Taxation of Household Savings

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.

Table B.1 Table 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.

Table B.4 Table 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).

Table B.10 Table 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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink

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%

Statlink