TaxPersonal TaxCo-operation needed to boost savings

Co-operation needed to boost savings

KPMG report calls for tax incentives to save

Governments and global finance companies need to co-operate if they are to
successfully lift personal savings levels, a KPMG report has found.

The ‘Future of the saver’ survey concludes that the market for personal
savings must be treated as an international, rather than a domestic market.

KPMG analysed the taxation of savings in the 12 largest economies and efforts
by international bodies to promote cross-boarder savings and prevent tax
evasion.

Governments need to acknowledge that people are starting to hold savings in
multiple jurisdictions and start to consider effective tax structures for
non-resident savers.

The report calls for harmonisation in the ways that savings are taxed between
different countries so as not to discourage cross-border savers.

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