7% |
16.7% |
56.8% |
46.0% |
82.0% |
|
Poland |
16.9% |
-16.3% |
16.7% |
19.0% |
5.9% |
15.0% |
24.5% |
25.9% |
|
Portugal |
28.0% |
-25.0% |
0.0% |
0.0% |
10.0% |
36.4% |
37.0% |
61.2% |
|
Slovak Republic |
16.9% |
12.5% |
12.5% |
19.0% |
0.4% |
20.6% |
19.3% |
38.6% |
|
Slovenia |
13.3% |
-15.9% |
13.3% |
25.0% |
7.9% |
34.2% |
32.1% |
56.6% |
|
Spain |
16.9% |
0.0% |
15.4% |
0.0% |
33.2% |
41.9% |
38.8% |
52.4% |
|
Sweden |
30.1% |
17.3% |
17.3% |
14.0% |
3.9% |
20.7% |
3.9% |
20.7% |
|
Switzerland |
16.6% |
-22.6% |
16.6% |
16.6% |
11.6% |
17.0% |
11.6% |
17.0% |
|
Turkey |
8.8% |
0.0% |
0.0% |
15.0% |
7.2% |
29.1% |
21.8% |
23.4% |
|
United Kingdom |
20.0% |
-10.4% |
9.7% |
0.0% |
28.4% |
48.5% |
28.4% |
30.4% |
|
United States |
0.0% |
0.0% |
25.0% |
0.0% |
45.0% |
56.4% |
45.0% |
56.4% |
|
Argentina |
25.0% |
0.0% |
0.0% |
0.0% |
28.3% |
52.9% |
5.8% |
52.9% |
|
Bulgaria |
0.0% |
-18.5% |
0.0% |
8.0% |
9.6% |
23.2% |
17.2% |
30.7% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
11.9% |
11.5% |
18.6% |
18.4% |
|
Lithuania |
0.0% |
-29.4% |
0.0% |
0.0% |
2.7% |
18.7% |
2.7% |
18.7% |
|
South Africa |
15.0% |
-12.2% |
7.7% |
0.0% |
22.9% |
41.8% |
22.9% |
25.0% |
|
Table B.2. Marginal effective tax rates by asset: zero inflation, 100% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
39.0% |
39.0% |
38.2% |
39.0% |
38.2% |
9.0% |
13.1% |
17.3% |
|
Austria |
25.0% |
27.5% |
26.8% |
27.5% |
26.8% |
27.5% |
26.1% |
24.7% |
|
Belgium |
27.0% |
27.7% |
27.0% |
27.7% |
27.0% |
29.0% |
15.4% |
1.8% |
|
Canada |
29.7% |
29.7% |
25.6% |
29.7% |
25.6% |
6.4% |
9.7% |
13.1% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-20.0% |
-10.0% |
0.0% |
|
Czech Republic |
15.0% |
15.0% |
11.3% |
15.0% |
11.3% |
15.0% |
7.5% |
0.0% |
|
Denmark |
37.0% |
37.0% |
36.2% |
37.0% |
36.2% |
42.0% |
40.3% |
38.5% |
|
Estonia |
0.0% |
20.0% |
19.5% |
20.0% |
19.5% |
0.0% |
8.8% |
17.8% |
|
Finland |
30.0% |
30.0% |
29.3% |
30.0% |
29.3% |
25.5% |
26.3% |
27.0% |
|
France |
44.0% |
44.0% |
43.1% |
44.0% |
43.1% |
32.0% |
29.1% |
26.1% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
15.0% |
15.0% |
14.6% |
0.0% |
0.0% |
23.3% |
24.2% |
25.0% |
|
Hungary |
15.0% |
15.0% |
11.3% |
15.0% |
11.3% |
10.0% |
9.4% |
8.8% |
|
Iceland |
20.0% |
20.0% |
19.5% |
20.0% |
19.5% |
20.0% |
18.9% |
17.8% |
|
Ireland |
41.0% |
45.5% |
41.7% |
45.5% |
34.1% |
52.6% |
44.7% |
36.4% |
|
Israel |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
25.0% |
23.7% |
22.4% |
|
Italy |
27.5% |
27.5% |
26.8% |
14.0% |
13.6% |
26.9% |
25.5% |
24.1% |
|
Japan |
20.0% |
20.0% |
19.5% |
20.0% |
19.5% |
16.2% |
17.0% |
17.8% |
|
Korea |
14.0% |
14.0% |
13.6% |
14.0% |
13.6% |
21.5% |
14.0% |
6.6% |
|
Latvia |
10.0% |
10.0% |
10.8% |
10.0% |
10.8% |
10.0% |
11.6% |
13.3% |
|
Luxembourg |
10.0% |
10.0% |
7.5% |
10.0% |
7.5% |
19.5% |
9.8% |
0.0% |
|
Mexico |
0.5% |
0.5% |
0.5% |
0.5% |
0.5% |
-2.2% |
3.3% |
8.8% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
30.0% |
30.0% |
29.3% |
30.0% |
29.3% |
2.0% |
1.0% |
0.0% |
|
Norway |
53.3% |
53.3% |
52.9% |
53.3% |
52.9% |
28.3% |
28.3% |
28.3% |
|
Poland |
19.0% |
19.0% |
18.5% |
19.0% |
18.5% |
19.0% |
18.0% |
16.9% |
|
Portugal |
28.0% |
28.0% |
27.3% |
28.0% |
27.3% |
28.0% |
26.6% |
25.2% |
|
Slovak Republic |
19.0% |
19.0% |
18.5% |
19.0% |
18.5% |
0.0% |
8.4% |
16.9% |
|
Slovenia |
25.0% |
25.0% |
24.4% |
25.0% |
24.4% |
25.0% |
19.2% |
13.3% |
|
Spain |
21.0% |
21.0% |
20.0% |
21.0% |
20.4% |
21.0% |
19.9% |
18.7% |
|
Sweden |
30.0% |
30.0% |
29.3% |
30.0% |
29.3% |
30.0% |
28.5% |
27.0% |
|
Switzerland |
30.2% |
31.3% |
25.5% |
31.3% |
25.5% |
31.3% |
19.8% |
8.3% |
|
Turkey |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
13.9% |
6.9% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
25.0% |
25.0% |
24.4% |
25.0% |
24.4% |
15.0% |
14.1% |
13.3% |
|
Argentina |
0.0% |
25.0% |
25.0% |
0.0% |
0.0% |
25.0% |
25.0% |
25.0% |
|
Bulgaria |
8.0% |
0.0% |
0.0% |
0.0% |
0.0% |
5.0% |
2.5% |
0.0% |
|
Colombia |
7.0% |
4.0% |
3.9% |
4.0% |
3.9% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
15.0% |
7.5% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
16.9% |
13.9% |
10.8% |
|
Table B.2. Marginal effective tax rates by asset: zero inflation, 100% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
39.0% |
-37.6% |
15.0% |
39.0% |
14.7% |
79.2% |
51.5% |
79.2% |
|
Austria |
24.8% |
-7.4% |
0.0% |
25.0% |
15.5% |
45.0% |
39.0% |
28.8% |
|
Belgium |
0.0% |
-52.4% |
13.3% |
15.0% |
49.3% |
50.6% |
31.7% |
73.1% |
|
Canada |
29.7% |
0.0% |
20.0% |
0.0% |
38.9% |
69.3% |
64.2% |
69.3% |
|
Chile |
3.5% |
0.0% |
2.5% |
0.0% |
21.2% |
21.2% |
17.5% |
17.4% |
|
Czech Republic |
5.0% |
0.0% |
9.7% |
15.0% |
11.1% |
22.1% |
11.1% |
22.1% |
|
Denmark |
42.0% |
15.3% |
15.3% |
42.0% |
21.3% |
39.6% |
17.7% |
43.7% |
|
Estonia |
17.8% |
-20.8% |
16.7% |
0.0% |
0.0% |
16.2% |
-21.6% |
16.2% |
|
Finland |
27.0% |
0.0% |
20.3% |
0.0% |
12.1% |
39.9% |
26.0% |
39.9% |
|
France |
40.4% |
-9.0% |
23.4% |
0.0% |
22.8% |
44.7% |
63.0% |
82.3% |
|
Germany |
0.0% |
0.0% |
28.9% |
0.0% |
19.4% |
65.8% |
19.4% |
26.1% |
|
Greece |
13.3% |
0.0% |
0.0% |
15.0% |
27.2% |
27.4% |
30.9% |
31.3% |
|
Hungary |
8.8% |
-41.7% |
0.0% |
0.0% |
10.3% |
25.2% |
24.7% |
39.2% |
|
Iceland |
17.8% |
0.0% |
26.6% |
20.0% |
15.5% |
25.2% |
34.3% |
43.8% |
|
Ireland |
37.5% |
15.3% |
32.4% |
41.0% |
6.6% |
53.0% |
46.6% |
54.0% |
|
Israel |
22.4% |
-89.7% |
0.0% |
0.0% |
10.0% |
28.4% |
24.4% |
42.1% |
|
Italy |
20.2% |
-9.3% |
26.7% |
27.5% |
1.8% |
47.2% |
11.4% |
71.5% |
|
Japan |
17.8% |
-8.1% |
7.8% |
0.0% |
17.7% |
34.1% |
3.5% |
37.7% |
|
Korea |
14.0% |
-13.3% |
3.2% |
9.0% |
5.6% |
5.1% |
4.6% |
19.1% |
|
Latvia |
10.0% |
-39.8% |
10.0% |
10.0% |
21.8% |
30.0% |
31.0% |
39.1% |
|
Luxembourg |
0.0% |
-53.3% |
12.8% |
0.0% |
0.3% |
40.9% |
10.3% |
11.4% |
|
Mexico |
8.8% |
-36.2% |
0.0% |
0.5% |
11.1% |
28.4% |
-6.8% |
11.4% |
|
Netherlands |
40.0% |
-7.2% |
0.0% |
40.0% |
10.5% |
49.8% |
15.8% |
49.8% |
|
New Zealand |
28.0% |
28.0% |
28.0% |
30.0% |
20.0% |
46.0% |
47.8% |
46.0% |
|
Norway |
51.6% |
-3.9% |
53.3% |
41.7% |
16.7% |
56.8% |
46.0% |
82.0% |
|
Poland |
16.9% |
-16.3% |
16.7% |
19.0% |
5.9% |
15.0% |
24.5% |
25.9% |
|
Portugal |
28.0% |
-25.0% |
0.0% |
28.0% |
15.0% |
41.0% |
41.5% |
65.3% |
|
Slovak Republic |
16.9% |
12.5% |
12.5% |
19.0% |
0.4% |
20.6% |
19.3% |
38.6% |
|
Slovenia |
13.3% |
-30.8% |
22.5% |
25.0% |
7.9% |
34.2% |
32.1% |
56.6% |
|
Spain |
18.7% |
0.0% |
19.0% |
0.0% |
33.2% |
43.8% |
38.8% |
52.5% |
|
Sweden |
30.1% |
19.9% |
19.9% |
14.0% |
3.9% |
20.7% |
3.9% |
20.7% |
|
Switzerland |
30.2% |
-38.1% |
22.9% |
30.2% |
23.3% |
30.6% |
30.6% |
37.9% |
|
Turkey |
8.8% |
0.0% |
0.0% |
15.0% |
7.2% |
36.5% |
21.8% |
23.8% |
|
United Kingdom |
20.0% |
-10.4% |
9.7% |
0.0% |
28.4% |
48.5% |
28.4% |
30.4% |
|
United States |
15.0% |
0.0% |
41.7% |
0.0% |
39.8% |
47.0% |
39.8% |
47.0% |
|
Argentina |
25.0% |
0.0% |
0.0% |
0.0% |
28.3% |
57.1% |
1.5% |
57.1% |
|
Bulgaria |
0.0% |
-18.5% |
0.0% |
8.0% |
9.6% |
23.2% |
17.2% |
30.7% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
11.9% |
11.5% |
18.6% |
18.4% |
|
Lithuania |
0.0% |
-29.4% |
0.0% |
0.0% |
2.7% |
18.7% |
2.7% |
18.7% |
|
South Africa |
15.0% |
-19.5% |
11.3% |
0.0% |
22.9% |
50.1% |
22.9% |
26.1% |
|
Table B.3. Marginal effective tax rates by asset: zero inflation, 500% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
49.0% |
49.0% |
48.1% |
49.0% |
48.1% |
19.0% |
20.4% |
21.9% |
|
Austria |
25.0% |
27.5% |
26.8% |
27.5% |
26.8% |
27.5% |
26.1% |
24.7% |
|
Belgium |
27.0% |
27.7% |
27.0% |
27.7% |
27.0% |
29.0% |
15.4% |
1.8% |
|
Canada |
53.5% |
53.5% |
46.3% |
53.5% |
46.3% |
39.3% |
31.8% |
24.0% |
|
Chile |
23.0% |
23.0% |
22.6% |
23.0% |
17.3% |
-1.0% |
10.1% |
21.5% |
|
Czech Republic |
15.0% |
15.0% |
11.3% |
15.0% |
11.3% |
15.0% |
7.5% |
0.0% |
|
Denmark |
42.0% |
42.0% |
41.1% |
42.0% |
41.1% |
42.0% |
40.3% |
38.5% |
|
Estonia |
0.0% |
20.0% |
19.5% |
20.0% |
19.5% |
0.0% |
8.8% |
17.8% |
|
Finland |
30.0% |
30.0% |
30.2% |
30.0% |
30.2% |
25.5% |
28.1% |
30.8% |
|
France |
71.1% |
71.1% |
70.5% |
71.1% |
70.5% |
54.7% |
51.5% |
48.1% |
|
Germany |
26.4% |
26.4% |
25.7% |
26.4% |
25.7% |
26.4% |
25.0% |
23.7% |
|
Greece |
15.0% |
15.0% |
14.6% |
0.0% |
0.0% |
23.3% |
24.2% |
25.0% |
|
Hungary |
15.0% |
15.0% |
11.3% |
15.0% |
11.3% |
10.0% |
9.4% |
8.8% |
|
Iceland |
20.0% |
20.0% |
19.5% |
20.0% |
19.5% |
20.0% |
18.9% |
17.8% |
|
Ireland |
41.0% |
48.0% |
43.6% |
48.0% |
36.0% |
55.1% |
46.0% |
36.4% |
|
Israel |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
25.0% |
23.7% |
22.4% |
|
Italy |
27.5% |
27.5% |
26.8% |
14.0% |
13.6% |
26.9% |
25.5% |
24.1% |
|
Japan |
20.0% |
20.0% |
19.5% |
20.0% |
19.5% |
20.0% |
18.9% |
17.8% |
|
Korea |
38.0% |
38.0% |
37.2% |
38.0% |
37.2% |
45.2% |
25.9% |
6.6% |
|
Latvia |
10.0% |
10.0% |
10.8% |
10.0% |
10.8% |
10.0% |
11.6% |
13.3% |
|
Luxembourg |
10.0% |
10.0% |
7.5% |
10.0% |
7.5% |
20.0% |
10.0% |
0.0% |
|
Mexico |
30.0% |
30.0% |
29.7% |
30.0% |
29.7% |
10.0% |
9.4% |
8.8% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
33.0% |
33.0% |
31.4% |
33.0% |
31.4% |
5.0% |
2.5% |
0.0% |
|
Norway |
53.3% |
53.3% |
52.9% |
53.3% |
52.9% |
28.3% |
28.3% |
28.3% |
|
Poland |
19.0% |
19.0% |
18.5% |
19.0% |
18.5% |
19.0% |
18.0% |
16.9% |
|
Portugal |
28.0% |
28.0% |
27.3% |
28.0% |
27.3% |
28.0% |
26.6% |
25.2% |
|
Slovak Republic |
19.0% |
19.0% |
18.5% |
19.0% |
18.5% |
0.0% |
8.4% |
16.9% |
|
Slovenia |
25.0% |
25.0% |
24.4% |
25.0% |
24.4% |
25.0% |
19.2% |
13.3% |
|
Spain |
23.0% |
23.0% |
21.9% |
23.0% |
21.9% |
23.0% |
20.9% |
20.6% |
|
Sweden |
30.0% |
30.0% |
29.3% |
30.0% |
29.3% |
30.0% |
28.5% |
27.0% |
|
Switzerland |
53.0% |
54.1% |
44.4% |
54.1% |
44.4% |
54.1% |
34.8% |
15.6% |
|
Turkey |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
17.9% |
8.9% |
0.0% |
|
United Kingdom |
45.0% |
45.0% |
38.3% |
45.0% |
38.3% |
48.6% |
35.0% |
21.1% |
|
United States |
36.8% |
36.8% |
36.0% |
36.8% |
36.0% |
18.8% |
17.8% |
16.7% |
|
Argentina |
0.0% |
41.7% |
41.7% |
0.0% |
0.0% |
41.7% |
41.7% |
41.7% |
|
Bulgaria |
8.0% |
0.0% |
0.0% |
0.0% |
0.0% |
5.0% |
2.5% |
0.0% |
|
Colombia |
7.0% |
4.0% |
3.9% |
4.0% |
3.9% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
15.0% |
15.0% |
14.6% |
15.0% |
14.6% |
15.0% |
14.1% |
13.3% |
|
South Africa |
41.0% |
41.0% |
34.5% |
41.0% |
34.5% |
16.9% |
16.5% |
16.2% |
|
Table B.3. Marginal effective tax rates by asset: zero inflation, 500% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
49.0% |
-24.1% |
15.0% |
49.0% |
14.7% |
89.0% |
61.0% |
89.0% |
|
Austria |
24.8% |
-7.4% |
0.0% |
25.0% |
15.5% |
50.8% |
39.0% |
27.0% |
|
Belgium |
0.0% |
-52.4% |
13.3% |
15.0% |
49.3% |
50.6% |
71.3% |
73.2% |
|
Canada |
53.5% |
0.0% |
39.2% |
0.0% |
40.0% |
94.4% |
85.5% |
94.4% |
|
Chile |
20.6% |
0.0% |
15.2% |
23.0% |
24.8% |
24.8% |
24.8% |
24.8% |
|
Czech Republic |
5.0% |
0.0% |
9.7% |
15.0% |
11.1% |
22.1% |
11.1% |
22.1% |
|
Denmark |
42.0% |
15.3% |
15.3% |
42.0% |
21.3% |
44.7% |
23.1% |
48.2% |
|
Estonia |
17.8% |
-20.8% |
16.7% |
0.0% |
3.8% |
20.0% |
3.8% |
20.0% |
|
Finland |
