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Taxation of Household Savings

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This report provides a detailed review of the taxation of household savings in 40 OECD and partner countries. It examines the different approaches that countries take to taxing household savings, and calculates marginal effective tax rates on a wide range of savings vehicles (including bank accounts, bonds, shares, private pensions and housing) to assess the impact of these approaches on savings behaviour. It examines asset holdings across income and wealth distributions to help assess the distributional impact of savings taxation, and discusses recent changes in the exchange of information for tax purposes between tax administrations. It also draws out a range of implications from this analysis for savings tax policy as part of an inclusive growth tax agenda.

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Foreword

In 1994, following widespread reforms to the taxation of capital income and wealth in member countries, the OECD released a landmark report on Taxation and Household Savings. A range of recent developments make a re-examination of the topic timely. In particular, income and wealth inequality has increased in many countries. This has been brought into particular focus as a result of the 2008 global financial and economic crisis, leading to strong calls for greater taxation of capital income and wealth in many countries. Furthermore, ground-breaking changes are being made in the international tax environment to prevent capital income and wealth being hidden offshore. Meanwhile, concern about low levels of retirement savings persist, particularly in light of continued population ageing.

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