Sweden: Update on risk tax for credit institutions

With enactment, the new law for the risk tax for credit institutions will be effective 1 January 2022.

The new law for the risk tax for credit institutions will be effective 1 January 2022.

The Riksdag voted in favor of introducing a new tax on credit institutions' debts—a “risk tax” (riskskatt) for certain credit institutions.

The legislation concerns a completely new tax for banks and other credit institutions that are part of groups with total liabilities attributable to operations in Sweden exceeding SEK 150 billion for 2021. The tax basis would be the amount of liabilities (with certain exceptions) generally referred to as a “simplified indebtedness.” The tax would be levied at a company level, and the rate of tax would be 0.05% in 2022 (increasing to 0.06% from 2023).

The Riksdag also formally called on the government to follow up with information as to how the new tax would be implemented, and indicated that there would be certain proposals to amend the legislation.

With enactment, the new law for the risk tax for credit institutions (also referred to as the “bank tax”) will be effective 1 January 2022.

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

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.