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Report: Sweden to increase taxation on banks

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Report: Sweden to increase taxation on banks

Sweden's Finance Minister Magdalena Andersson said March 30that the country will introduce higher taxes on banks and other financialcompanies in 2017, Reuters reported the same day, citing Swedish newspaper Aftonbladet.

The new levy will reportedly come in the form of a scrappedtax deduction on subordinated debt and is expected to generate 1.4 billionSwedish kronor. The proposal will be included in the government's 2017 budget,which is set to be presented in the fall, Reuters said.

Citing a radio interview given by Ulla Andersson, apolitician representing Sweden's Left Party, the news agency added that aprevious proposal for a tax on banks — which is intended to generate 4 billionkronor — is not linked to the latest proposal.

As of March 29, US$1was equivalent to 8.28 Swedish kronor.