Sweden: Proposed “risk tax” for credit institutions

Pending legislative proposals would impose a “risk tax” for certain credit institutions.

Pending legislative proposals would impose a “risk tax” for certain credit institutions.

Pending legislative proposals would impose a “risk tax” (riskskatt) for certain credit institutions.

A bill submitted on 28 October 2021 proposes that tax liability would arise in the event of a “simplified indebtedness” within the taxpayer group (attributable to operations in Sweden) which, as of the beginning of the financial year, is equal to or greater than SEK 150 billion (excluding intra-group indebtedness and provisions).

The tax base would be linked to liabilities in the separate individual taxable credit institutions, and the rate of the proposed tax would be 0.05% of the tax base in 2022 and then 0.06% of the tax base from 2023.

The government intends that the new law on risk tax would be effective as early as 1 January 2022 (pending a decision whether there is a finding that the risk tax would not constitute unauthorized state aid by the European Commission).

Read a November 2021 report (Swedish) prepared by the KPMG member firm in Sweden

 

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