30.8% |
0.0% |
20.3% |
0.0% |
17.0% |
44.4% |
28.4% |
44.4% |
|
France |
68.6% |
-15.9% |
30.8% |
71.1% |
33.9% |
65.7% |
95.9% |
120.8% |
|
Germany |
26.4% |
0.0% |
31.4% |
26.4% |
19.4% |
69.3% |
45.5% |
52.1% |
|
Greece |
13.3% |
0.0% |
0.0% |
15.0% |
38.5% |
38.7% |
42.1% |
42.4% |
|
Hungary |
8.8% |
-41.7% |
0.0% |
0.0% |
10.3% |
25.2% |
24.7% |
39.2% |
|
Iceland |
17.8% |
0.0% |
33.0% |
20.0% |
15.5% |
25.2% |
34.3% |
43.8% |
|
Ireland |
37.5% |
22.2% |
34.5% |
41.0% |
6.6% |
55.6% |
46.6% |
56.6% |
|
Israel |
22.4% |
-89.7% |
0.0% |
0.0% |
22.2% |
28.4% |
36.0% |
42.1% |
|
Italy |
20.2% |
-63.7% |
26.7% |
27.5% |
1.8% |
47.2% |
11.4% |
71.5% |
|
Japan |
17.8% |
-43.0% |
26.4% |
0.0% |
17.7% |
70.8% |
3.5% |
42.1% |
|
Korea |
38.0% |
-13.3% |
3.2% |
9.0% |
10.6% |
50.0% |
47.1% |
70.2% |
|
Latvia |
10.0% |
-39.8% |
10.0% |
10.0% |
25.8% |
33.7% |
34.9% |
42.6% |
|
Luxembourg |
0.0% |
-55.6% |
13.1% |
0.0% |
0.3% |
42.0% |
10.3% |
11.5% |
|
Mexico |
8.8% |
-20.6% |
14.1% |
30.0% |
13.6% |
43.0% |
13.6% |
43.0% |
|
Netherlands |
40.0% |
0.0% |
0.0% |
40.0% |
10.5% |
49.8% |
11.4% |
49.8% |
|
New Zealand |
28.0% |
28.0% |
28.0% |
33.0% |
20.0% |
48.6% |
50.5% |
48.6% |
|
Norway |
51.6% |
0.0% |
53.3% |
41.7% |
16.7% |
56.8% |
46.0% |
82.0% |
|
Poland |
16.9% |
-53.9% |
16.7% |
19.0% |
5.9% |
15.0% |
24.5% |
26.6% |
|
Portugal |
28.0% |
-25.0% |
0.0% |
28.0% |
26.8% |
51.2% |
52.0% |
74.4% |
|
Slovak Republic |
16.9% |
12.5% |
12.5% |
19.0% |
0.4% |
27.0% |
19.3% |
44.6% |
|
Slovenia |
13.3% |
-83.3% |
41.7% |
25.0% |
7.9% |
34.2% |
32.1% |
56.6% |
|
Spain |
20.6% |
0.0% |
30.7% |
0.0% |
33.2% |
49.6% |
40.6% |
54.6% |
|
Sweden |
30.1% |
46.0% |
46.0% |
14.0% |
3.9% |
20.7% |
3.9% |
20.7% |
|
Switzerland |
53.0% |
-90.0% |
38.4% |
53.0% |
41.5% |
53.6% |
55.9% |
67.5% |
|
Turkey |
8.8% |
0.0% |
0.0% |
15.0% |
7.2% |
44.9% |
21.8% |
24.4% |
|
United Kingdom |
45.0% |
-34.1% |
23.1% |
45.0% |
28.4% |
74.0% |
68.6% |
74.0% |
|
United States |
18.8% |
0.0% |
55.0% |
0.0% |
33.7% |
36.7% |
33.7% |
36.7% |
|
Argentina |
41.7% |
0.0% |
0.0% |
0.0% |
45.0% |
82.3% |
45.0% |
82.3% |
|
Bulgaria |
0.0% |
-18.5% |
0.0% |
8.0% |
9.6% |
23.2% |
17.2% |
30.7% |
|
Colombia |
0.0% |
-64.8% |
0.0% |
-259.3% |
14.0% |
43.1% |
-8.2% |
22.9% |
|
Lithuania |
13.3% |
-29.4% |
0.0% |
15.0% |
16.0% |
32.0% |
30.1% |
45.6% |
|
South Africa |
15.0% |
-4.7% |
27.4% |
0.0% |
41.0% |
72.4% |
75.7% |
72.4% |
|
Table B.4. Marginal effective tax rates by asset: 2% real return, 67% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
70.4% |
70.4% |
68.3% |
70.4% |
68.3% |
9.2% |
19.4% |
30.0% |
|
Austria |
47.9% |
52.7% |
51.0% |
52.7% |
51.0% |
52.7% |
49.4% |
46.0% |
|
Belgium |
47.7% |
48.7% |
47.3% |
48.7% |
47.3% |
50.7% |
26.7% |
2.7% |
|
Canada |
35.5% |
35.1% |
30.1% |
35.1% |
30.1% |
0.0% |
7.6% |
15.3% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-66.8% |
-33.4% |
0.0% |
|
Czech Republic |
24.9% |
24.9% |
18.7% |
24.9% |
18.7% |
24.9% |
12.5% |
0.0% |
|
Denmark |
57.9% |
57.9% |
56.6% |
57.9% |
56.6% |
65.7% |
62.9% |
59.9% |
|
Estonia |
0.0% |
36.4% |
35.2% |
36.4% |
35.2% |
0.0% |
15.6% |
31.6% |
|
Finland |
50.9% |
50.9% |
49.5% |
50.9% |
49.5% |
43.2% |
44.2% |
45.2% |
|
France |
41.7% |
41.7% |
40.8% |
41.7% |
40.8% |
33.6% |
31.0% |
28.3% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
12.5% |
12.5% |
12.3% |
0.0% |
0.0% |
28.4% |
29.3% |
30.3% |
|
Hungary |
28.6% |
28.6% |
21.4% |
28.6% |
21.4% |
19.1% |
17.6% |
16.2% |
|
Iceland |
0.0% |
0.0% |
10.5% |
0.0% |
10.5% |
52.5% |
47.9% |
43.1% |
|
Ireland |
54.9% |
34.2% |
35.7% |
34.2% |
25.6% |
45.1% |
47.6% |
50.3% |
|
Israel |
21.4% |
21.4% |
20.8% |
21.4% |
20.8% |
25.7% |
24.5% |
23.2% |
|
Italy |
43.8% |
43.8% |
42.7% |
22.3% |
21.6% |
42.9% |
40.6% |
38.2% |
|
Japan |
27.0% |
27.0% |
26.3% |
27.0% |
26.3% |
14.3% |
19.3% |
24.3% |
|
Korea |
25.1% |
25.1% |
24.3% |
25.1% |
24.3% |
36.6% |
23.2% |
9.9% |
|
Latvia |
15.0% |
15.0% |
16.2% |
15.0% |
16.2% |
15.0% |
17.4% |
19.9% |
|
Luxembourg |
17.2% |
17.2% |
12.9% |
17.2% |
12.9% |
29.2% |
14.6% |
0.0% |
|
Mexico |
1.4% |
1.4% |
1.3% |
1.4% |
1.3% |
-25.4% |
-1.9% |
22.1% |
|
Netherlands |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
|
New Zealand |
27.1% |
27.1% |
26.4% |
27.1% |
26.4% |
-16.3% |
-8.1% |
0.0% |
|
Norway |
90.6% |
90.6% |
89.5% |
90.6% |
89.5% |
42.5% |
42.5% |
42.5% |
|
Poland |
29.2% |
29.2% |
28.4% |
29.2% |
28.4% |
29.2% |
27.5% |
25.9% |
|
Portugal |
42.8% |
42.8% |
41.8% |
42.8% |
41.8% |
42.8% |
40.7% |
38.4% |
|
Slovak Republic |
31.2% |
31.2% |
30.2% |
31.2% |
30.2% |
0.0% |
13.5% |
27.4% |
|
Slovenia |
36.9% |
36.9% |
35.9% |
36.9% |
35.9% |
36.9% |
28.3% |
19.6% |
|
Spain |
29.9% |
29.9% |
28.5% |
29.9% |
28.5% |
29.9% |
27.1% |
24.2% |
|
Sweden |
37.5% |
37.5% |
36.7% |
37.5% |
36.7% |
37.5% |
36.0% |
34.4% |
|
Switzerland |
12.5% |
14.1% |
11.0% |
14.1% |
11.0% |
14.1% |
7.8% |
1.5% |
|
Turkey |
76.1% |
76.1% |
70.3% |
76.1% |
70.3% |
52.6% |
26.3% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
26.3% |
26.3% |
25.5% |
26.3% |
25.5% |
0.0% |
0.0% |
0.0% |
|
Argentina |
0.0% |
37.5% |
37.5% |
0.0% |
0.0% |
37.5% |
37.5% |
37.5% |
|
Bulgaria |
11.3% |
0.0% |
0.0% |
0.0% |
0.0% |
7.0% |
3.5% |
0.0% |
|
Colombia |
7.0% |
11.6% |
10.9% |
11.6% |
10.9% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
26.8% |
13.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
60.8% |
31.7% |
22.7% |
|
Table B.4. Marginal effective tax rates by asset: 2% real return, 67% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
70.4% |
-30.0% |
30.6% |
n.a. |
20.9% |
112.5% |
75.8% |
112.5% |
|
Austria |
47.0% |
-11.1% |
0.0% |
47.9% |
22.3% |
66.3% |
60.6% |
50.1% |
|
Belgium |
0.0% |
-78.6% |
20.0% |
0.0% |
71.2% |
73.0% |
43.4% |
107.8% |
|
Canada |
35.1% |
0.0% |
21.8% |
0.0% |
57.9% |
87.8% |
84.3% |
87.8% |
|
Chile |
0.0% |
0.0% |
0.0% |
n.a. |
0.0% |
0.0% |
0.0% |
0.0% |
|
Czech Republic |
8.3% |
0.0% |
15.5% |
n.a. |
15.6% |
29.6% |
15.6% |
29.6% |
|
Denmark |
65.7% |
23.9% |
23.9% |
n.a. |
31.8% |
57.6% |
26.5% |
64.8% |
|
Estonia |
31.6% |
-31.3% |
25.0% |
n.a. |
0.0% |
27.4% |
-34.5% |
27.4% |
|
Finland |
45.2% |
0.0% |
32.9% |
0.0% |
17.6% |
61.5% |
38.5% |
61.5% |
|
France |
37.7% |
-3.5% |
19.7% |
0.0% |
32.9% |
52.7% |
69.0% |
87.9% |
|
Germany |
0.0% |
0.0% |
35.8% |
n.a. |
28.3% |
77.1% |
28.3% |
28.5% |
|
Greece |
11.7% |
0.0% |
0.0% |
n.a. |
37.4% |
32.5% |
40.9% |
36.1% |
|
Hungary |
16.2% |
-62.5% |
0.0% |
0.0% |
20.0% |
39.3% |
43.4% |
62.0% |
|
Iceland |
43.1% |
0.0% |
55.0% |
n.a. |
23.2% |
50.4% |
59.2% |
85.7% |
|
Ireland |
50.7% |
17.2% |
23.7% |
n.a. |
9.6% |
43.6% |
61.9% |
70.4% |
|
Israel |
23.2% |
-134.6% |
0.0% |
0.0% |
15.0% |
36.0% |
34.6% |
54.6% |
|
Italy |
32.1% |
-12.1% |
42.4% |
n.a. |
2.5% |
65.0% |
16.6% |
100.8% |
|
Japan |
24.3% |
-7.4% |
7.1% |
0.0% |
28.3% |
41.3% |
5.1% |
53.2% |
|
Korea |
25.1% |
-29.4% |
5.3% |
0.0% |
8.2% |
12.2% |
6.5% |
34.2% |
|
Latvia |
15.0% |
-59.7% |
15.0% |
n.a. |
26.2% |
39.2% |
39.2% |
52.2% |
|
Luxembourg |
0.0% |
-64.4% |
18.1% |
0.0% |
0.4% |
50.6% |
15.7% |
12.1% |
|
Mexico |
22.1% |
-30.4% |
0.0% |
n.a. |
15.7% |
47.0% |
-5.0% |
26.8% |
|
Netherlands |
60.0% |
-92.5% |
0.0% |
n.a. |
15.2% |
74.2% |
10.6% |
74.2% |
|
New Zealand |
27.1% |
27.1% |
27.1% |
n.a. |
30.0% |
48.4% |
53.1% |
48.4% |
|
Norway |
86.0% |
-5.8% |
90.6% |
62.5% |
24.4% |
90.3% |
62.2% |
123.0% |
|
Poland |
25.9% |
-24.4% |
25.0% |
n.a. |
8.4% |
19.9% |
34.9% |
33.9% |
|
Portugal |
42.8% |
-37.5% |
0.0% |
n.a. |
15.0% |
50.5% |
53.3% |
86.2% |
|
Slovak Republic |
27.4% |
19.8% |
19.8% |
n.a. |
0.5% |
26.2% |
28.7% |
53.2% |
|
Slovenia |
19.6% |
-23.8% |
20.0% |
n.a. |
11.3% |
44.6% |
45.1% |
76.2% |
|
Spain |
24.2% |
0.0% |
22.3% |
0.0% |
50.0% |
60.9% |
57.5% |
75.2% |
|
Sweden |
38.9% |
23.5% |
23.5% |
21.0% |
5.5% |
24.4% |
5.5% |
24.4% |
|
Switzerland |
12.5% |
-34.0% |
12.5% |
n.a. |
14.5% |
14.5% |
14.5% |
14.5% |
|
Turkey |
34.4% |
0.0% |
0.0% |
n.a. |
10.5% |
38.2% |
47.1% |
22.7% |
|
United Kingdom |
39.0% |
-15.6% |
17.1% |
0.0% |
42.0% |
75.9% |
42.0% |
45.6% |
|
United States |
0.0% |
0.0% |
37.5% |
0.0% |
67.4% |
84.8% |
67.4% |
84.8% |
|
Argentina |
37.5% |
0.0% |
0.0% |
n.a. |
42.5% |
73.6% |
-20.8% |
73.6% |
|
Bulgaria |
0.0% |
-27.8% |
0.0% |
n.a. |
13.7% |
31.7% |
24.0% |
41.9% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
25.5% |
25.1% |
30.1% |
29.8% |
|
Lithuania |
0.0% |
-44.1% |
0.0% |
n.a. |
4.0% |
24.3% |
4.0% |
24.3% |
|
South Africa |
57.5% |
-18.3% |
18.7% |
0.0% |
34.4% |
66.6% |
34.4% |
27.1% |
|
Table B.5. Marginal effective tax rates by asset: 2% real return, 100% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
79.6% |
79.6% |
77.3% |
79.6% |
77.3% |
18.4% |
26.1% |
34.0% |
|
Austria |
47.9% |
52.7% |
51.0% |
52.7% |
51.0% |
52.7% |
49.4% |
46.0% |
|
Belgium |
47.7% |
48.7% |
47.3% |
48.7% |
47.3% |
50.7% |
26.7% |
2.7% |
|
Canada |
52.5% |
51.9% |
44.7% |
51.9% |
44.7% |
11.3% |
17.0% |
22.7% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-55.7% |
-27.9% |
0.0% |
|
Czech Republic |
24.9% |
24.9% |
18.7% |
24.9% |
18.7% |
24.9% |
12.5% |
0.0% |
|
Denmark |
57.9% |
57.9% |
56.6% |
57.9% |
56.6% |
65.7% |
62.9% |
59.9% |
|
Estonia |
0.0% |
36.4% |
35.2% |
36.4% |
35.2% |
0.0% |
15.6% |
31.6% |
|
Finland |
50.9% |
50.9% |
49.5% |
50.9% |
49.5% |
43.2% |
44.2% |
45.2% |
|
France |
63.8% |
63.8% |
62.5% |
63.8% |
62.5% |
46.4% |
42.2% |
37.9% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
12.5% |
12.5% |
12.3% |
0.0% |
0.0% |
28.4% |
29.3% |
30.3% |
|
Hungary |
28.6% |
28.6% |
21.4% |
28.6% |
21.4% |
19.1% |
17.6% |
16.2% |
|
Iceland |
52.5% |
52.5% |
50.2% |
52.5% |
50.2% |
52.5% |
47.9% |
43.1% |
|
Ireland |
54.9% |
61.0% |
56.0% |
61.0% |
45.7% |
71.6% |
61.2% |
50.3% |
|
Israel |
21.4% |
21.4% |
20.8% |
21.4% |
20.8% |
25.7% |
24.5% |
23.2% |
|
Italy |
43.8% |
43.8% |
42.7% |
22.3% |
21.6% |
42.9% |
40.6% |
38.2% |
|
Japan |
27.0% |
27.0% |
26.3% |
27.0% |
26.3% |
21.9% |
23.1% |
24.3% |
|
Korea |
25.1% |
25.1% |
24.3% |
25.1% |
24.3% |
36.6% |
23.2% |
9.9% |
|
Latvia |
15.0% |
15.0% |
16.2% |
15.0% |
16.2% |
15.0% |
17.4% |
19.9% |
|
Luxembourg |
17.2% |
17.2% |
12.9% |
17.2% |
12.9% |
33.5% |
16.8% |
0.0% |
|
Mexico |
1.4% |
1.4% |
1.3% |
1.4% |
1.3% |
-6.0% |
7.9% |
22.1% |
|
Netherlands |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
|
New Zealand |
46.5% |
46.5% |
45.4% |
46.5% |
45.4% |
3.1% |
1.6% |
0.0% |
|
Norway |
90.6% |
90.6% |
89.5% |
90.6% |
89.5% |
42.5% |
42.5% |
42.5% |
|
Poland |
29.2% |
29.2% |
28.4% |
29.2% |
28.4% |
29.2% |
27.5% |
25.9% |
|
Portugal |
42.8% |
42.8% |
41.8% |
42.8% |
41.8% |
42.8% |
40.7% |
38.4% |
|
Slovak Republic |
31.2% |
31.2% |
30.2% |
31.2% |
30.2% |
0.0% |
13.5% |
27.4% |
|
Slovenia |
36.9% |
36.9% |
35.9% |
36.9% |
35.9% |
36.9% |
28.3% |
19.6% |
|
Spain |
29.9% |
29.9% |
28.5% |
29.9% |
29.2% |
29.9% |
28.4% |
26.8% |
|
Sweden |
37.5% |
37.5% |
36.7% |
37.5% |
36.7% |
37.5% |
36.0% |
34.4% |
|
Switzerland |
28.2% |
29.8% |
25.5% |
29.8% |
25.5% |
29.8% |
21.1% |
12.4% |
|
Turkey |
76.1% |
76.1% |
70.3% |
76.1% |
70.3% |
70.4% |
35.2% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
43.9% |
