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
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