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Sweden: Withholding tax on foreign public pension institutions held contrary to EU law (CJEU judgment)

A CJEU judgment concerning withholding tax on foreign public pension institutions

July 30, 2024

The Court of Justice of the European Union (CJEU) on July 29, 2024, held that the Swedish withholding tax on dividends to foreign public pension institutions, while Swedish public pension institutions are tax-exempt, is contrary to EU law as it violates the free movement of capital.

The case identifying information is: Keva and Others (C-39/23). 

The court found that the different treatment of foreign institutions could not be justified by an overriding public interest reason. 

KPMG observation

Foreign public pension institutions and other similar public investors can now apply for a refund of Swedish withholding tax.

Sweden may introduce a “sovereign exemption” for foreign states to make certain that Swedish legislation is compatible with the free movement of capital under EU law.

Read a July 2024 report prepared by the KPMG member firm in Sweden

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