43.9% |
42.6% |
43.9% |
42.6% |
26.3% |
24.6% |
22.8% |
|
Argentina |
0.0% |
37.5% |
37.5% |
0.0% |
0.0% |
37.5% |
37.5% |
37.5% |
|
Bulgaria |
11.3% |
0.0% |
0.0% |
0.0% |
0.0% |
7.0% |
3.5% |
0.0% |
|
Colombia |
7.0% |
11.6% |
10.9% |
11.6% |
10.9% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
26.8% |
13.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
60.8% |
46.5% |
31.9% |
|
Table B.5. Marginal effective tax rates by asset: 2% real return, 100% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
79.6% |
-48.3% |
30.6% |
n.a. |
20.9% |
119.7% |
83.0% |
119.7% |
|
Austria |
47.0% |
-11.1% |
0.0% |
47.9% |
22.3% |
73.1% |
60.6% |
45.3% |
|
Belgium |
0.0% |
-78.6% |
20.0% |
26.5% |
71.2% |
73.0% |
43.4% |
107.8% |
|
Canada |
51.9% |
0.0% |
33.1% |
0.0% |
57.9% |
102.2% |
96.9% |
102.2% |
|
Chile |
8.8% |
0.0% |
5.3% |
n.a. |
31.9% |
31.9% |
29.2% |
29.2% |
|
Czech Republic |
8.3% |
0.0% |
15.5% |
n.a. |
15.6% |
29.6% |
15.6% |
29.6% |
|
Denmark |
65.7% |
23.9% |
23.9% |
n.a. |
31.8% |
59.1% |
26.5% |
65.0% |
|
Estonia |
31.6% |
-31.3% |
25.0% |
n.a. |
0.0% |
27.4% |
-34.5% |
27.4% |
|
Finland |
45.2% |
0.0% |
32.9% |
0.0% |
17.6% |
62.5% |
38.5% |
62.5% |
|
France |
58.7% |
-13.4% |
34.3% |
0.0% |
32.9% |
62.4% |
88.1% |
114.7% |
|
Germany |
0.0% |
0.0% |
44.9% |
n.a. |
28.3% |
88.0% |
28.3% |
28.6% |
|
Greece |
11.7% |
0.0% |
0.0% |
n.a. |
37.4% |
32.5% |
40.9% |
36.1% |
|
Hungary |
16.2% |
-62.5% |
0.0% |
0.0% |
20.0% |
39.3% |
43.4% |
62.0% |
|
Iceland |
43.1% |
0.0% |
55.0% |
n.a. |
23.2% |
50.4% |
59.2% |
85.7% |
|
Ireland |
50.7% |
22.9% |
45.0% |
n.a. |
9.6% |
70.3% |
61.9% |
71.6% |
|
Israel |
23.2% |
-134.6% |
0.0% |
0.0% |
15.0% |
36.0% |
34.6% |
54.6% |
|
Italy |
32.1% |
-12.1% |
42.4% |
n.a. |
2.5% |
65.0% |
16.6% |
100.8% |
|
Japan |
24.3% |
-12.1% |
11.0% |
0.0% |
28.3% |
48.8% |
5.1% |
53.7% |
|
Korea |
25.1% |
-19.9% |
5.3% |
16.2% |
8.2% |
12.2% |
6.5% |
34.2% |
|
Latvia |
15.0% |
-59.7% |
15.0% |
n.a. |
32.2% |
44.7% |
45.0% |
57.5% |
|
Luxembourg |
0.0% |
-79.9% |
20.9% |
0.0% |
0.4% |
58.0% |
15.7% |
11.4% |
|
Mexico |
22.1% |
-54.3% |
0.0% |
n.a. |
15.7% |
61.5% |
-20.4% |
27.3% |
|
Netherlands |
60.0% |
-10.8% |
0.0% |
n.a. |
15.2% |
74.2% |
10.6% |
74.2% |
|
New Zealand |
43.4% |
43.4% |
43.4% |
n.a. |
30.0% |
61.5% |
69.6% |
61.5% |
|
Norway |
86.0% |
-5.8% |
90.6% |
62.5% |
24.4% |
90.3% |
62.2% |
123.0% |
|
Poland |
25.9% |
-24.4% |
25.0% |
n.a. |
8.4% |
19.9% |
34.9% |
33.9% |
|
Portugal |
42.8% |
-37.5% |
0.0% |
n.a. |
22.1% |
57.1% |
59.6% |
92.1% |
|
Slovak Republic |
27.4% |
19.8% |
19.8% |
n.a. |
0.5% |
26.2% |
28.7% |
53.2% |
|
Slovenia |
19.6% |
-46.2% |
33.8% |
n.a. |
11.3% |
44.6% |
45.1% |
76.2% |
|
Spain |
26.8% |
0.0% |
27.6% |
0.0% |
50.0% |
63.4% |
57.5% |
75.3% |
|
Sweden |
38.9% |
26.9% |
26.9% |
21.0% |
5.5% |
24.4% |
5.5% |
24.4% |
|
Switzerland |
28.2% |
-57.2% |
17.3% |
n.a. |
31.0% |
30.3% |
43.2% |
42.4% |
|
Turkey |
34.4% |
0.0% |
0.0% |
n.a. |
10.5% |
47.5% |
47.1% |
12.1% |
|
United Kingdom |
39.0% |
-15.6% |
17.1% |
0.0% |
42.0% |
75.9% |
42.0% |
45.6% |
|
United States |
26.3% |
0.0% |
62.5% |
0.0% |
59.6% |
76.3% |
59.6% |
76.3% |
|
Argentina |
37.5% |
0.0% |
0.0% |
n.a. |
42.5% |
79.0% |
-34.4% |
79.0% |
|
Bulgaria |
0.0% |
-27.8% |
0.0% |
n.a. |
13.7% |
31.7% |
24.0% |
41.9% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
25.5% |
25.1% |
30.1% |
29.8% |
|
Lithuania |
0.0% |
-44.1% |
0.0% |
n.a. |
4.0% |
24.3% |
4.0% |
24.3% |
|
South Africa |
57.5% |
-29.3% |
27.4% |
0.0% |
34.4% |
81.2% |
34.4% |
23.1% |
|
Table B.6. Marginal effective tax rates by asset: 2% real return, 500% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
100.0% |
100.0% |
97.6% |
100.0% |
97.6% |
38.8% |
40.9% |
43.1% |
|
Austria |
47.9% |
52.7% |
51.0% |
52.7% |
51.0% |
52.7% |
49.4% |
46.0% |
|
Belgium |
47.7% |
48.7% |
47.3% |
48.7% |
47.3% |
50.7% |
26.7% |
2.7% |
|
Canada |
94.7% |
93.6% |
80.9% |
93.6% |
80.9% |
69.6% |
55.9% |
41.7% |
|
Chile |
64.1% |
64.1% |
61.8% |
64.1% |
48.0% |
-40.4% |
-9.9% |
22.3% |
|
Czech Republic |
24.9% |
24.9% |
18.7% |
24.9% |
18.7% |
24.9% |
12.5% |
0.0% |
|
Denmark |
65.7% |
65.7% |
64.3% |
65.7% |
64.3% |
65.7% |
62.9% |
59.9% |
|
Estonia |
0.0% |
36.4% |
35.2% |
36.4% |
35.2% |
0.0% |
15.6% |
31.6% |
|
Finland |
50.9% |
50.9% |
51.0% |
50.9% |
51.0% |
43.2% |
47.3% |
51.5% |
|
France |
103.9% |
103.9% |
103.1% |
103.9% |
103.1% |
80.1% |
75.5% |
70.8% |
|
Germany |
41.8% |
41.8% |
40.7% |
41.8% |
40.7% |
41.8% |
39.6% |
37.3% |
|
Greece |
12.5% |
12.5% |
12.3% |
0.0% |
0.0% |
28.4% |
29.3% |
30.3% |
|
Hungary |
28.6% |
28.6% |
21.4% |
28.6% |
21.4% |
19.1% |
17.6% |
16.2% |
|
Iceland |
52.5% |
52.5% |
50.2% |
52.5% |
50.2% |
52.5% |
47.9% |
43.1% |
|
Ireland |
54.9% |
64.3% |
58.5% |
64.3% |
48.2% |
74.9% |
62.8% |
50.3% |
|
Israel |
21.4% |
21.4% |
20.8% |
21.4% |
20.8% |
25.7% |
24.5% |
23.2% |
|
Italy |
43.8% |
43.8% |
42.7% |
22.3% |
21.6% |
42.9% |
40.6% |
38.2% |
|
Japan |
27.0% |
27.0% |
26.3% |
27.0% |
26.3% |
27.0% |
25.7% |
24.3% |
|
Korea |
68.2% |
68.2% |
66.5% |
68.2% |
66.5% |
79.2% |
44.6% |
9.9% |
|
Latvia |
15.0% |
15.0% |
16.2% |
15.0% |
16.2% |
15.0% |
17.4% |
19.9% |
|
Luxembourg |
17.2% |
17.2% |
12.9% |
17.2% |
12.9% |
34.4% |
17.2% |
0.0% |
|
Mexico |
83.1% |
83.1% |
80.9% |
83.1% |
80.9% |
27.7% |
24.9% |
22.1% |
|
Netherlands |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
60.0% |
|
New Zealand |
51.2% |
51.2% |
49.9% |
51.2% |
49.9% |
7.8% |
3.9% |
0.0% |
|
Norway |
90.6% |
90.6% |
89.5% |
90.6% |
89.5% |
42.5% |
42.5% |
42.5% |
|
Poland |
29.2% |
29.2% |
28.4% |
29.2% |
28.4% |
29.2% |
27.5% |
25.9% |
|
Portugal |
42.8% |
42.8% |
41.8% |
42.8% |
41.8% |
42.8% |
40.7% |
38.4% |
|
Slovak Republic |
31.2% |
31.2% |
30.2% |
31.2% |
30.2% |
0.0% |
13.5% |
27.4% |
|
Slovenia |
36.9% |
36.9% |
35.9% |
36.9% |
35.9% |
36.9% |
28.3% |
19.6% |
|
Spain |
32.8% |
32.8% |
31.3% |
32.8% |
31.3% |
32.8% |
29.8% |
29.4% |
|
Sweden |
37.5% |
37.5% |
36.7% |
37.5% |
36.7% |
37.5% |
36.0% |
34.4% |
|
Switzerland |
50.9% |
52.4% |
45.2% |
52.4% |
45.2% |
52.4% |
37.9% |
23.4% |
|
Turkey |
76.1% |
76.1% |
70.3% |
76.1% |
70.3% |
90.6% |
45.3% |
0.0% |
|
United Kingdom |
87.8% |
87.8% |
74.5% |
87.8% |
74.5% |
93.3% |
66.3% |
38.5% |
|
United States |
64.6% |
64.6% |
63.0% |
64.6% |
63.0% |
33.0% |
30.9% |
28.8% |
|
Argentina |
0.0% |
62.5% |
62.5% |
0.0% |
0.0% |
62.5% |
62.5% |
62.5% |
|
Bulgaria |
11.3% |
0.0% |
0.0% |
0.0% |
0.0% |
7.0% |
3.5% |
0.0% |
|
Colombia |
7.0% |
11.6% |
10.9% |
11.6% |
10.9% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
26.8% |
26.8% |
25.9% |
26.8% |
25.9% |
26.8% |
25.0% |
23.2% |
|
South Africa |
157.2% |
157.2% |
130.5% |
157.2% |
130.5% |
60.8% |
55.3% |
49.5% |
|
Table B.6. Marginal effective tax rates by asset: 2% real return, 500% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
100.0% |
-28.0% |
30.6% |
n.a. |
20.9% |
135.6% |
98.9% |
135.6% |
|
Austria |
47.0% |
-11.1% |
0.0% |
47.9% |
22.3% |
80.9% |
60.6% |
39.7% |
|
Belgium |
0.0% |
-78.6% |
20.0% |
26.5% |
71.2% |
73.1% |
105.2% |
107.9% |
|
Canada |
93.6% |
0.0% |
65.0% |
0.0% |
59.5% |
140.1% |
129.4% |
140.1% |
|
Chile |
52.2% |
0.0% |
32.3% |
n.a. |
37.1% |
37.1% |
64.6% |
65.4% |
|
Czech Republic |
8.3% |
0.0% |
15.5% |
n.a. |
15.6% |
29.6% |
15.6% |
29.6% |
|
Denmark |
65.7% |
23.9% |
23.9% |
n.a. |
31.8% |
69.0% |
34.3% |
74.2% |
|
Estonia |
31.6% |
-31.3% |
25.0% |
n.a. |
5.7% |
33.2% |
5.7% |
33.2% |
|
Finland |
51.5% |
0.0% |
32.9% |
0.0% |
24.5% |
68.8% |
41.8% |
68.8% |
|
France |
100.5% |
-23.9% |
45.2% |
103.9% |
49.4% |
92.8% |
135.1% |
169.9% |
|
Germany |
41.8% |
0.0% |
48.8% |
n.a. |
28.3% |
92.5% |
66.3% |
66.6% |
|
Greece |
11.7% |
0.0% |
0.0% |
n.a. |
54.4% |
49.1% |
57.7% |
52.5% |
|
Hungary |
16.2% |
-62.5% |
0.0% |
0.0% |
20.0% |
39.3% |
43.4% |
62.0% |
|
Iceland |
43.1% |
0.0% |
68.3% |
n.a. |
23.2% |
50.4% |
59.2% |
85.7% |
|
Ireland |
50.7% |
33.3% |
47.8% |
n.a. |
9.6% |
73.6% |
61.9% |
74.9% |
|
Israel |
23.2% |
-134.6% |
0.0% |
0.0% |
32.1% |
36.0% |
50.8% |
54.6% |
|
Italy |
32.1% |
-93.8% |
42.4% |
n.a. |
2.5% |
65.0% |
16.6% |
100.8% |
|
Japan |
24.3% |
-64.5% |
36.9% |
0.0% |
28.3% |
95.6% |
5.1% |
57.0% |
|
Korea |
68.2% |
-19.9% |
5.3% |
16.2% |
15.6% |
71.1% |
72.7% |
103.4% |
|
Latvia |
15.0% |
-59.7% |
15.0% |
n.a. |
38.3% |
50.1% |
50.9% |
62.7% |
|
Luxembourg |
0.0% |
-83.3% |
21.5% |
0.0% |
0.4% |
59.5% |
15.7% |
11.3% |
|
Mexico |
22.1% |
-30.9% |
29.7% |
n.a. |
19.4% |
84.8% |
19.4% |
84.8% |
|
Netherlands |
60.0% |
0.0% |
0.0% |
n.a. |
15.2% |
74.2% |
3.1% |
74.2% |
|
New Zealand |
43.4% |
43.4% |
43.4% |
n.a. |
30.0% |
64.7% |
73.6% |
64.7% |
|
Norway |
86.0% |
0.0% |
90.6% |
62.5% |
24.4% |
90.3% |
62.2% |
123.0% |
|
Poland |
25.9% |
-80.9% |
25.0% |
n.a. |
8.4% |
19.9% |
34.9% |
32.1% |
|
Portugal |
42.8% |
-37.5% |
0.0% |
n.a. |
38.6% |
74.1% |
74.3% |
107.5% |
|
Slovak Republic |
27.4% |
19.8% |
19.8% |
n.a. |
0.5% |
34.3% |
28.7% |
60.7% |
|
Slovenia |
19.6% |
-125.0% |
62.5% |
n.a. |
11.3% |
44.6% |
45.1% |
76.2% |
|
Spain |
29.4% |
0.0% |
44.5% |
0.0% |
50.2% |
71.0% |
60.3% |
77.9% |
|
Sweden |
38.9% |
61.2% |
61.2% |
21.0% |
5.5% |
24.4% |
5.5% |
24.4% |
|
Switzerland |
50.9% |
-135.0% |
29.0% |
n.a. |
55.5% |
52.8% |
79.1% |
75.6% |
|
Turkey |
34.4% |
0.0% |
0.0% |
n.a. |
10.5% |
58.2% |
47.1% |
-1.6% |
|
United Kingdom |
87.8% |
-51.1% |
40.7% |
87.8% |
42.0% |
114.3% |
107.7% |
114.3% |
|
United States |
33.0% |
0.0% |
82.5% |
0.0% |
50.5% |
61.7% |
50.5% |
61.7% |
|
Argentina |
62.5% |
0.0% |
0.0% |
n.a. |
67.5% |
114.8% |
67.5% |
114.8% |
|
Bulgaria |
0.0% |
-27.8% |
0.0% |
n.a. |
13.7% |
31.7% |
24.0% |
41.9% |
|
Colombia |
0.0% |
-97.2% |
0.0% |
-388.9% |
28.7% |
66.3% |
-28.1% |
14.0% |
|
Lithuania |
23.2% |
-44.1% |
0.0% |
n.a. |
24.0% |
44.3% |
45.9% |
65.5% |
|
South Africa |
57.5% |
-7.1% |
66.5% |
0.0% |
59.6% |
116.8% |
137.9% |
116.8% |
|
Table B.7. Marginal effective tax rates by asset: 4% real return, 67% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
52.4% |
52.4% |
50.2% |
52.4% |
50.2% |
6.8% |
13.7% |
20.8% |
|
Austria |
36.4% |
40.1% |
38.3% |
40.1% |
38.3% |
40.1% |
36.5% |
32.7% |
|
Belgium |
37.3% |
37.9% |
36.3% |
37.9% |
36.3% |
38.9% |
20.1% |
1.3% |
|
Canada |
27.8% |
27.6% |
23.5% |
27.6% |
23.5% |
0.0% |
5.5% |
11.1% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-45.4% |
-22.7% |
0.0% |
|
Czech Republic |
20.0% |
20.0% |
15.0% |
20.0% |
15.0% |
20.0% |
10.0% |
0.0% |
|
Denmark |
47.5% |
47.5% |
45.8% |
47.5% |
45.8% |
53.9% |
50.2% |
46.3% |
|
Estonia |
0.0% |
28.2% |
26.9% |
28.2% |
26.9% |
0.0% |
11.2% |
22.8% |
|
Finland |
40.4% |
40.4% |
38.8% |
40.4% |
38.8% |
34.4% |
34.0% |
33.6% |
|
France |
35.3% |
35.3% |
33.9% |
35.3% |
33.9% |
28.4% |
25.4% |
22.2% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
13.8% |
13.8% |
13.3% |
0.0% |
0.0% |
19.2% |
19.8% |
20.4% |
|
Hungary |
21.8% |
21.8% |
16.3% |
21.8% |
16.3% |
14.5% |
13.0% |
11.5% |
|
Iceland |
0.0% |
0.0% |
6.7% |
0.0% |
6.7% |
36.3% |
32.1% |
27.7% |
|
Ireland |
48.0% |
29.8% |
30.6% |
29.8% |
22.4% |
35.6% |
36.8% |
38.0% |
|
Israel |
18.2% |
18.2% |
17.4% |
18.2% |
17.4% |
25.7% |
23.7% |
21.6% |
|
Italy |
