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%

 http://dx.doi.org/10.1787/888933661932

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%

 http://dx.doi.org/10.1787/888933661951

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%

 http://dx.doi.org/10.1787/888933661970

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%

 http://dx.doi.org/10.1787/888933661989

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%

 http://dx.doi.org/10.1787/888933662008

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%

 http://dx.doi.org/10.1787/888933662027

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%

 http://dx.doi.org/10.1787/888933662046

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%

 http://dx.doi.org/10.1787/888933662065

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%

 http://dx.doi.org/10.1787/888933662084

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%

 http://dx.doi.org/10.1787/888933662103

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%

 http://dx.doi.org/10.1787/888933662122

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%

 http://dx.doi.org/10.1787/888933662141

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%

 http://dx.doi.org/10.1787/888933662160

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%

 http://dx.doi.org/10.1787/888933662179

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%

 http://dx.doi.org/10.1787/888933662198