Around the world, pension reform remains at the center of public debate. Its social, fiscal, and macroeconomic implications confront policy makers, practitioners, and academia with challenging questions. Pension systems in aging societies-in need of reform and further stressed by the pressures...

The semi-dual income tax typically combines a progressive tax schedule for labour and pension income with low and often flat and differentiated nominal tax rates on some forms of capital income. This paper discusses the rationale for the adoption of semi-dual income tax in the taxation of...