35.0% |
35.0% |
33.6% |
17.5% |
16.7% |
34.5% |
31.7% |
28.7% |
|
Japan |
23.5% |
23.5% |
22.6% |
23.5% |
22.6% |
12.5% |
16.0% |
19.7% |
|
Korea |
19.6% |
19.6% |
18.6% |
19.6% |
18.6% |
25.7% |
15.3% |
5.0% |
|
Latvia |
12.5% |
12.5% |
13.2% |
12.5% |
13.2% |
12.5% |
13.9% |
15.4% |
|
Luxembourg |
13.6% |
13.6% |
10.2% |
13.6% |
10.2% |
23.1% |
11.6% |
0.0% |
|
Mexico |
0.9% |
0.9% |
0.9% |
0.9% |
0.9% |
-17.3% |
-1.8% |
14.0% |
|
Netherlands |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
|
New Zealand |
22.3% |
22.3% |
21.3% |
22.3% |
21.3% |
-13.4% |
-6.7% |
0.0% |
|
Norway |
57.8% |
57.8% |
56.4% |
57.8% |
56.4% |
21.3% |
21.3% |
21.3% |
|
Poland |
24.1% |
24.1% |
23.0% |
24.1% |
23.0% |
24.1% |
22.0% |
19.8% |
|
Portugal |
35.4% |
35.4% |
34.0% |
35.4% |
34.0% |
35.4% |
32.6% |
29.7% |
|
Slovak Republic |
25.1% |
25.1% |
24.0% |
25.1% |
24.0% |
0.0% |
10.1% |
20.5% |
|
Slovenia |
30.9% |
30.9% |
29.7% |
30.9% |
29.7% |
30.9% |
23.2% |
15.3% |
|
Spain |
25.5% |
25.5% |
23.9% |
25.5% |
23.9% |
25.5% |
22.3% |
19.1% |
|
Sweden |
33.8% |
33.8% |
32.6% |
33.8% |
32.6% |
33.8% |
31.4% |
28.9% |
|
Switzerland |
14.6% |
15.4% |
11.8% |
15.4% |
11.8% |
15.4% |
8.1% |
0.7% |
|
Turkey |
45.5% |
45.5% |
41.6% |
45.5% |
41.6% |
31.5% |
15.8% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
20.7% |
20.7% |
19.7% |
20.7% |
19.7% |
0.0% |
0.0% |
0.0% |
|
Argentina |
0.0% |
18.8% |
18.8% |
0.0% |
0.0% |
18.8% |
18.8% |
18.8% |
|
Bulgaria |
9.6% |
0.0% |
0.0% |
0.0% |
0.0% |
6.0% |
3.0% |
0.0% |
|
Colombia |
7.0% |
7.8% |
7.3% |
7.8% |
7.3% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
20.9% |
10.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
38.0% |
19.6% |
13.2% |
|
Table B.7. Marginal effective tax rates by asset: 4% real return, 67% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
52.4% |
-7.5% |
22.8% |
n.a. |
11.5% |
67.3% |
49.6% |
67.3% |
|
Austria |
35.0% |
-5.5% |
0.0% |
36.4% |
12.0% |
46.3% |
39.0% |
34.7% |
|
Belgium |
0.0% |
-39.3% |
10.0% |
0.0% |
38.4% |
39.4% |
16.8% |
64.6% |
|
Canada |
27.6% |
0.0% |
13.9% |
0.0% |
29.3% |
50.3% |
48.6% |
50.3% |
|
Chile |
0.0% |
0.0% |
0.0% |
n.a. |
0.0% |
0.0% |
0.0% |
0.0% |
|
Czech Republic |
6.7% |
0.0% |
10.1% |
n.a. |
8.8% |
18.3% |
8.8% |
18.3% |
|
Denmark |
53.9% |
19.6% |
19.6% |
n.a. |
16.0% |
42.0% |
11.2% |
46.9% |
|
Estonia |
22.8% |
-15.6% |
12.5% |
n.a. |
0.0% |
19.7% |
-25.2% |
19.7% |
|
Finland |
33.6% |
0.0% |
21.2% |
0.0% |
9.3% |
42.2% |
24.9% |
42.2% |
|
France |
29.7% |
-1.7% |
13.3% |
0.0% |
17.8% |
32.9% |
45.5% |
59.5% |
|
Germany |
0.0% |
0.0% |
23.6% |
n.a. |
15.0% |
47.5% |
15.0% |
10.8% |
|
Greece |
11.9% |
0.0% |
0.0% |
n.a. |
22.1% |
22.7% |
25.5% |
26.2% |
|
Hungary |
11.5% |
-31.3% |
0.0% |
0.0% |
12.2% |
25.6% |
28.6% |
41.3% |
|
Iceland |
27.7% |
0.0% |
31.6% |
n.a. |
11.7% |
28.9% |
35.4% |
51.8% |
|
Ireland |
41.7% |
8.6% |
16.5% |
n.a. |
5.1% |
33.3% |
46.2% |
54.4% |
|
Israel |
21.6% |
-67.3% |
0.0% |
0.0% |
7.5% |
24.1% |
22.6% |
38.5% |
|
Italy |
24.3% |
3.0% |
32.5% |
n.a. |
1.4% |
38.3% |
11.4% |
63.9% |
|
Japan |
19.7% |
-3.7% |
4.9% |
0.0% |
16.7% |
26.1% |
15.6% |
35.5% |
|
Korea |
19.6% |
-14.7% |
3.3% |
0.0% |
4.3% |
7.8% |
3.1% |
23.5% |
|
Latvia |
12.5% |
-24.9% |
12.5% |
n.a. |
13.6% |
24.4% |
23.5% |
34.2% |
|
Luxembourg |
0.0% |
-32.2% |
11.6% |
0.0% |
0.2% |
35.8% |
11.3% |
7.6% |
|
Mexico |
14.0% |
-15.2% |
0.0% |
n.a. |
8.7% |
28.1% |
-4.9% |
15.1% |
|
Netherlands |
30.0% |
-46.2% |
0.0% |
n.a. |
8.1% |
37.6% |
-16.1% |
37.6% |
|
New Zealand |
22.3% |
22.3% |
22.3% |
n.a. |
15.0% |
28.6% |
32.5% |
28.6% |
|
Norway |
52.0% |
-2.9% |
57.8% |
31.3% |
12.8% |
54.4% |
30.9% |
69.7% |
|
Poland |
19.8% |
-12.2% |
12.5% |
n.a. |
4.7% |
12.5% |
24.6% |
22.2% |
|
Portugal |
35.4% |
-18.8% |
0.0% |
n.a. |
7.5% |
34.2% |
36.4% |
60.3% |
|
Slovak Republic |
20.5% |
12.8% |
12.8% |
n.a. |
0.3% |
17.8% |
21.0% |
37.3% |
|
Slovenia |
15.3% |
-11.9% |
10.0% |
n.a. |
6.2% |
28.9% |
31.8% |
52.4% |
|
Spain |
19.1% |
0.0% |
15.2% |
0.0% |
29.8% |
37.6% |
35.7% |
48.6% |
|
Sweden |
31.2% |
15.8% |
15.8% |
10.5% |
6.1% |
23.5% |
6.1% |
23.5% |
|
Switzerland |
14.6% |
-17.0% |
14.6% |
n.a. |
10.2% |
14.9% |
10.2% |
14.9% |
|
Turkey |
19.4% |
0.0% |
0.0% |
n.a. |
5.6% |
24.6% |
27.6% |
15.4% |
|
United Kingdom |
29.5% |
-7.8% |
10.6% |
0.0% |
21.5% |
45.1% |
21.5% |
23.6% |
|
United States |
0.0% |
0.0% |
18.8% |
0.0% |
33.8% |
47.5% |
33.8% |
47.5% |
|
Argentina |
18.8% |
0.0% |
0.0% |
n.a. |
21.3% |
42.5% |
-17.3% |
42.5% |
|
Bulgaria |
0.0% |
-13.9% |
0.0% |
n.a. |
7.5% |
18.9% |
15.4% |
26.7% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
13.3% |
13.2% |
17.8% |
17.7% |
|
Lithuania |
0.0% |
-22.1% |
0.0% |
n.a. |
2.0% |
15.9% |
2.0% |
15.9% |
|
South Africa |
36.3% |
-9.1% |
10.2% |
0.0% |
17.2% |
37.9% |
17.2% |
13.4% |
|
Table B.8. Marginal effective tax rates by asset: 4% real return, 100% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
59.3% |
59.3% |
56.9% |
59.3% |
56.9% |
13.7% |
18.5% |
23.6% |
|
Austria |
36.4% |
40.1% |
38.3% |
40.1% |
38.3% |
40.1% |
36.5% |
32.7% |
|
Belgium |
37.3% |
37.9% |
36.3% |
37.9% |
36.3% |
38.9% |
20.1% |
1.3% |
|
Canada |
41.1% |
40.8% |
34.8% |
40.8% |
34.8% |
8.9% |
12.6% |
16.5% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-37.9% |
-18.9% |
0.0% |
|
Czech Republic |
20.0% |
20.0% |
15.0% |
20.0% |
15.0% |
20.0% |
10.0% |
0.0% |
|
Denmark |
47.5% |
47.5% |
45.8% |
47.5% |
45.8% |
53.9% |
50.2% |
46.3% |
|
Estonia |
0.0% |
28.2% |
26.9% |
28.2% |
26.9% |
0.0% |
11.2% |
22.8% |
|
Finland |
40.4% |
40.4% |
38.8% |
40.4% |
38.8% |
34.4% |
34.0% |
33.6% |
|
France |
53.9% |
53.9% |
52.2% |
53.9% |
52.2% |
39.2% |
34.7% |
29.9% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
13.8% |
13.8% |
13.3% |
0.0% |
0.0% |
19.2% |
19.8% |
20.4% |
|
Hungary |
21.8% |
21.8% |
16.3% |
21.8% |
16.3% |
14.5% |
13.0% |
11.5% |
|
Iceland |
36.3% |
36.3% |
34.2% |
36.3% |
34.2% |
36.3% |
32.1% |
27.7% |
|
Ireland |
48.0% |
53.2% |
48.4% |
53.2% |
39.9% |
58.8% |
48.7% |
38.0% |
|
Israel |
18.2% |
18.2% |
17.4% |
18.2% |
17.4% |
25.7% |
23.7% |
21.6% |
|
Italy |
35.0% |
35.0% |
33.6% |
17.5% |
16.7% |
34.5% |
31.7% |
28.7% |
|
Japan |
23.5% |
23.5% |
22.6% |
23.5% |
22.6% |
19.0% |
19.3% |
19.7% |
|
Korea |
19.6% |
19.6% |
18.6% |
19.6% |
18.6% |
25.7% |
15.3% |
5.0% |
|
Latvia |
12.5% |
12.5% |
13.2% |
12.5% |
13.2% |
12.5% |
13.9% |
15.4% |
|
Luxembourg |
13.6% |
13.6% |
10.2% |
13.6% |
10.2% |
26.5% |
13.3% |
0.0% |
|
Mexico |
0.9% |
0.9% |
0.9% |
0.9% |
0.9% |
-4.1% |
4.9% |
14.0% |
|
Netherlands |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
|
New Zealand |
38.3% |
38.3% |
36.8% |
38.3% |
36.8% |
2.6% |
1.3% |
0.0% |
|
Norway |
57.8% |
57.8% |
56.4% |
57.8% |
56.4% |
21.3% |
21.3% |
21.3% |
|
Poland |
24.1% |
24.1% |
23.0% |
24.1% |
23.0% |
24.1% |
22.0% |
19.8% |
|
Portugal |
35.4% |
35.4% |
34.0% |
35.4% |
34.0% |
35.4% |
32.6% |
29.7% |
|
Slovak Republic |
25.1% |
25.1% |
24.0% |
25.1% |
24.0% |
0.0% |
10.1% |
20.5% |
|
Slovenia |
30.9% |
30.9% |
29.7% |
30.9% |
29.7% |
30.9% |
23.2% |
15.3% |
|
Spain |
25.5% |
25.5% |
23.9% |
25.5% |
24.4% |
25.5% |
23.4% |
21.2% |
|
Sweden |
33.8% |
33.8% |
32.6% |
33.8% |
32.6% |
33.8% |
31.4% |
28.9% |
|
Switzerland |
25.6% |
26.4% |
21.4% |
26.4% |
21.4% |
26.4% |
16.3% |
6.2% |
|
Turkey |
45.5% |
45.5% |
41.6% |
45.5% |
41.6% |
42.1% |
21.1% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
34.4% |
34.4% |
32.9% |
34.4% |
32.9% |
20.7% |
18.7% |
16.6% |
|
Argentina |
0.0% |
18.8% |
18.8% |
0.0% |
0.0% |
18.8% |
18.8% |
18.8% |
|
Bulgaria |
9.6% |
0.0% |
0.0% |
0.0% |
0.0% |
6.0% |
3.0% |
0.0% |
|
Colombia |
7.0% |
7.8% |
7.3% |
7.8% |
7.3% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
20.9% |
10.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
38.0% |
28.4% |
18.6% |
|
Table B.8. Marginal effective tax rates by asset: 4% real return, 100% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
59.3% |
-16.7% |
22.8% |
n.a. |
11.5% |
72.2% |
54.5% |
72.2% |
|
Austria |
35.0% |
-5.5% |
0.0% |
36.4% |
12.0% |
51.6% |
39.0% |
31.8% |
|
Belgium |
0.0% |
-39.3% |
10.0% |
20.7% |
38.4% |
39.4% |
16.8% |
64.6% |
|
Canada |
40.8% |
0.0% |
21.1% |
0.0% |
29.3% |
60.6% |
57.9% |
60.6% |
|
Chile |
5.5% |
0.0% |
3.0% |
n.a. |
15.9% |
15.9% |
13.4% |
13.3% |
|
Czech Republic |
6.7% |
0.0% |
10.1% |
n.a. |
8.8% |
18.3% |
8.8% |
18.3% |
|
Denmark |
53.9% |
19.6% |
19.6% |
n.a. |
16.0% |
43.3% |
11.2% |
47.3% |
|
Estonia |
22.8% |
-15.6% |
12.5% |
n.a. |
0.0% |
19.7% |
-25.2% |
19.7% |
|
Finland |
33.6% |
0.0% |
21.2% |
0.0% |
9.3% |
43.2% |
24.9% |
43.2% |
|
France |
46.8% |
-6.7% |
23.3% |
0.0% |
17.8% |
39.6% |
60.2% |
78.7% |
|
Germany |
0.0% |
0.0% |
29.6% |
n.a. |
15.0% |
54.8% |
15.0% |
9.7% |
|
Greece |
11.9% |
0.0% |
0.0% |
n.a. |
22.1% |
22.7% |
25.5% |
26.2% |
|
Hungary |
11.5% |
-31.3% |
0.0% |
0.0% |
12.2% |
25.6% |
28.6% |
41.3% |
|
Iceland |
27.7% |
0.0% |
31.6% |
n.a. |
11.7% |
28.9% |
35.4% |
51.8% |
|
Ireland |
41.7% |
11.5% |
31.6% |
n.a. |
5.1% |
52.0% |
46.2% |
53.1% |
|
Israel |
21.6% |
-67.3% |
0.0% |
0.0% |
7.5% |
24.1% |
22.6% |
38.5% |
|
Italy |
24.3% |
3.0% |
32.5% |
n.a. |
1.4% |
38.3% |
11.4% |
63.9% |
|
Japan |
19.7% |
-6.0% |
7.6% |
0.0% |
16.7% |
31.4% |
15.6% |
35.2% |
|
Korea |
19.6% |
-9.9% |
3.3% |
12.6% |
4.3% |
7.8% |
3.1% |
23.5% |
|
Latvia |
12.5% |
-24.9% |
12.5% |
n.a. |
16.6% |
27.2% |
26.4% |
36.8% |
|
Luxembourg |
0.0% |
-40.0% |
13.4% |
0.0% |
0.2% |
41.1% |
11.3% |
6.9% |
|
Mexico |
14.0% |
-27.2% |
0.0% |
n.a. |
8.7% |
37.5% |
-15.1% |
15.4% |
|
Netherlands |
30.0% |
-5.4% |
0.0% |
n.a. |
8.1% |
37.6% |
-16.1% |
37.6% |
|
New Zealand |
35.7% |
35.7% |
35.7% |
n.a. |
15.0% |
38.3% |
44.9% |
38.3% |
|
Norway |
52.0% |
-2.9% |
57.8% |
31.3% |
12.8% |
54.4% |
30.9% |
69.7% |
|
Poland |
19.8% |
-12.2% |
12.5% |
n.a. |
4.7% |
12.5% |
24.6% |
22.2% |
|
Portugal |
35.4% |
-18.8% |
0.0% |
n.a. |
11.5% |
37.8% |
39.8% |
63.5% |
|
Slovak Republic |
20.5% |
12.8% |
12.8% |
n.a. |
0.3% |
17.8% |
21.0% |
37.3% |
|
Slovenia |
15.3% |
-23.1% |
16.9% |
n.a. |
6.2% |
28.9% |
31.8% |
52.4% |
|
Spain |
21.2% |
0.0% |
18.9% |
0.0% |
29.8% |
39.3% |
35.7% |
48.5% |
|
Sweden |
31.2% |
18.3% |
18.3% |
10.5% |
6.1% |
23.5% |
6.1% |
23.5% |
|
Switzerland |
25.6% |
-28.6% |
20.1% |
n.a. |
19.5% |
25.9% |
25.0% |
31.4% |
|
Turkey |
19.4% |
0.0% |
0.0% |
n.a. |
5.6% |
31.0% |
27.6% |
10.0% |
|
United Kingdom |
29.5% |
-7.8% |
10.6% |
0.0% |
21.5% |
45.1% |
21.5% |
23.6% |
|
United States |
20.7% |
0.0% |
31.3% |
0.0% |
29.9% |
48.4% |
29.9% |
48.4% |
|
Argentina |
18.8% |
0.0% |
0.0% |
n.a. |
21.3% |
46.2% |
-25.6% |
46.2% |
|
Bulgaria |
0.0% |
-13.9% |
0.0% |
n.a. |
7.5% |
18.9% |
15.4% |
26.7% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
13.3% |
13.2% |
17.8% |
17.7% |
|
Lithuania |
0.0% |
-22.1% |
0.0% |
n.a. |
2.0% |
15.9% |
2.0% |
15.9% |
|
South Africa |
36.3% |
-14.6% |
14.9% |
0.0% |
17.2% |
47.3% |
17.2% |
11.4% |
|
Table B.9. Marginal effective tax rates by asset: 4% real return, 500% of average wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
74.5% |
74.5% |
71.9% |
74.5% |
71.9% |
28.9% |
29.4% |
29.9% |
|
Austria |
36.4% |
40.1% |
