The Taxation of Financial Assets: A Survey of Issues and Country Experiences

John King and Vito Tanzi

No 1995/046, IMF Working Papers from International Monetary Fund

Abstract: Taxes affect the degree and efficiency of financial intermediation in many different ways. This paper summarizes the main tax provisions in OECD countries that affect the overall “tax wedge” between pre-tax returns on investments, and the post-tax yield on the savings that finance them. This tax wedge is shown to vary widely, in individual countries, according to the different ways in which savings are channeled through financial markets. The paper then discusses alternative criteria for assessing tax regimes for financial assets, and summarizes recent trends in OECD countries.

Keywords: WP; income tax; withholding tax; tax system; tax relief; tax treatment of financial assets; rate of return; accrued income; tax return; financial asset taxation; g capital gain; Income tax systems; Personal income tax; Personal income; Effective tax rate; Capital income; Global (search for similar items in EconPapers)
Pages: 32
Date: 1995-05-01
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