Book Description:
To boost their domestic saving rate, many OECD countries have introduced savings accounts that offer tax advantages, called tax preferred savings accounts. This report describes and analyses various tax preferred savings accounts, excluding pension related accounts, in a cross section of 11 OECD countries. Based on a comparison of results, the report then answers the following questions: (1) which income groups benefit the most from these accounts; (2) to what extent do these accounts generate additional savings; and (3) how much tax revenue is foregone due to these accounts. Based on the findings, the report also suggests measures on how to improve the effectiveness of tax preferred savings accounts. Table of Content : Executive Summary Chapter 1. Comparative Analysis of Tax Preferred Accounts Description of the Questionnaire Description of Tax Preferred Accounts Comparative Analysis of Design Features Comparative Data analysis of Selected OECD Countries Summary and Conclusions Chapter 2. The Legislation Regulating Tax Preferred Accounts in Selected OECD Countries Belgium: Tax preferred deposits accounts and tax preferred life insurance contracts Canada: Registered Education Savings Plans (RESPs) Denmark: Savings accounts for children/grandchildren Germany: Employee Saving Bonus (Arbeitnehmer Sparzulage) and tax preferred life insurance contracts Ireland: Special Savings Incentives Accounts (SSIAs), Special Savings Accounts (SSAs), Special Investment Accounts (SIAs) and Special Term Accounts (STAs) Italy: Tax preferred life insurance contacts Mexico: Bank Deposits and tax preferred life insurance contracts The Netherlands: Payroll Savings Schemes (Spaarloon) and Premium Savings Schemes (Premiesparen) Norway: Tax favoured Savings in Shares (AMS) The United Kingdom: Personal Equity Plans (PEPs), Tax Exempt Special Savings Accounts (TESSAs), Individual Savings Accounts (ISAs), the Savings Gateway, the Child Trust Fund, Tax preferred life insurance contracts United States: Educational Savings Accounts (ESAs), 529 plans, Flexible Spending Accounts (FSAs) the Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), Medical Savings Accounts (MSAs) Tax preferred insurance contracts Annex: Data on Tax Preferred Accounts in Selected OECD Countries References
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