38.3% |
40.1% |
38.3% |
40.1% |
36.5% |
32.7% |
|
Belgium |
37.3% |
37.9% |
36.3% |
37.9% |
36.3% |
38.9% |
20.1% |
1.3% |
|
Canada |
74.1% |
73.6% |
63.2% |
73.6% |
63.2% |
54.4% |
42.8% |
30.5% |
|
Chile |
43.5% |
43.5% |
41.4% |
43.5% |
32.6% |
-19.2% |
0.1% |
20.7% |
|
Czech Republic |
20.0% |
20.0% |
15.0% |
20.0% |
15.0% |
20.0% |
10.0% |
0.0% |
|
Denmark |
53.9% |
53.9% |
52.1% |
53.9% |
52.1% |
53.9% |
50.2% |
46.3% |
|
Estonia |
0.0% |
28.2% |
26.9% |
28.2% |
26.9% |
0.0% |
11.2% |
22.8% |
|
Finland |
40.4% |
40.4% |
39.9% |
40.4% |
39.9% |
34.4% |
36.3% |
38.4% |
|
France |
79.2% |
79.2% |
77.8% |
79.2% |
77.8% |
59.1% |
54.0% |
48.7% |
|
Germany |
34.1% |
34.1% |
32.7% |
34.1% |
32.7% |
34.1% |
31.3% |
28.4% |
|
Greece |
13.8% |
13.8% |
13.3% |
0.0% |
0.0% |
19.2% |
19.8% |
20.4% |
|
Hungary |
21.8% |
21.8% |
16.3% |
21.8% |
16.3% |
14.5% |
13.0% |
11.5% |
|
Iceland |
36.3% |
36.3% |
34.2% |
36.3% |
34.2% |
36.3% |
32.1% |
27.7% |
|
Ireland |
48.0% |
56.2% |
50.6% |
56.2% |
42.1% |
61.7% |
50.2% |
38.0% |
|
Israel |
18.2% |
18.2% |
17.4% |
18.2% |
17.4% |
25.7% |
23.7% |
21.6% |
|
Italy |
35.0% |
35.0% |
33.6% |
17.5% |
16.7% |
34.5% |
31.7% |
28.7% |
|
Japan |
23.5% |
23.5% |
22.6% |
23.5% |
22.6% |
23.5% |
21.6% |
19.7% |
|
Korea |
53.1% |
53.1% |
51.1% |
53.1% |
51.1% |
58.9% |
31.9% |
5.0% |
|
Latvia |
12.5% |
12.5% |
13.2% |
12.5% |
13.2% |
12.5% |
13.9% |
15.4% |
|
Luxembourg |
13.6% |
13.6% |
10.2% |
13.6% |
10.2% |
27.2% |
13.6% |
0.0% |
|
Mexico |
56.6% |
56.6% |
54.3% |
56.6% |
54.3% |
18.9% |
16.4% |
14.0% |
|
Netherlands |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
|
New Zealand |
42.1% |
42.1% |
40.5% |
42.1% |
40.5% |
6.4% |
3.2% |
0.0% |
|
Norway |
57.8% |
57.8% |
56.4% |
57.8% |
56.4% |
21.3% |
21.3% |
21.3% |
|
Poland |
24.1% |
24.1% |
23.0% |
24.1% |
23.0% |
24.1% |
22.0% |
19.8% |
|
Portugal |
35.4% |
35.4% |
34.0% |
35.4% |
34.0% |
35.4% |
32.6% |
29.7% |
|
Slovak Republic |
25.1% |
25.1% |
24.0% |
25.1% |
24.0% |
0.0% |
10.1% |
20.5% |
|
Slovenia |
30.9% |
30.9% |
29.7% |
30.9% |
29.7% |
30.9% |
23.2% |
15.3% |
|
Spain |
27.9% |
27.9% |
26.3% |
27.9% |
26.3% |
27.9% |
24.6% |
23.3% |
|
Sweden |
33.8% |
33.8% |
32.6% |
33.8% |
32.6% |
33.8% |
31.4% |
28.9% |
|
Switzerland |
44.6% |
45.5% |
37.0% |
45.5% |
37.0% |
45.5% |
28.6% |
11.7% |
|
Turkey |
45.5% |
45.5% |
41.6% |
45.5% |
41.6% |
54.3% |
27.1% |
0.0% |
|
United Kingdom |
66.4% |
66.4% |
56.0% |
66.4% |
56.0% |
69.3% |
48.1% |
26.1% |
|
United States |
50.7% |
50.7% |
48.8% |
50.7% |
48.8% |
25.9% |
23.5% |
21.0% |
|
Argentina |
0.0% |
31.3% |
31.3% |
0.0% |
0.0% |
31.3% |
31.3% |
31.3% |
|
Bulgaria |
9.6% |
0.0% |
0.0% |
0.0% |
0.0% |
6.0% |
3.0% |
0.0% |
|
Colombia |
7.0% |
7.8% |
7.3% |
7.8% |
7.3% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
20.9% |
20.9% |
19.9% |
20.9% |
19.9% |
20.9% |
18.9% |
16.8% |
|
South Africa |
99.1% |
99.1% |
81.8% |
99.1% |
81.8% |
38.0% |
33.6% |
29.0% |
|
Table B.9. Marginal effective tax rates by asset: 4% real return, 500% of average wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: country actual inflation, 5 years expected holding period (20 years for pensions and property)
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
74.5% |
-6.5% |
22.8% |
n.a. |
11.5% |
83.3% |
65.6% |
83.3% |
|
Austria |
35.0% |
-5.5% |
0.0% |
36.4% |
12.0% |
57.8% |
39.0% |
28.2% |
|
Belgium |
0.0% |
-39.3% |
10.0% |
20.7% |
38.4% |
39.4% |
63.1% |
64.7% |
|
Canada |
73.6% |
0.0% |
41.6% |
0.0% |
30.2% |
87.4% |
81.5% |
87.4% |
|
Chile |
33.2% |
0.0% |
18.4% |
n.a. |
18.6% |
18.6% |
32.2% |
32.6% |
|
Czech Republic |
6.7% |
0.0% |
10.1% |
n.a. |
8.8% |
18.3% |
8.8% |
18.3% |
|
Denmark |
53.9% |
19.6% |
19.6% |
n.a. |
16.0% |
52.0% |
17.5% |
55.4% |
|
Estonia |
22.8% |
-15.6% |
12.5% |
n.a. |
2.9% |
22.6% |
2.9% |
22.6% |
|
Finland |
38.4% |
0.0% |
21.2% |
0.0% |
13.2% |
46.7% |
26.2% |
46.7% |
|
France |
73.2% |
-11.9% |
30.8% |
79.2% |
26.1% |
56.2% |
85.7% |
108.4% |
|
Germany |
34.1% |
0.0% |
32.2% |
n.a. |
15.0% |
57.8% |
43.1% |
38.1% |
|
Greece |
11.9% |
0.0% |
0.0% |
n.a. |
30.6% |
31.2% |
33.8% |
34.5% |
|
Hungary |
11.5% |
-31.3% |
0.0% |
0.0% |
12.2% |
25.6% |
28.6% |
41.3% |
|
Iceland |
27.7% |
0.0% |
39.2% |
n.a. |
11.7% |
28.9% |
35.4% |
51.8% |
|
Ireland |
41.7% |
16.7% |
33.7% |
n.a. |
5.1% |
54.4% |
46.2% |
55.4% |
|
Israel |
21.6% |
-67.3% |
0.0% |
0.0% |
17.3% |
24.1% |
31.7% |
38.5% |
|
Italy |
24.3% |
-37.8% |
32.5% |
n.a. |
1.4% |
38.3% |
11.4% |
63.9% |
|
Japan |
19.7% |
-32.3% |
25.8% |
0.0% |
16.7% |
63.9% |
15.6% |
32.7% |
|
Korea |
53.1% |
-9.9% |
3.3% |
12.6% |
8.0% |
46.9% |
49.1% |
69.6% |
|
Latvia |
12.5% |
-24.9% |
12.5% |
n.a. |
19.6% |
29.9% |
29.3% |
39.4% |
|
Luxembourg |
0.0% |
-41.7% |
13.8% |
0.0% |
0.2% |
42.2% |
11.3% |
6.7% |
|
Mexico |
14.0% |
-15.4% |
17.0% |
n.a. |
10.7% |
52.5% |
10.7% |
52.5% |
|
Netherlands |
30.0% |
0.0% |
0.0% |
n.a. |
8.1% |
37.6% |
-23.3% |
37.6% |
|
New Zealand |
35.7% |
35.7% |
35.7% |
n.a. |
15.0% |
40.6% |
47.9% |
40.6% |
|
Norway |
52.0% |
0.0% |
57.8% |
31.3% |
12.8% |
54.4% |
30.9% |
69.7% |
|
Poland |
19.8% |
-40.4% |
12.5% |
n.a. |
4.7% |
12.5% |
24.6% |
19.5% |
|
Portugal |
35.4% |
-18.8% |
0.0% |
n.a. |
20.9% |
48.9% |
47.9% |
73.3% |
|
Slovak Republic |
20.5% |
12.8% |
12.8% |
n.a. |
0.3% |
23.4% |
21.0% |
42.3% |
|
Slovenia |
15.3% |
-62.5% |
31.3% |
n.a. |
6.2% |
28.9% |
31.8% |
52.4% |
|
Spain |
23.3% |
0.0% |
30.6% |
0.0% |
30.1% |
44.9% |
38.0% |
50.2% |
|
Sweden |
31.2% |
43.6% |
43.6% |
10.5% |
6.1% |
23.5% |
6.1% |
23.5% |
|
Switzerland |
44.6% |
-67.5% |
33.7% |
n.a. |
34.5% |
45.1% |
45.4% |
55.6% |
|
Turkey |
19.4% |
0.0% |
0.0% |
n.a. |
5.6% |
38.3% |
27.6% |
3.0% |
|
United Kingdom |
66.4% |
-25.6% |
25.2% |
66.4% |
21.5% |
71.8% |
68.0% |
71.8% |
|
United States |
25.9% |
0.0% |
41.3% |
0.0% |
25.3% |
45.6% |
25.3% |
45.6% |
|
Argentina |
31.3% |
0.0% |
0.0% |
n.a. |
33.8% |
66.1% |
33.8% |
66.1% |
|
Bulgaria |
0.0% |
-13.9% |
0.0% |
n.a. |
7.5% |
18.9% |
15.4% |
26.7% |
|
Colombia |
0.0% |
-48.6% |
0.0% |
-194.4% |
15.0% |
40.8% |
-20.9% |
8.7% |
|
Lithuania |
16.8% |
-22.1% |
0.0% |
n.a. |
12.0% |
25.9% |
27.8% |
41.0% |
|
South Africa |
36.3% |
-3.5% |
35.9% |
0.0% |
31.7% |
70.2% |
80.5% |
70.2% |
|
Table B.10. Marginal effective tax rates by asset: 6 months expected holding period (10 years for pensions and property), 67% of average
wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
58.4% |
58.4% |
58.2% |
58.4% |
58.2% |
7.6% |
32.4% |
57.5% |
|
Austria |
40.3% |
44.3% |
44.1% |
44.3% |
44.1% |
44.3% |
43.9% |
43.5% |
|
Belgium |
40.8% |
46.9% |
46.7% |
46.9% |
46.7% |
59.0% |
38.5% |
18.0% |
|
Canada |
30.3% |
30.1% |
26.2% |
30.1% |
26.2% |
0.0% |
7.4% |
14.9% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-52.6% |
-26.3% |
0.0% |
|
Czech Republic |
21.6% |
21.6% |
16.2% |
21.6% |
16.2% |
21.6% |
21.4% |
21.2% |
|
Denmark |
50.9% |
50.9% |
50.8% |
50.9% |
50.8% |
57.8% |
57.5% |
57.1% |
|
Estonia |
0.0% |
30.9% |
30.8% |
30.9% |
30.8% |
0.0% |
15.1% |
30.4% |
|
Finland |
43.9% |
43.9% |
43.7% |
43.9% |
43.7% |
37.3% |
40.3% |
43.2% |
|
France |
37.4% |
37.4% |
37.3% |
37.4% |
37.3% |
30.1% |
33.5% |
36.9% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
13.4% |
13.4% |
13.3% |
0.0% |
0.0% |
142.2% |
143.6% |
145.0% |
|
Hungary |
24.1% |
24.1% |
23.9% |
24.1% |
23.9% |
24.1% |
23.8% |
23.6% |
|
Iceland |
0.0% |
0.0% |
10.1% |
0.0% |
10.1% |
41.7% |
41.2% |
40.6% |
|
Ireland |
50.3% |
31.3% |
33.4% |
31.3% |
23.5% |
98.2% |
102.1% |
106.0% |
|
Israel |
19.3% |
19.3% |
19.2% |
19.3% |
19.2% |
25.1% |
24.9% |
24.7% |
|
Italy |
49.9% |
49.9% |
49.7% |
31.1% |
30.9% |
44.5% |
44.2% |
43.8% |
|
Japan |
24.7% |
24.7% |
24.6% |
24.7% |
24.6% |
13.1% |
18.7% |
24.3% |
|
Korea |
21.4% |
21.4% |
21.3% |
21.4% |
21.3% |
88.7% |
77.4% |
66.0% |
|
Latvia |
13.3% |
13.3% |
14.9% |
13.3% |
14.9% |
13.3% |
16.5% |
19.6% |
|
Luxembourg |
14.8% |
14.8% |
23.4% |
14.8% |
23.4% |
25.2% |
37.3% |
49.6% |
|
Mexico |
1.1% |
1.1% |
1.1% |
1.1% |
1.1% |
-20.0% |
0.6% |
21.2% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
23.9% |
23.9% |
23.8% |
23.9% |
23.8% |
-14.4% |
-7.2% |
0.0% |
|
Norway |
68.8% |
68.8% |
68.6% |
68.8% |
68.6% |
28.3% |
28.3% |
28.3% |
|
Poland |
25.8% |
25.8% |
25.7% |
25.8% |
25.7% |
25.8% |
25.6% |
25.4% |
|
Portugal |
37.9% |
37.9% |
37.8% |
37.9% |
37.8% |
37.9% |
37.6% |
37.3% |
|
Slovak Republic |
27.1% |
27.1% |
27.0% |
27.1% |
27.0% |
0.0% |
0.0% |
0.0% |
|
Slovenia |
32.9% |
32.9% |
32.8% |
32.9% |
32.8% |
32.9% |
32.7% |
32.4% |
|
Spain |
27.0% |
27.0% |
26.2% |
27.0% |
26.2% |
27.0% |
25.5% |
24.0% |
|
Sweden |
35.0% |
35.0% |
34.9% |
35.0% |
34.9% |
35.0% |
34.8% |
34.6% |
|
Switzerland |
13.9% |
24.0% |
20.5% |
24.0% |
20.5% |
24.0% |
17.0% |
10.0% |
|
Turkey |
55.7% |
55.7% |
55.1% |
55.7% |
55.1% |
38.5% |
19.3% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
22.6% |
22.6% |
22.4% |
22.6% |
22.4% |
0.0% |
11.0% |
22.1% |
|
Argentina |
0.0% |
25.0% |
25.0% |
0.0% |
0.0% |
25.0% |
25.0% |
25.0% |
|
Bulgaria |
10.2% |
0.0% |
0.0% |
0.0% |
0.0% |
6.4% |
3.2% |
0.0% |
|
Colombia |
7.0% |
9.0% |
9.0% |
9.0% |
9.0% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
22.9% |
11.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
60.6% |
38.6% |
16.6% |
|
Table B.10. Marginal effective tax rates by asset: 6 months expected holding period (10 years for pensions and property), 67% of average
wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
58.4% |
-55.3% |
25.4% |
n.a. |
21.9% |
91.3% |
69.7% |
91.3% |
|
Austria |
41.1% |
-14.8% |
0.0% |
40.3% |
21.1% |
60.6% |
54.7% |
46.6% |
|
Belgium |
0.0% |
-104.8% |
26.7% |
0.0% |
67.8% |
69.1% |
44.0% |
100.3% |
|
Canada |
30.1% |
0.0% |
21.7% |
0.0% |
41.3% |
66.0% |
65.9% |
66.0% |
|
Chile |
0.0% |
0.0% |
0.0% |
n.a. |
0.0% |
0.0% |
0.0% |
0.0% |
|
Czech Republic |
7.2% |
0.0% |
15.6% |
n.a. |
17.5% |
28.5% |
17.5% |
28.5% |
|
Denmark |
57.8% |
21.1% |
21.1% |
n.a. |
22.3% |
50.0% |
18.5% |
57.1% |
|
Estonia |
30.4% |
-41.7% |
33.3% |
n.a. |
0.0% |
24.0% |
-29.3% |
24.0% |
|
Finland |
43.2% |
0.0% |
32.7% |
0.0% |
15.3% |
53.9% |
35.3% |
53.9% |
|
France |
36.9% |
-4.6% |
19.9% |
0.0% |
32.0% |
51.8% |
64.4% |
83.5% |
|
Germany |
0.0% |
0.0% |
35.8% |
n.a. |
29.3% |
67.7% |
29.3% |
25.1% |
|
Greece |
13.2% |
0.0% |
0.0% |
n.a. |
32.0% |
30.8% |
35.5% |
34.3% |
|
Hungary |
23.6% |
-83.3% |
0.0% |
24.1% |
22.8% |
38.0% |
43.1% |
57.8% |
|
Iceland |
40.6% |
0.0% |
54.7% |
n.a. |
16.2% |
40.3% |
48.3% |
71.9% |
|
Ireland |
49.7% |
22.9% |
24.1% |
n.a. |
8.2% |
39.4% |
55.1% |
63.6% |
|
Israel |
24.7% |
-179.5% |
0.0% |
0.0% |
10.0% |
40.5% |
27.7% |
57.1% |
|
Italy |
31.2% |
-29.4% |
38.6% |
n.a. |
2.8% |
51.8% |
26.1% |
93.8% |
|
Japan |
24.3% |
-9.9% |
7.3% |
0.0% |
21.5% |
31.9% |
13.4% |
42.8% |
|
Korea |
21.4% |
-39.2% |
5.3% |
0.0% |
7.3% |
12.1% |
5.9% |
31.2% |
|
Latvia |
13.3% |
-86.3% |
13.3% |
n.a. |
21.0% |
33.4% |
32.8% |
45.0% |
|
Luxembourg |
49.6% |
-85.9% |
18.1% |
0.0% |
0.3% |
41.9% |
13.6% |
8.7% |
|
Mexico |
21.2% |
-40.5% |
0.0% |
n.a. |
16.7% |
43.2% |
-1.1% |
25.7% |
|
Netherlands |
40.0% |
-123.3% |
0.0% |
n.a. |
13.7% |
53.1% |
-4.0% |
53.1% |
|
New Zealand |
