Sweden: Draft legislation implementing public country-by-country reporting presented to parliament

The draft legislation would become effective 22 June 2023

The draft legislation would become effective 22 June 2023

The government presented to the parliament (Riksdag) draft legislation implementing into Swedish law EU Directive 2021/2201 requiring qualifying multinational enterprises doing business in the EU to publicly disclose certain information on a country-by-country (CbC) basis.

The draft legislation would become effective 22 June 2023 and would apply for the first time for the financial year beginning after 31 May 2024 (i.e., from 1 January 2025 for companies with a calendar year financial year).

Under the draft legislation, multinational groups with their ultimate parent company in Sweden, as well as Swedish companies that are liable for tax in another country through permanent establishments, with revenues of more than SEK 8 billion per year must prepare an income tax report with information on their income and the taxes they pay in different countries. This report must be made public by submitting it to the Swedish Companies Registration Office and must be made available on the company's website.

Read a March 2023 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 3712, 1801 K Street NW, Washington, DC 20006.