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COUNTRY TRADING PROFILES
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Taxes - Accounting
Tax Rates |
Accounting Rules
Tax Rates
Consumption taxes
- Nature of the tax
-
MOMS (mervärdesskart) - Value Added Tax (VAT).
- Tax rate
- 25%
- Reduced tax rate
- Reduced rate of 12%: foodstuffs, hotel services, camp sites and imports of artworks.
Lowest rate of 6%: newspapers, passenger transport services and cultural events.
- Other consumption taxes
- Tax on energy products, several sorts of stamp duty (the highest is 2% and is applicable to real estate transactions), tax on the sale of shares and securities (30%), vehicle tax (it varies according to the weight of the vehicle and is higher for diesel cars), excise tax (very high, levied on alcohol and tobacco).
Corporate taxes
Tax rate
| Corporate tax (alktiebolag) |
26.3% |
| Solidarity tax |
5.5% |
| Property tax (den statliga fastighetsskatten) |
Annual tax from 0.2% to 2.2% depending on the seet value |
- Tax rate for foreign companies
- Resident companies are taxed on their global income while foreign companies are taxed on the profits they make in Sweden.
- Capital gains taxation
- Non tax exempt capital gain tax are included in business income and taxed at 26.3%.
- Main allowable deductions and tax credit
- There is no professional tax.
Dividends paid to resident companies: with-holding tax of 30% if the shares are registered, giving a right to a tax credit chargeable to income tax according to a specific rate of 30%.
The rate applicable to profits distributed or not is a single rate of 25%; solidarity tax of 5.5% of the tax rate is added i.e. 26.37%.
A reduction of 25% for three years on the taxable total of salaries paid by Swedish companies (or stable establishments in Sweden of foreign companies) to people of other nationalities than Swedish and non-resident in Sweden.
- Other corporate taxes
- Property taxes: from 0.2 to 2.2% on commercial premises, and industrial properties.
Individual taxes
Tax rate
| Individual income tax |
It is comprised of two major parts: A municipal tax rate between 28.9% and 34.2% and a national tax rate between 20% and 25%. the combined tax burden is as follows: |
| From SEK 0 up to SEK 383,000 |
30% |
| From SEK 383,000 up to SEK 548,300 |
50% |
| Over SEK 548,300 |
55% |
| There is a flat tax rate for non-residents. |
25% |
- Allowable deductions and tax credit
- Deductions for business travel expenses, rise in cost of living (rise in rent for example).
- Special expatriate tax regime
- Tax reductions for certain expatriate management personnel (limited duration of 5 years). Flat rate reduction of 25%. This measure is only possible during the first three years of work and is reserved exclusively for people who do not have Swedish nationality.
Double taxation treaties
- Countries with whom a double taxation treaty have been signed
- Consult the Swedish Tax Department
- Withholding taxes
- Dividends: 30%, Interests: 0%; Royalties:0%.
- Bilateral agreement
-
 We can indicate you which local taxes are applied to your product.
Accounting Rules
- Tax year
- Four tax years are possible: from 1 January to 31 December; from 1 May to 30 April; from 1 July to 30 June or from 1 September to 31 August.
- Accounting standards
- Swedish accounting standards conform to IAS standards.
- Accounting regulation bodies
-
BFN, Bokföringsnämnden
- Accounting reports
- The annual reporting must contain a profit and loss account, a balance sheet, notes and an annual report. Large companies and companies listed on the stock exchange must also provide a statement of source and application of funds.
Swedish accounting mostly conforms to the principles set out in the texts of the 4th Directive. However, some national particularities remain; some of them are allowed by the 4th Directive:
- the presentation of certain items (subscribed capital not paid up, equalization accounts, set-up costs, intangible assets, footnotes) corresponds to the specifics of the country
- it is the same for the distinction between distributable and non-distributable equity capital, and the separation into three parts of operating activities: production, distribution and administration.
On the other hand, some of them are not, as for example:
- un-taxed reserves
- depreciation allowances and appropriations to the reserve
- elements affecting accounting
- exceptional operations.
- Publication requirements
- All joint-stock companies have to send a copy of their annual report to the legal authorities of the country.
- Professional accountancy bodies
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Foreningen Auktoriserade Revisorer
Bokforingsnamanden
Svenska Revisorsamfundet
- Certification and auditing
- Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact the FAR SRS (professional institute for authorized public accountants and approved public accountants).
- Accounting news
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International Accounting news
EIN Northern Europe Accounting News
© Export Entreprises SA, all rights reserved.
Last updates: May 2012
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