23.9% |
23.9% |
23.9% |
n.a. |
20.0% |
35.2% |
41.0% |
35.2% |
|
Norway |
68.2% |
-7.7% |
68.8% |
416.7% |
20.7% |
72.7% |
46.4% |
96.2% |
|
Poland |
25.4% |
-32.5% |
33.3% |
n.a. |
9.2% |
18.2% |
32.5% |
29.4% |
|
Portugal |
37.9% |
-50.0% |
0.0% |
n.a. |
10.0% |
40.4% |
44.2% |
72.9% |
|
Slovak Republic |
26.6% |
19.8% |
19.8% |
n.a. |
0.4% |
20.6% |
25.0% |
44.5% |
|
Slovenia |
32.4% |
-31.7% |
26.7% |
n.a. |
13.4% |
39.3% |
43.3% |
67.8% |
|
Spain |
24.0% |
0.0% |
22.6% |
24.4% |
52.8% |
61.4% |
59.5% |
74.2% |
|
Sweden |
37.5% |
22.5% |
22.5% |
14.0% |
9.1% |
26.9% |
9.1% |
26.9% |
|
Switzerland |
13.9% |
-45.3% |
13.9% |
n.a. |
11.6% |
14.5% |
11.6% |
14.5% |
|
Turkey |
69.1% |
0.0% |
0.0% |
n.a. |
9.7% |
31.6% |
43.2% |
17.7% |
|
United Kingdom |
32.7% |
-20.8% |
17.0% |
0.0% |
31.6% |
60.3% |
31.6% |
33.1% |
|
United States |
0.0% |
0.0% |
50.0% |
0.0% |
45.6% |
59.4% |
45.6% |
59.4% |
|
Argentina |
25.0% |
0.0% |
0.0% |
n.a. |
28.3% |
52.9% |
-30.8% |
52.9% |
|
Bulgaria |
0.0% |
-37.0% |
0.0% |
n.a. |
13.6% |
27.2% |
22.8% |
36.4% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
21.2% |
20.9% |
26.5% |
26.2% |
|
Lithuania |
0.0% |
-58.8% |
0.0% |
n.a. |
2.7% |
18.7% |
2.7% |
18.7% |
|
South Africa |
43.4% |
-24.4% |
19.2% |
0.0% |
22.9% |
49.8% |
22.9% |
13.7% |
|
Table B.11. Marginal effective tax rates by asset: 6 months expected holding period (10 years for pensions and property), 100% of average
wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
66.0% |
66.0% |
65.8% |
66.0% |
65.8% |
15.2% |
40.0% |
65.0% |
|
Austria |
40.3% |
44.3% |
44.1% |
44.3% |
44.1% |
44.3% |
43.9% |
43.5% |
|
Belgium |
40.8% |
46.9% |
46.7% |
46.9% |
46.7% |
59.0% |
38.5% |
18.0% |
|
Canada |
44.9% |
44.5% |
38.8% |
44.5% |
38.8% |
9.7% |
15.8% |
22.0% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-43.8% |
-21.9% |
0.0% |
|
Czech Republic |
21.6% |
21.6% |
16.2% |
21.6% |
16.2% |
21.6% |
21.4% |
21.2% |
|
Denmark |
50.9% |
50.9% |
50.8% |
50.9% |
50.8% |
57.8% |
57.5% |
57.1% |
|
Estonia |
0.0% |
30.9% |
30.8% |
30.9% |
30.8% |
0.0% |
15.1% |
30.4% |
|
Finland |
43.9% |
43.9% |
43.7% |
43.9% |
43.7% |
37.3% |
40.3% |
43.2% |
|
France |
57.2% |
57.2% |
57.0% |
57.2% |
57.0% |
41.6% |
49.0% |
56.5% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
13.4% |
13.4% |
13.3% |
0.0% |
0.0% |
142.2% |
143.6% |
145.0% |
|
Hungary |
24.1% |
24.1% |
23.9% |
24.1% |
23.9% |
24.1% |
23.8% |
23.6% |
|
Iceland |
41.7% |
41.7% |
41.4% |
41.7% |
41.4% |
41.7% |
41.2% |
40.6% |
|
Ireland |
50.3% |
55.8% |
51.9% |
55.8% |
41.9% |
122.5% |
114.3% |
106.0% |
|
Israel |
19.3% |
19.3% |
19.2% |
19.3% |
19.2% |
25.1% |
24.9% |
24.7% |
|
Italy |
49.9% |
49.9% |
49.7% |
31.1% |
30.9% |
44.5% |
44.2% |
43.8% |
|
Japan |
24.7% |
24.7% |
24.6% |
24.7% |
24.6% |
20.0% |
22.1% |
24.3% |
|
Korea |
21.4% |
21.4% |
21.3% |
21.4% |
21.3% |
88.7% |
77.4% |
66.0% |
|
Latvia |
13.3% |
13.3% |
14.9% |
13.3% |
14.9% |
13.3% |
16.5% |
19.6% |
|
Luxembourg |
14.8% |
14.8% |
25.3% |
14.8% |
25.3% |
28.9% |
42.8% |
56.9% |
|
Mexico |
1.1% |
1.1% |
1.1% |
1.1% |
1.1% |
-4.7% |
8.2% |
21.2% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
41.0% |
41.0% |
40.9% |
41.0% |
40.9% |
2.7% |
1.4% |
0.0% |
|
Norway |
68.8% |
68.8% |
68.6% |
68.8% |
68.6% |
28.3% |
28.3% |
28.3% |
|
Poland |
25.8% |
25.8% |
25.7% |
25.8% |
25.7% |
25.8% |
25.6% |
25.4% |
|
Portugal |
37.9% |
37.9% |
37.8% |
37.9% |
37.8% |
37.9% |
37.6% |
37.3% |
|
Slovak Republic |
27.1% |
27.1% |
27.0% |
27.1% |
27.0% |
0.0% |
0.0% |
0.0% |
|
Slovenia |
32.9% |
32.9% |
32.8% |
32.9% |
32.8% |
32.9% |
32.7% |
32.4% |
|
Spain |
27.0% |
27.0% |
26.2% |
27.0% |
26.2% |
27.0% |
25.5% |
24.0% |
|
Sweden |
35.0% |
35.0% |
34.9% |
35.0% |
34.9% |
35.0% |
34.8% |
34.6% |
|
Switzerland |
26.5% |
36.5% |
31.7% |
36.5% |
31.7% |
36.5% |
26.9% |
17.3% |
|
Turkey |
55.7% |
55.7% |
55.1% |
55.7% |
55.1% |
51.5% |
25.8% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
37.6% |
37.6% |
37.4% |
37.6% |
37.4% |
22.6% |
29.7% |
37.0% |
|
Argentina |
0.0% |
25.0% |
25.0% |
0.0% |
0.0% |
25.0% |
25.0% |
25.0% |
|
Bulgaria |
10.2% |
0.0% |
0.0% |
0.0% |
0.0% |
6.4% |
3.2% |
0.0% |
|
Colombia |
7.0% |
9.0% |
9.0% |
9.0% |
9.0% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
22.9% |
11.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
60.6% |
38.6% |
16.6% |
|
Table B.11. Marginal effective tax rates by asset: 6 months expected holding period (10 years for pensions and property), 100% of average
wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
66.0% |
-79.9% |
25.4% |
n.a. |
21.9% |
97.1% |
75.9% |
97.1% |
|
Austria |
41.1% |
-14.8% |
0.0% |
40.3% |
21.1% |
66.2% |
54.7% |
42.2% |
|
Belgium |
0.0% |
-104.8% |
26.7% |
22.7% |
67.8% |
69.1% |
44.0% |
100.3% |
|
Canada |
44.5% |
0.0% |
32.9% |
0.0% |
41.3% |
77.9% |
77.6% |
77.9% |
|
Chile |
8.5% |
0.0% |
5.3% |
n.a. |
21.2% |
21.2% |
18.2% |
18.2% |
|
Czech Republic |
7.2% |
0.0% |
15.6% |
n.a. |
17.5% |
28.5% |
17.5% |
28.5% |
|
Denmark |
57.8% |
21.1% |
21.1% |
n.a. |
22.3% |
51.5% |
18.5% |
57.5% |
|
Estonia |
30.4% |
-41.7% |
33.3% |
n.a. |
0.0% |
24.0% |
-29.3% |
24.0% |
|
Finland |
43.2% |
0.0% |
32.7% |
0.0% |
15.3% |
53.9% |
35.3% |
53.9% |
|
France |
56.5% |
-17.9% |
34.5% |
0.0% |
32.0% |
59.5% |
81.5% |
107.0% |
|
Germany |
0.0% |
0.0% |
44.6% |
n.a. |
29.3% |
76.3% |
29.3% |
24.1% |
|
Greece |
13.2% |
0.0% |
0.0% |
n.a. |
32.0% |
30.8% |
35.5% |
34.3% |
|
Hungary |
23.6% |
-83.3% |
0.0% |
24.1% |
22.8% |
38.0% |
43.1% |
57.8% |
|
Iceland |
40.6% |
0.0% |
54.7% |
n.a. |
16.2% |
40.3% |
48.3% |
71.9% |
|
Ireland |
49.7% |
30.6% |
45.3% |
n.a. |
8.2% |
60.8% |
55.1% |
61.9% |
|
Israel |
24.7% |
-179.5% |
0.0% |
0.0% |
10.0% |
40.5% |
27.7% |
57.1% |
|
Italy |
31.2% |
-29.4% |
38.6% |
n.a. |
2.8% |
51.8% |
26.1% |
93.8% |
|
Japan |
24.3% |
-16.1% |
11.2% |
0.0% |
21.5% |
37.9% |
13.4% |
42.3% |
|
Korea |
21.4% |
-26.5% |
5.3% |
13.8% |
7.3% |
12.1% |
5.9% |
31.2% |
|
Latvia |
13.3% |
-86.3% |
13.3% |
n.a. |
25.1% |
37.0% |
36.7% |
48.6% |
|
Luxembourg |
56.9% |
-106.6% |
20.9% |
0.0% |
0.3% |
48.1% |
13.6% |
7.8% |
|
Mexico |
21.2% |
-72.4% |
0.0% |
n.a. |
16.7% |
52.3% |
-14.0% |
22.7% |
|
Netherlands |
40.0% |
-14.4% |
0.0% |
n.a. |
13.7% |
53.1% |
-4.0% |
53.1% |
|
New Zealand |
38.3% |
38.3% |
38.3% |
n.a. |
20.0% |
46.0% |
56.1% |
46.0% |
|
Norway |
68.2% |
-7.7% |
68.8% |
416.7% |
20.7% |
72.7% |
46.4% |
96.2% |
|
Poland |
25.4% |
-32.5% |
33.3% |
n.a. |
9.2% |
18.2% |
32.5% |
29.4% |
|
Portugal |
37.9% |
-50.0% |
0.0% |
n.a. |
18.3% |
48.3% |
51.9% |
80.2% |
|
Slovak Republic |
26.6% |
19.8% |
19.8% |
n.a. |
0.4% |
20.6% |
25.0% |
44.5% |
|
Slovenia |
32.4% |
-61.6% |
45.0% |
n.a. |
13.4% |
39.3% |
43.3% |
67.8% |
|
Spain |
24.0% |
0.0% |
27.9% |
24.4% |
52.8% |
63.4% |
59.5% |
74.0% |
|
Sweden |
37.5% |
25.9% |
25.9% |
14.0% |
9.1% |
26.9% |
9.1% |
26.9% |
|
Switzerland |
26.5% |
-76.2% |
19.2% |
n.a. |
23.3% |
27.2% |
30.9% |
34.7% |
|
Turkey |
69.1% |
0.0% |
0.0% |
n.a. |
9.7% |
39.0% |
43.2% |
7.4% |
|
United Kingdom |
32.7% |
-20.8% |
17.0% |
0.0% |
31.6% |
60.3% |
31.6% |
33.1% |
|
United States |
22.6% |
0.0% |
83.3% |
0.0% |
40.4% |
57.5% |
40.4% |
57.5% |
|
Argentina |
25.0% |
0.0% |
0.0% |
n.a. |
28.3% |
57.1% |
-42.9% |
57.1% |
|
Bulgaria |
0.0% |
-37.0% |
0.0% |
n.a. |
13.6% |
27.2% |
22.8% |
36.4% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
21.2% |
20.9% |
26.5% |
26.2% |
|
Lithuania |
0.0% |
-58.8% |
0.0% |
n.a. |
2.7% |
18.7% |
2.7% |
18.7% |
|
South Africa |
43.4% |
-39.0% |
28.1% |
0.0% |
22.9% |
61.9% |
22.9% |
8.9% |
|
Table B.12. Marginal effective tax rates by asset: 6 months expected holding period (10 years for pensions and property), 500% of average
wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
83.0% |
83.0% |
82.7% |
83.0% |
82.7% |
32.2% |
56.9% |
81.9% |
|
Austria |
40.3% |
44.3% |
44.1% |
44.3% |
44.1% |
44.3% |
43.9% |
43.5% |
|
Belgium |
40.8% |
46.9% |
46.7% |
46.9% |
46.7% |
59.0% |
38.5% |
18.0% |
|
Canada |
81.0% |
80.3% |
70.1% |
80.3% |
70.1% |
59.5% |
49.7% |
39.8% |
|
Chile |
50.4% |
50.4% |
37.8% |
50.4% |
37.8% |
-2.2% |
-1.1% |
0.0% |
|
Czech Republic |
21.6% |
21.6% |
16.2% |
21.6% |
16.2% |
21.6% |
21.4% |
21.2% |
|
Denmark |
57.8% |
57.8% |
57.6% |
57.8% |
57.6% |
57.8% |
57.5% |
57.1% |
|
Estonia |
0.0% |
30.9% |
30.8% |
30.9% |
30.8% |
0.0% |
15.1% |
30.4% |
|
Finland |
43.9% |
43.9% |
43.7% |
43.9% |
43.7% |
37.3% |
40.3% |
43.2% |
|
France |
87.4% |
87.4% |
87.3% |
87.4% |
87.3% |
66.1% |
76.5% |
86.9% |
|
Germany |
36.7% |
36.7% |
36.5% |
36.7% |
36.5% |
36.7% |
36.4% |
36.1% |
|
Greece |
13.4% |
13.4% |
13.3% |
0.0% |
0.0% |
142.2% |
143.6% |
145.0% |
|
Hungary |
24.1% |
24.1% |
23.9% |
24.1% |
23.9% |
24.1% |
23.8% |
23.6% |
|
Iceland |
41.7% |
41.7% |
41.4% |
41.7% |
41.4% |
41.7% |
41.2% |
40.6% |
|
Ireland |
50.3% |
58.9% |
54.2% |
58.9% |
44.2% |
125.5% |
115.8% |
106.0% |
|
Israel |
19.3% |
19.3% |
19.2% |
19.3% |
19.2% |
25.1% |
24.9% |
24.7% |
|
Italy |
49.9% |
49.9% |
49.7% |
31.1% |
30.9% |
44.5% |
44.2% |
43.8% |
|
Japan |
24.7% |
24.7% |
24.6% |
24.7% |
24.6% |
24.7% |
24.5% |
24.3% |
|
Korea |
58.1% |
58.1% |
57.9% |
58.1% |
57.9% |
125.1% |
95.5% |
66.0% |
|
Latvia |
13.3% |
13.3% |
14.9% |
13.3% |
14.9% |
13.3% |
16.5% |
19.6% |
|
Luxembourg |
14.8% |
14.8% |
25.6% |
14.8% |
25.6% |
29.6% |
43.9% |
58.4% |
|
Mexico |
65.4% |
65.4% |
65.0% |
65.4% |
65.0% |
21.8% |
21.5% |
21.2% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
45.1% |
45.1% |
44.9% |
45.1% |
44.9% |
6.8% |
3.4% |
0.0% |
|
Norway |
68.8% |
68.8% |
68.6% |
68.8% |
68.6% |
28.3% |
28.3% |
28.3% |
|
Poland |
25.8% |
25.8% |
25.7% |
25.8% |
25.7% |
25.8% |
25.6% |
25.4% |
|
Portugal |
37.9% |
37.9% |
37.8% |
37.9% |
37.8% |
37.9% |
37.6% |
37.3% |
|
Slovak Republic |
27.1% |
27.1% |
27.0% |
27.1% |
27.0% |
0.0% |
13.3% |
26.6% |
|
Slovenia |
32.9% |
32.9% |
32.8% |
32.9% |
32.8% |
32.9% |
32.7% |
32.4% |
|
Spain |
29.5% |
29.5% |
28.1% |
29.5% |
28.1% |
29.5% |
26.8% |
26.5% |
|
Sweden |
35.0% |
35.0% |
34.9% |
35.0% |
34.9% |
35.0% |
34.8% |
34.6% |
|
Switzerland |
46.7% |
56.8% |
48.7% |
56.8% |
48.7% |
56.8% |
40.7% |
24.6% |
|
Turkey |
55.7% |
55.7% |
55.1% |
55.7% |
55.1% |
66.4% |
33.2% |
0.0% |
|
United Kingdom |
73.5% |
73.5% |
63.2% |
73.5% |
63.2% |
107.1% |
86.2% |
65.2% |
|
United States |
55.3% |
55.3% |
55.1% |
55.3% |
55.1% |
28.3% |
35.4% |
42.6% |
|
Argentina |
0.0% |
41.7% |
41.7% |
0.0% |
0.0% |
41.7% |
41.7% |
41.7% |
|
Bulgaria |
10.2% |
0.0% |
0.0% |
0.0% |
0.0% |
6.4% |
3.2% |
0.0% |
|
Colombia |
7.0% |
9.0% |
9.0% |
9.0% |
9.0% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
22.9% |
22.9% |
22.7% |
22.9% |
22.7% |
22.9% |
22.6% |
22.4% |
|
South Africa |
118.5% |
118.5% |
88.9% |
118.5% |
88.9% |
60.6% |
38.6% |
16.6% |
|
Table B.12. Marginal effective tax rates by asset: 6 months expected holding period (10 years for pensions and property), 500% of average
wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
83.0% |
-52.8% |
25.4% |
n.a. |
21.9% |
110.1% |
89.8% |
110.1% |
|
Austria |
41.1% |
-14.8% |
0.0% |
40.3% |
21.1% |
72.7% |
54.7% |
37.0% |
|
Belgium |
0.0% |
-104.8% |
26.7% |
22.7% |
67.8% |
69.2% |
98.6% |
