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Taxation : The Tax Treatment of Funded Pensions

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dc.contributor.authorWhitehouse, Edward
dc.date.accessioned2012-08-13T14:27:38Z
dc.date.available2012-08-13T14:27:38Z
dc.date.issued2005-07
dc.description.abstractThe tax treatment of funded pensions is a critical policy choice in pension reform. In countries with mature funded systems, like the Netherlands, Switzerland, the United Kingdom and the United States, pension funds are worth 85 per cent of GDP on average. Pension funds in mature systems are large and could prove an attractive revenue target. They are a major force in private savings flows, supplying capital to industry and providing retirement incomes. The note continues with an in depth analysis of taxing pensions, and further, highlights the question, how generous a tax treatment? There are three arguments for taxing pensions more generously that other kinds of savings. a) to ensure people have a standard of living in retirement close to when they were working, b) to cut the cost of social security benefits for pensioners, and to increase long-term savings. The note concludes that : the 'expenditure tax' taxes pension savings once, either when contributions are made or benefits withdrawn it is the best way of taxing pensions, because it is neutral between consuming now and consuming in the future; most countries treat pensions close to the expenditure tax, the pre-paid tax, which exempts benefits, collects more revenue now, but may not be credible.en
dc.identifierhttp://documents.worldbank.org/curated/en/2005/07/6262158/taxation-tax-treatment-funded-pensions
dc.identifier.doi10.1596/11211
dc.identifier.urihttps://hdl.handle.net/10986/11211
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesWorld Bank Pension Reform Primer Series
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.titleTaxation : The Tax Treatment of Funded Pensionsen
dc.title.alternativeLa tributation : tratamiento fiscal de las pensiones capitalizadas Charge fiscals : le traitement fiscal des fonds capitalises de pensionen
dspace.entity.typePublication
okr.date.doiregistration2025-04-29T09:46:26.375022Z
okr.doctypePublications & Research::Brief
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2005/07/6262158/taxation-tax-treatment-funded-pensions
okr.guid659251468762876946
okr.guid712261468780952730
okr.guid448291468780952365
okr.identifier.externaldocumentum000011823_20050831160440
okr.identifier.internaldocumentum6262158
okr.identifier.report33389
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/08/31/000011823_20050831160440/Rendered/PDF/333890ENGLISH0PRPNoteTaxation.pdfen
okr.unitSocial Protection Team (HDNSP)
okr.volume1 of 1
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