100.4% |
|
Canada |
80.3% |
0.0% |
63.8% |
0.0% |
43.2% |
109.7% |
108.4% |
109.7% |
|
Chile |
49.1% |
0.0% |
32.3% |
n.a. |
24.8% |
24.8% |
45.9% |
46.2% |
|
Czech Republic |
7.2% |
0.0% |
15.6% |
n.a. |
17.5% |
28.5% |
17.5% |
28.5% |
|
Denmark |
57.8% |
21.1% |
21.1% |
n.a. |
22.3% |
61.3% |
25.3% |
66.6% |
|
Estonia |
30.4% |
-41.7% |
33.3% |
n.a. |
3.8% |
27.8% |
3.8% |
27.8% |
|
Finland |
43.2% |
0.0% |
32.7% |
0.0% |
23.4% |
62.8% |
38.4% |
62.8% |
|
France |
86.9% |
-31.9% |
45.2% |
87.4% |
43.0% |
80.8% |
116.6% |
149.5% |
|
Germany |
36.7% |
0.0% |
48.4% |
n.a. |
29.3% |
79.8% |
62.3% |
57.1% |
|
Greece |
13.2% |
0.0% |
0.0% |
n.a. |
43.4% |
42.0% |
46.7% |
45.4% |
|
Hungary |
23.6% |
-83.3% |
0.0% |
24.1% |
22.8% |
38.0% |
43.1% |
57.8% |
|
Iceland |
40.6% |
0.0% |
67.8% |
n.a. |
16.2% |
40.3% |
48.3% |
71.9% |
|
Ireland |
49.7% |
44.4% |
48.1% |
n.a. |
8.2% |
63.4% |
55.1% |
64.6% |
|
Israel |
24.7% |
-179.5% |
0.0% |
0.0% |
30.2% |
40.5% |
47.0% |
57.1% |
|
Italy |
31.2% |
-138.4% |
38.6% |
n.a. |
2.8% |
51.8% |
26.1% |
93.8% |
|
Japan |
24.3% |
-86.0% |
37.4% |
0.0% |
21.5% |
75.1% |
13.4% |
39.2% |
|
Korea |
58.1% |
-26.5% |
5.3% |
13.8% |
12.2% |
57.7% |
62.6% |
86.9% |
|
Latvia |
13.3% |
-86.3% |
13.3% |
n.a. |
29.1% |
40.7% |
40.6% |
52.1% |
|
Luxembourg |
58.4% |
-111.1% |
21.5% |
0.0% |
0.3% |
49.3% |
13.6% |
7.6% |
|
Mexico |
21.2% |
-41.1% |
29.8% |
n.a. |
20.5% |
75.4% |
20.5% |
75.4% |
|
Netherlands |
40.0% |
0.0% |
0.0% |
n.a. |
13.7% |
53.1% |
-10.9% |
53.1% |
|
New Zealand |
38.3% |
38.3% |
38.3% |
n.a. |
20.0% |
48.6% |
59.7% |
48.6% |
|
Norway |
68.2% |
-20.1% |
68.8% |
416.7% |
20.7% |
72.7% |
46.4% |
96.2% |
|
Poland |
25.4% |
-107.8% |
33.3% |
n.a. |
9.2% |
18.2% |
32.5% |
26.3% |
|
Portugal |
37.9% |
-50.0% |
0.0% |
n.a. |
37.7% |
69.6% |
69.7% |
100.0% |
|
Slovak Republic |
26.6% |
19.8% |
19.8% |
n.a. |
0.4% |
27.0% |
25.0% |
50.5% |
|
Slovenia |
32.4% |
-166.7% |
83.3% |
n.a. |
13.4% |
39.3% |
43.3% |
67.8% |
|
Spain |
26.5% |
0.0% |
44.6% |
27.0% |
53.2% |
69.7% |
62.1% |
75.8% |
|
Sweden |
37.5% |
59.8% |
59.8% |
14.0% |
9.1% |
26.9% |
9.1% |
26.9% |
|
Switzerland |
46.7% |
-179.9% |
32.1% |
n.a. |
41.5% |
47.6% |
56.3% |
62.2% |
|
Turkey |
69.1% |
0.0% |
0.0% |
n.a. |
9.7% |
47.4% |
43.2% |
-5.6% |
|
United Kingdom |
73.5% |
-68.2% |
40.3% |
73.5% |
31.6% |
91.6% |
91.1% |
91.6% |
|
United States |
28.3% |
0.0% |
110.0% |
0.0% |
34.3% |
50.2% |
34.3% |
50.2% |
|
Argentina |
41.7% |
0.0% |
0.0% |
n.a. |
45.0% |
82.3% |
45.0% |
82.3% |
|
Bulgaria |
0.0% |
-37.0% |
0.0% |
n.a. |
13.6% |
27.2% |
22.8% |
36.4% |
|
Colombia |
0.0% |
-129.6% |
0.0% |
-2592.6% |
23.4% |
53.1% |
-23.8% |
8.5% |
|
Lithuania |
22.4% |
-58.8% |
0.0% |
n.a. |
16.0% |
32.0% |
35.6% |
51.2% |
|
South Africa |
43.4% |
-9.4% |
68.4% |
0.0% |
53.3% |
103.4% |
125.7% |
103.4% |
|
Table B.13. Marginal effective tax rates by asset: 10 years expected holding period (30 years for pensions and property), 67% of average
wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
58.4% |
58.4% |
54.7% |
58.4% |
54.7% |
7.6% |
13.8% |
20.2% |
|
Austria |
40.3% |
44.3% |
41.4% |
44.3% |
41.4% |
44.3% |
38.3% |
31.9% |
|
Belgium |
40.8% |
41.2% |
38.6% |
41.2% |
38.6% |
42.0% |
21.4% |
0.9% |
|
Canada |
30.3% |
30.1% |
25.3% |
30.1% |
25.3% |
0.0% |
5.3% |
10.7% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-52.6% |
-26.3% |
0.0% |
|
Czech Republic |
21.6% |
21.6% |
16.2% |
21.6% |
16.2% |
21.6% |
10.8% |
0.0% |
|
Denmark |
50.9% |
50.9% |
48.2% |
50.9% |
48.2% |
57.8% |
51.9% |
45.3% |
|
Estonia |
0.0% |
30.9% |
28.8% |
30.9% |
28.8% |
0.0% |
10.8% |
22.1% |
|
Finland |
43.9% |
43.9% |
41.3% |
43.9% |
41.3% |
37.3% |
35.1% |
32.7% |
|
France |
37.4% |
37.4% |
35.4% |
37.4% |
35.4% |
30.1% |
24.8% |
19.2% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
13.4% |
13.4% |
12.7% |
0.0% |
0.0% |
15.6% |
15.9% |
16.2% |
|
Hungary |
24.1% |
24.1% |
18.0% |
24.1% |
18.0% |
16.0% |
13.6% |
11.1% |
|
Iceland |
0.0% |
0.0% |
6.5% |
0.0% |
6.5% |
41.7% |
34.5% |
27.0% |
|
Ireland |
50.3% |
31.3% |
31.4% |
31.3% |
23.5% |
35.5% |
35.3% |
35.0% |
|
Israel |
19.3% |
19.3% |
18.1% |
19.3% |
18.1% |
26.3% |
23.3% |
20.2% |
|
Italy |
37.3% |
37.3% |
35.0% |
18.4% |
17.2% |
36.9% |
32.4% |
27.6% |
|
Japan |
24.7% |
24.7% |
23.2% |
24.7% |
23.2% |
13.1% |
15.9% |
18.8% |
|
Korea |
21.4% |
21.4% |
19.9% |
21.4% |
19.9% |
26.0% |
14.7% |
3.3% |
|
Latvia |
13.3% |
13.3% |
13.6% |
13.3% |
13.6% |
13.3% |
14.0% |
14.7% |
|
Luxembourg |
14.8% |
14.8% |
11.1% |
14.8% |
11.1% |
25.2% |
12.6% |
0.0% |
|
Mexico |
1.1% |
1.1% |
1.0% |
1.1% |
1.0% |
-20.0% |
-3.4% |
13.5% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
23.9% |
23.9% |
22.4% |
23.9% |
22.4% |
-14.4% |
-7.2% |
0.0% |
|
Norway |
68.8% |
68.8% |
66.5% |
68.8% |
66.5% |
28.3% |
28.3% |
28.3% |
|
Poland |
25.8% |
25.8% |
24.2% |
25.8% |
24.2% |
25.8% |
22.5% |
19.1% |
|
Portugal |
37.9% |
37.9% |
35.7% |
37.9% |
35.7% |
37.9% |
33.5% |
28.7% |
|
Slovak Republic |
27.1% |
27.1% |
25.3% |
27.1% |
25.3% |
0.0% |
9.7% |
19.8% |
|
Slovenia |
32.9% |
32.9% |
31.0% |
32.9% |
31.0% |
32.9% |
21.4% |
9.6% |
|
Spain |
27.0% |
27.0% |
24.9% |
27.0% |
24.9% |
27.0% |
22.7% |
20.4% |
|
Sweden |
35.0% |
35.0% |
33.2% |
35.0% |
33.2% |
35.0% |
31.4% |
27.6% |
|
Switzerland |
13.9% |
14.5% |
11.0% |
14.5% |
11.0% |
14.5% |
7.5% |
0.5% |
|
Turkey |
55.7% |
55.7% |
48.9% |
55.7% |
48.9% |
38.5% |
19.3% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
22.6% |
22.6% |
21.0% |
22.6% |
21.0% |
0.0% |
0.0% |
0.0% |
|
Argentina |
0.0% |
25.0% |
25.0% |
0.0% |
0.0% |
25.0% |
25.0% |
25.0% |
|
Bulgaria |
10.2% |
0.0% |
0.0% |
0.0% |
0.0% |
6.4% |
3.2% |
0.0% |
|
Colombia |
7.0% |
9.0% |
8.1% |
9.0% |
8.1% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
22.9% |
11.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
44.8% |
28.6% |
12.2% |
|
Table B.13. Marginal effective tax rates by asset: 10 years expected holding period (30 years for pensions and property), 67% of average
wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
58.4% |
-1.5% |
25.4% |
n.a. |
12.3% |
79.0% |
53.7% |
79.0% |
|
Austria |
37.4% |
-4.9% |
0.0% |
21.3% |
13.6% |
50.1% |
42.8% |
37.6% |
|
Belgium |
0.0% |
-34.9% |
8.9% |
0.0% |
43.2% |
44.4% |
19.6% |
71.4% |
|
Canada |
30.1% |
0.0% |
13.5% |
0.0% |
38.0% |
61.7% |
58.0% |
61.7% |
|
Chile |
0.0% |
0.0% |
0.0% |
n.a. |
0.0% |
0.0% |
0.0% |
0.0% |
|
Czech Republic |
7.2% |
0.0% |
9.8% |
n.a. |
8.9% |
19.9% |
8.9% |
19.9% |
|
Denmark |
57.8% |
21.1% |
21.1% |
n.a. |
20.9% |
46.1% |
15.5% |
51.2% |
|
Estonia |
22.1% |
-13.9% |
11.1% |
n.a. |
0.0% |
21.4% |
-27.8% |
21.4% |
|
Finland |
32.7% |
0.0% |
20.6% |
0.0% |
11.0% |
46.6% |
27.9% |
46.6% |
|
France |
28.7% |
-1.5% |
12.9% |
0.0% |
19.8% |
34.7% |
49.5% |
63.1% |
|
Germany |
0.0% |
0.0% |
22.9% |
n.a. |
17.5% |
55.5% |
17.5% |
15.8% |
|
Greece |
10.8% |
0.0% |
0.0% |
n.a. |
25.6% |
24.8% |
29.0% |
28.4% |
|
Hungary |
11.1% |
-27.8% |
0.0% |
0.0% |
11.8% |
27.3% |
29.8% |
44.4% |
|
Iceland |
27.0% |
0.0% |
30.7% |
n.a. |
15.3% |
33.8% |
40.8% |
58.5% |
|
Ireland |
40.3% |
7.6% |
16.0% |
n.a. |
6.0% |
36.0% |
50.1% |
58.7% |
|
Israel |
20.2% |
-59.8% |
0.0% |
0.0% |
10.0% |
24.5% |
26.2% |
39.9% |
|
Italy |
23.5% |
7.1% |
34.2% |
n.a. |
1.4% |
45.7% |
12.2% |
72.7% |
|
Japan |
18.8% |
-3.3% |
4.7% |
0.0% |
20.3% |
31.0% |
12.4% |
41.0% |
|
Korea |
21.4% |
-13.1% |
3.3% |
0.0% |
5.1% |
8.1% |
3.8% |
25.3% |
|
Latvia |
13.3% |
-19.9% |
13.3% |
n.a. |
16.7% |
28.0% |
27.3% |
38.4% |
|
Luxembourg |
0.0% |
-28.6% |
11.3% |
0.0% |
0.3% |
40.1% |
12.3% |
9.4% |
|
Mexico |
13.5% |
-13.5% |
0.0% |
n.a. |
9.1% |
32.6% |
-5.8% |
18.4% |
|
Netherlands |
40.0% |
-41.1% |
0.0% |
n.a. |
9.4% |
48.7% |
-8.3% |
48.7% |
|
New Zealand |
23.9% |
23.9% |
23.9% |
n.a. |
20.0% |
35.2% |
38.4% |
35.2% |
|
Norway |
59.3% |
-2.6% |
68.8% |
20.8% |
15.3% |
63.8% |
39.2% |
83.2% |
|
Poland |
19.1% |
-10.8% |
11.1% |
n.a. |
4.8% |
13.9% |
26.4% |
25.0% |
|
Portugal |
37.9% |
-16.7% |
0.0% |
n.a. |
10.0% |
39.3% |
40.9% |
67.1% |
|
Slovak Republic |
19.8% |
12.5% |
12.5% |
n.a. |
0.4% |
20.6% |
22.9% |
41.7% |
|
Slovenia |
9.6% |
-10.6% |
8.9% |
n.a. |
6.8% |
33.1% |
34.5% |
58.1% |
|
Spain |
20.4% |
0.0% |
14.7% |
0.0% |
31.1% |
40.1% |
37.4% |
52.0% |
|
Sweden |
30.8% |
16.1% |
16.1% |
14.0% |
4.9% |
23.1% |
4.9% |
23.1% |
|
Switzerland |
13.9% |
-15.1% |
13.9% |
n.a. |
11.6% |
15.3% |
11.6% |
15.3% |
|
Turkey |
18.0% |
0.0% |
0.0% |
n.a. |
6.4% |
28.3% |
30.0% |
18.3% |
|
United Kingdom |
32.7% |
-6.9% |
10.3% |
0.0% |
27.3% |
53.3% |
27.3% |
30.6% |
|
United States |
0.0% |
0.0% |
16.7% |
0.0% |
44.8% |
60.7% |
44.8% |
60.7% |
|
Argentina |
25.0% |
0.0% |
0.0% |
n.a. |
28.3% |
52.9% |
-12.2% |
52.9% |
|
Bulgaria |
0.0% |
-12.3% |
0.0% |
n.a. |
8.2% |
21.8% |
16.8% |
30.2% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
15.6% |
15.5% |
19.7% |
19.7% |
|
Lithuania |
0.0% |
-19.6% |
0.0% |
n.a. |
2.7% |
18.7% |
2.7% |
18.7% |
|
South Africa |
43.4% |
-8.1% |
9.9% |
0.0% |
22.9% |
46.3% |
22.9% |
20.3% |
|
Table B.14. Marginal effective tax rates by asset: 10 years expected holding period (30 years for pensions and property), 100% of average
wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
66.0% |
66.0% |
62.0% |
66.0% |
62.0% |
15.2% |
19.0% |
22.9% |
|
Austria |
40.3% |
44.3% |
41.4% |
44.3% |
41.4% |
44.3% |
38.3% |
31.9% |
|
Belgium |
40.8% |
41.2% |
38.6% |
41.2% |
38.6% |
42.0% |
21.4% |
0.9% |
|
Canada |
44.9% |
44.5% |
37.5% |
44.5% |
37.5% |
9.7% |
12.8% |
16.0% |
|
Chile |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
-63.0% |
-21.9% |
0.0% |
|
Czech Republic |
21.6% |
21.6% |
16.2% |
21.6% |
16.2% |
21.6% |
10.8% |
0.0% |
|
Denmark |
50.9% |
50.9% |
48.2% |
50.9% |
48.2% |
57.8% |
51.9% |
45.3% |
|
Estonia |
0.0% |
30.9% |
28.8% |
30.9% |
28.8% |
0.0% |
10.8% |
22.1% |
|
Finland |
43.9% |
43.9% |
41.3% |
43.9% |
41.3% |
37.3% |
35.1% |
37.5% |
|
France |
57.2% |
57.2% |
54.5% |
57.2% |
54.5% |
41.6% |
33.1% |
24.1% |
|
Germany |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
Greece |
13.4% |
13.4% |
12.7% |
0.0% |
0.0% |
15.6% |
15.9% |
16.2% |
|
Hungary |
24.1% |
24.1% |
18.0% |
24.1% |
18.0% |
16.0% |
13.6% |
11.1% |
|
Iceland |
41.7% |
41.7% |
38.1% |
41.7% |
38.1% |
41.7% |
34.5% |
27.0% |
|
Ireland |
50.3% |
55.8% |
50.2% |
55.8% |
41.9% |
59.8% |
47.9% |
35.0% |
|
Israel |
19.3% |
19.3% |
18.1% |
19.3% |
18.1% |
26.3% |
23.3% |
20.2% |
|
Italy |
37.3% |
37.3% |
35.0% |
18.4% |
17.2% |
36.9% |
32.4% |
27.6% |
|
Japan |
24.7% |
24.7% |
23.2% |
24.7% |
23.2% |
20.0% |
19.4% |
18.8% |
|
Korea |
21.4% |
21.4% |
19.9% |
21.4% |
19.9% |
26.0% |
14.7% |
3.3% |
|
Latvia |
13.3% |
13.3% |
13.6% |
13.3% |
13.6% |
13.3% |
14.0% |
14.7% |
|
Luxembourg |
14.8% |
14.8% |
11.1% |
14.8% |
11.1% |
28.9% |
14.4% |
0.0% |
|
Mexico |
1.1% |
1.1% |
1.0% |
1.1% |
1.0% |
-4.7% |
4.3% |
13.5% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
41.0% |
41.0% |
38.7% |
41.0% |
38.7% |
2.7% |
1.4% |
0.0% |
|
Norway |
68.8% |
68.8% |
66.5% |
68.8% |
66.5% |
28.3% |
28.3% |
28.3% |
|
Poland |
25.8% |
25.8% |
24.2% |
25.8% |
24.2% |
25.8% |
22.5% |
19.1% |
|
Portugal |
37.9% |
37.9% |
35.7% |
37.9% |
35.7% |
37.9% |
33.5% |
28.7% |
|
Slovak Republic |
27.1% |
27.1% |
25.3% |
27.1% |
25.3% |
0.0% |
9.7% |
19.8% |
|
Slovenia |
32.9% |
32.9% |
31.0% |
32.9% |
31.0% |
32.9% |
21.4% |
9.6% |
|
Spain |
27.0% |
27.0% |
25.4% |
27.0% |
25.4% |
27.0% |
23.7% |
20.4% |
|
Sweden |
35.0% |
35.0% |
33.2% |
35.0% |
33.2% |
35.0% |
31.4% |
27.6% |
|
Switzerland |
26.5% |
27.0% |
22.2% |
27.0% |
22.2% |
27.0% |
17.4% |
7.8% |
|
Turkey |
55.7% |
55.7% |
48.9% |
55.7% |
48.9% |
51.5% |
25.8% |
0.0% |
|
United Kingdom |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
United States |
37.6% |
37.6% |
35.2% |
37.6% |
35.2% |
22.6% |
19.4% |
16.1% |
|
Argentina |
0.0% |
25.0% |
25.0% |
0.0% |
0.0% |
25.0% |
25.0% |
25.0% |
|
Bulgaria |
10.2% |
0.0% |
0.0% |
0.0% |
0.0% |
6.4% |
3.2% |
0.0% |
|
Colombia |
7.0% |
9.0% |
8.1% |
9.0% |
8.1% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
22.9% |
11.4% |
0.0% |
|
South Africa |
0.0% |
0.0% |
4.1% |
0.0% |
4.1% |
44.8% |
31.3% |
17.4% |
|
Table B.14. Marginal effective tax rates by asset: 10 years expected holding period (30 years for pensions and property), 100% of average
wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
66.0% |
-9.7% |
25.4% |
n.a. |
12.3% |
84.5% |
59.1% |
84.5% |
|
Austria |
37.4% |
-4.9% |
0.0% |
21.3% |
13.6% |
56.1% |
42.8% |
34.5% |
|
Belgium |
0.0% |
-34.9% |
8.9% |
22.7% |
43.2% |
44.4% |
19.6% |
71.4% |
|
Canada |
44.5% |
0.0% |
20.5% |
0.0% |
38.0% |
73.1% |
67.6% |
73.1% |
|
Chile |
5.3% |
0.0% |
3.0% |
n.a. |
21.2% |
21.2% |
18.9% |
18.8% |
|
Czech Republic |
7.2% |
0.0% |
9.8% |
n.a. |
8.9% |
19.9% |
8.9% |
19.9% |
|
Denmark |
57.8% |
21.1% |
21.1% |
n.a. |
20.9% |
47.4% |
15.5% |
51.6% |
|
Estonia |
22.1% |
-13.9% |
11.1% |
n.a. |
0.0% |
21.4% |
-27.8% |
21.4% |
|
Finland |
37.5% |
0.0% |
20.6% |
0.0% |
11.0% |
47.4% |
27.9% |
47.4% |
|
France |
45.6% |
-6.0% |
22.6% |
0.0% |
19.8% |
42.3% |
65.1% |
83.9% |
|
Germany |
0.0% |
0.0% |
28.7% |
n.a. |
17.5% |
64.0% |
17.5% |
15.3% |
|
Greece |
10.8% |
0.0% |
0.0% |
n.a. |
25.6% |
24.8% |
29.0% |
28.4% |
|
Hungary |
11.1% |
-27.8% |
0.0% |
0.0% |
11.8% |
27.3% |
29.8% |
44.4% |
|
Iceland |
27.0% |
0.0% |
30.7% |
n.a. |
15.3% |
33.8% |
40.8% |
58.5% |
|
Ireland |
40.3% |
10.2% |
30.5% |
n.a. |
6.0% |
57.4% |
50.1% |
58.5% |
|
Israel |
20.2% |
-59.8% |
0.0% |
0.0% |
10.0% |
24.5% |
26.2% |
39.9% |
|
Italy |
23.5% |
7.1% |
34.2% |
n.a. |
1.4% |
45.7% |
12.2% |
72.7% |
|
Japan |
18.8% |
-5.4% |
7.3% |
0.0% |
20.3% |
37.1% |
12.4% |
41.1% |
|
Korea |
21.4% |
-8.8% |
3.3% |
13.8% |
5.1% |
8.1% |
3.8% |
25.3% |
|
Latvia |
13.3% |
-19.9% |
13.3% |
n.a. |
20.7% |
31.7% |
31.1% |
41.9% |
|
Luxembourg |
0.0% |
-35.5% |
13.0% |
0.0% |
0.3% |
46.1% |
12.3% |
8.7% |
|
Mexico |
13.5% |
-24.1% |
0.0% |
n.a. |
9.2% |
41.1% |
-17.2% |
17.0% |
|
Netherlands |
40.0% |
-4.8% |
0.0% |
n.a. |
9.4% |
48.7% |
-8.3% |
48.7% |
|
New Zealand |
38.3% |
38.3% |
38.3% |
n.a. |
20.0% |
46.0% |
51.6% |
46.0% |
|
Norway |
59.3% |
-1.9% |
68.8% |
20.8% |
15.3% |
63.8% |
39.2% |
83.2% |
|
Poland |
19.1% |
-10.8% |
11.1% |
n.a. |
4.8% |
13.9% |
26.4% |
25.0% |
|
Portugal |
37.9% |
-16.7% |
0.0% |
n.a. |
13.9% |
42.9% |
44.3% |
70.1% |
|
Slovak Republic |
19.8% |
12.5% |
12.5% |
n.a. |
0.4% |
20.6% |
22.9% |
41.7% |
|
Slovenia |
9.6% |
-20.5% |
15.0% |
n.a. |
6.8% |
33.1% |
34.5% |
58.1% |
|
Spain |
20.4% |
0.0% |
18.2% |
0.0% |
31.1% |
42.1% |
37.4% |
51.9% |
|
Sweden |
30.8% |
18.4% |
18.4% |
14.0% |
4.9% |
23.1% |
4.9% |
23.1% |
|
Switzerland |
26.5% |
-25.4% |
19.2% |
n.a. |
23.3% |
28.2% |
31.1% |
35.9% |
|
Turkey |
18.0% |
0.0% |
0.0% |
n.a. |
6.4% |
35.7% |
30.0% |
12.9% |
|
United Kingdom |
32.7% |
-6.9% |
10.3% |
0.0% |
27.3% |
53.3% |
27.3% |
30.6% |
|
United States |
22.6% |
0.0% |
27.8% |
0.0% |
39.6% |
58.5% |
39.6% |
58.5% |
|
Argentina |
25.0% |
0.0% |
0.0% |
n.a. |
28.3% |
57.1% |
-21.1% |
57.1% |
|
Bulgaria |
0.0% |
-12.3% |
0.0% |
n.a. |
8.2% |
21.8% |
16.8% |
30.2% |
|
Colombia |
0.0% |
0.0% |
0.0% |
0.0% |
15.6% |
15.5% |
19.7% |
19.7% |
|
Lithuania |
0.0% |
-19.6% |
0.0% |
n.a. |
2.7% |
18.7% |
2.7% |
18.7% |
|
South Africa |
43.4% |
-4.0% |
19.7% |
0.0% |
22.9% |
56.8% |
22.9% |
18.8% |
|
Table B.15. Marginal effective tax rates by asset: 10 years expected holding period (30 years for pensions and property), 500% of average
wage, 2016
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Bank deposits |
Corporate bonds |
Government bonds |
Shares |
||||
|
Issued at par |
Issued at discount |
Issued at par |
Issued at discount |
100% distribution |
50% distribution |
0% distribution |
||
|
Australia |
83.0% |
83.0% |
78.5% |
83.0% |
78.5% |
32.2% |
30.7% |
29.2% |
|
Austria |
40.3% |
44.3% |
41.4% |
44.3% |
41.4% |
44.3% |
38.3% |
31.9% |
|
Belgium |
40.8% |
41.2% |
38.6% |
41.2% |
38.6% |
42.0% |
21.4% |
0.9% |
|
Canada |
81.0% |
80.3% |
68.2% |
80.3% |
68.2% |
59.5% |
45.1% |
29.7% |
|
Chile |
50.4% |
50.4% |
46.4% |
50.4% |
37.8% |
-23.0% |
-2.8% |
19.3% |
|
Czech Republic |
21.6% |
21.6% |
16.2% |
21.6% |
16.2% |
21.6% |
10.8% |
0.0% |
|
Denmark |
57.8% |
57.8% |
54.9% |
57.8% |
54.9% |
57.8% |
51.9% |
45.3% |
|
Estonia |
0.0% |
30.9% |
28.8% |
30.9% |
28.8% |
0.0% |
10.8% |
22.1% |
|
Finland |
43.9% |
43.9% |
42.4% |
43.9% |
42.4% |
37.3% |
37.4% |
37.5% |
|
France |
87.4% |
87.4% |
85.3% |
87.4% |
85.3% |
66.1% |
56.1% |
45.5% |
|
Germany |
36.7% |
36.7% |
34.5% |
36.7% |
34.5% |
36.7% |
32.2% |
27.5% |
|
Greece |
13.4% |
13.4% |
12.7% |
0.0% |
0.0% |
15.6% |
15.9% |
16.2% |
|
Hungary |
24.1% |
24.1% |
18.0% |
24.1% |
18.0% |
16.0% |
13.6% |
11.1% |
|
Iceland |
41.7% |
41.7% |
38.1% |
41.7% |
38.1% |
41.7% |
34.5% |
27.0% |
|
Ireland |
50.3% |
58.9% |
52.5% |
58.9% |
44.2% |
62.8% |
49.5% |
35.0% |
|
Israel |
19.3% |
19.3% |
18.1% |
19.3% |
18.1% |
26.3% |
23.3% |
20.2% |
|
Italy |
37.3% |
37.3% |
35.0% |
18.4% |
17.2% |
36.9% |
32.4% |
27.6% |
|
Japan |
24.7% |
24.7% |
23.2% |
24.7% |
23.2% |
24.7% |
21.8% |
18.8% |
|
Korea |
58.1% |
58.1% |
54.8% |
58.1% |
54.8% |
62.4% |
32.8% |
3.3% |
|
Latvia |
13.3% |
13.3% |
13.6% |
13.3% |
13.6% |
13.3% |
14.0% |
14.7% |
|
Luxembourg |
14.8% |
14.8% |
11.1% |
14.8% |
11.1% |
29.6% |
14.8% |
0.0% |
|
Mexico |
65.4% |
65.4% |
60.9% |
65.4% |
60.9% |
21.8% |
17.7% |
13.5% |
|
Netherlands |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
40.0% |
|
New Zealand |
45.1% |
45.1% |
42.6% |
45.1% |
42.6% |
6.8% |
3.4% |
0.0% |
|
Norway |
68.8% |
68.8% |
66.5% |
68.8% |
66.5% |
28.3% |
28.3% |
28.3% |
|
Poland |
25.8% |
25.8% |
24.2% |
25.8% |
24.2% |
25.8% |
22.5% |
19.1% |
|
Portugal |
37.9% |
37.9% |
35.7% |
37.9% |
35.7% |
37.9% |
33.5% |
28.7% |
|
Slovak Republic |
27.1% |
27.1% |
25.3% |
27.1% |
25.3% |
0.0% |
9.7% |
19.8% |
|
Slovenia |
32.9% |
32.9% |
31.0% |
32.9% |
31.0% |
32.9% |
21.4% |
9.6% |
|
Spain |
29.5% |
29.5% |
27.3% |
29.5% |
27.3% |
29.5% |
26.1% |
22.4% |
|
Sweden |
35.0% |
35.0% |
33.2% |
35.0% |
33.2% |
35.0% |
31.4% |
27.6% |
|
Switzerland |
46.7% |
47.3% |
39.2% |
47.3% |
39.2% |
47.3% |
31.2% |
15.1% |
|
Turkey |
55.7% |
55.7% |
48.9% |
55.7% |
48.9% |
66.4% |
33.2% |
0.0% |
|
United Kingdom |
73.5% |
73.5% |
61.4% |
73.5% |
61.4% |
75.6% |
50.8% |
24.6% |
|
United States |
55.3% |
55.3% |
52.2% |
55.3% |
52.2% |
28.3% |
24.4% |
20.3% |
|
Argentina |
0.0% |
41.7% |
41.7% |
0.0% |
0.0% |
41.7% |
41.7% |
41.7% |
|
Bulgaria |
10.2% |
0.0% |
0.0% |
0.0% |
0.0% |
6.4% |
3.2% |
0.0% |
|
Colombia |
7.0% |
9.0% |
8.1% |
9.0% |
8.1% |
0.0% |
0.0% |
0.0% |
|
Lithuania |
22.9% |
22.9% |
21.2% |
22.9% |
21.2% |
22.9% |
19.6% |
16.2% |
|
South Africa |
118.5% |
118.5% |
96.4% |
118.5% |
96.4% |
44.8% |
36.3% |
27.3% |
|
Table B.15. Marginal effective tax rates by asset: 10 years expected holding period (30 years for pensions and property), 500% of average
wage, 2016 (cont.)
|
||||||||
|---|---|---|---|---|---|---|---|---|
|
Standard assumptions: 3% real return, country actual inflation
|
||||||||
|
Country |
Investment funds |
Pension funds |
Tax-favoured savings accounts |
Residential property |
||||
|
Deductible contributions |
Non-deductible contributions |
Equity-financed |
Debt-financed |
|||||
|
Owner-occupied |
Rented |
Owner-occupied |
Rented |
|||||
|
Australia |
83.0% |
-0.7% |
25.4% |
n.a. |
12.3% |
97.0% |
71.1% |
97.0% |
|
Austria |
37.4% |
-4.9% |
0.0% |
21.3% |
13.6% |
63.0% |
42.8% |
30.9% |
|
Belgium |
0.0% |
-34.9% |
8.9% |
22.7% |
43.2% |
44.5% |
69.3% |
71.4% |
|
Canada |
80.3% |
0.0% |
40.4% |
0.0% |
38.9% |
103.1% |
92.0% |
103.1% |
|
Chile |
32.3% |
0.0% |
17.9% |
n.a. |
24.8% |
24.8% |
41.4% |
42.0% |
|
Czech Republic |
7.2% |
0.0% |
9.8% |
n.a. |
8.9% |
19.9% |
8.9% |
19.9% |
|
Denmark |
57.8% |
21.1% |
21.1% |
n.a. |
20.9% |
56.2% |
22.3% |
59.7% |
|
Estonia |
22.1% |
-13.9% |
11.1% |
n.a. |
3.8% |
25.3% |
3.8% |
25.3% |
|
Finland |
37.5% |
0.0% |
20.6% |
0.0% |
14.8% |
50.8% |
28.9% |
50.8% |
|
France |
77.8% |
-10.6% |
29.8% |
87.4% |
30.8% |
63.3% |
96.2% |
119.3% |
|
Germany |
36.7% |
0.0% |
31.3% |
n.a. |
17.5% |
67.5% |
48.4% |
46.3% |
|
Greece |
10.8% |
0.0% |
0.0% |
n.a. |
36.9% |
36.1% |
40.2% |
39.4% |
|
Hungary |
11.1% |
-27.8% |
0.0% |
0.0% |
11.8% |
27.3% |
29.8% |
44.4% |
|
Iceland |
27.0% |
0.0% |
38.0% |
n.a. |
15.3% |
33.8% |
40.8% |
58.5% |
|
Ireland |
40.3% |
14.8% |
32.5% |
n.a. |
6.0% |
60.1% |
50.1% |
61.2% |
|
Israel |
20.2% |
-59.8% |
0.0% |
0.0% |
19.6% |
24.5% |
35.0% |
39.9% |
|
Italy |
23.5% |
-29.2% |
34.2% |
n.a. |
1.4% |
45.7% |
12.2% |
72.7% |
|
Japan |
18.8% |
-28.7% |
24.9% |
0.0% |
20.3% |
74.4% |
12.4% |
42.0% |
|
Korea |
58.1% |
-8.8% |
3.3% |
13.8% |
10.0% |
53.8% |
54.3% |
78.0% |
|
Latvia |
13.3% |
-19.9% |
13.3% |
n.a. |
24.7% |
35.3% |
34.9% |
45.4% |
|
Luxembourg |
0.0% |
-37.0% |
13.4% |
0.0% |
0.3% |
47.3% |
12.3% |
8.6% |
|
Mexico |
13.5% |
-13.7% |
16.6% |
n.a. |
11.3% |
57.1% |
11.3% |
57.1% |
|
Netherlands |
40.0% |
0.0% |
0.0% |
n.a. |
9.4% |
48.7% |
-15.8% |
48.7% |
|
New Zealand |
38.3% |
38.3% |
38.3% |
n.a. |
20.0% |
48.6% |
54.8% |
48.6% |
|
Norway |
59.3% |
0.0% |
68.8% |
20.8% |
15.3% |
63.8% |
39.2% |
83.2% |
|
Poland |
19.1% |
-35.9% |
11.1% |
n.a. |
4.8% |
13.9% |
26.4% |
22.9% |
|
Portugal |
37.9% |
-16.7% |
0.0% |
n.a. |
23.2% |
53.1% |
52.1% |
79.0% |
|
Slovak Republic |
19.8% |
12.5% |
12.5% |
n.a. |
0.4% |
27.0% |
22.9% |
47.4% |
|
Slovenia |
9.6% |
-55.6% |
27.8% |
n.a. |
6.8% |
33.1% |
34.5% |
58.1% |
|
Spain |
22.4% |
0.0% |
29.6% |
0.0% |
31.3% |
48.3% |
39.8% |
54.0% |
|
Sweden |
30.8% |
43.0% |
43.0% |
14.0% |
4.9% |
23.1% |
4.9% |
23.1% |
|
Switzerland |
46.7% |
-60.0% |
32.1% |
n.a. |
41.5% |
48.8% |
56.7% |
63.3% |
|
Turkey |
18.0% |
0.0% |
0.0% |
n.a. |
6.4% |
44.1% |
30.0% |
5.8% |
|
United Kingdom |
73.5% |
-22.7% |
24.5% |
73.5% |
27.3% |
83.5% |
76.5% |
83.5% |
|
United States |
28.3% |
0.0% |
36.7% |
0.0% |
38.2% |
52.3% |
38.2% |
52.3% |
|
Argentina |
41.7% |
0.0% |
0.0% |
n.a. |
45.0% |
82.3% |
45.0% |
82.3% |
|
Bulgaria |
0.0% |
-12.3% |
0.0% |
n.a. |
8.2% |
21.8% |
16.8% |
30.2% |
|
Colombia |
0.0% |
-43.2% |
0.0% |
-129.6% |
17.8% |
47.6% |
-22.5% |
12.0% |
|
Lithuania |
16.2% |
-19.6% |
0.0% |
n.a. |
16.0% |
32.0% |
32.9% |
48.1% |
|
South Africa |
43.4% |
-3.1% |
34.6% |
0.0% |
45.9% |
78.7% |
95.8% |
78.7% |