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<blockquote data-quote="SlugSlinger" data-source="post: 3689501" data-attributes="member: 7248"><p>Sweden's Taxes - The Hidden Costs of The Welfare State</p><p></p><p></p><p>Sweden is a nation with extraordinary high tax rates. The average worker not only pays 30 percent of her or his income in visible taxes, but, additionally, close to 30 percent in hidden taxes. The defenders of the punishing tax burden argue that it is needed to maintain Sweden’s generous welfare system. While this claim may seem reasonable on its surface, a deeper look suggests that it is based on flawed analysis.</p><p></p><p>[ATTACH=full]239710[/ATTACH]</p><p></p><p>Sweden Global Payroll and Tax Information Guide</p><p></p><p>Foundational for global growth, Payslip enables businesses to instantly expand to new regions and countries while still having complete choice of in-country payroll providers and full control of SLA terms. With Payslip, businesses can continuously scale-up, always ready to capture new opportunities in any part of the world. Get in touch with us today.</p><p></p><p>Payroll in Sweden – 2021 Updates</p><p></p><p>Due to covid-19, the following measures were taken by the Swedish authorities: </p><p></p><p>Resources to municipalities and regions – municipalities and regions have received considerable resources for additional costs resulting from COVID-19 so as to support the management of deferred health care and to alleviate the consequences of the loss of tax revenue caused by the recession. Funds have also been allocated to strengthen care of older people and to raise staff skills. General government grants have been raised more than local government tax income has decreased.</p><p>Financial support to companies and individuals – companies have received financial support to be able to overwinter the crisis and avoid redundancies.</p><p>A powerful green restart – includes investments in energy efficiency in multi-dwelling buildings, expanded charging infrastructure for heavy vehicles, earlier railway maintenance, measures to protect valuable nature, a tax reduction for the installation of green technology and circular economy initiatives.</p><p>Increased transitioning opportunities – the Swedish government made temporary changes to unemployment insurance, strengthened health insurance, and increased the opportunities of transitioning. The Knowledge Boost has been reinforced by providing more places in education and training that meet society’s needs and giving groups that have difficulty getting established in the labour market better possibilities of supplementing their knowledge and finding jobs.</p><p>Fiscal policy has played a greater role than in previous crises</p><p>Basic Facts about Payroll in Sweden</p><p></p><p>Payroll in Sweden involves certain obligations on the part of employers, who should be primarily concerned with observing relevant tax laws. A business’ payroll process must take into account individual income tax, social security contributions, payroll and sales taxes, and withholding tax. Taxes are levied at the national, county, and municipal levels. Setting up payroll requires information from employees, including a</p><p></p><p>Swedish Tax Identification Number (TIN). Employers also must provide mandated workplace protections. Employees are guaranteed vacation time, maternity and sickness leave, and termination pay, among other services, regardless of their job. Employees must be issued with a payslip every pay-date, and payroll records must be kept for at least 7 years. The tax year in Sweden runs from January 1st through to December 31st. Individual tax returns are due by 2 May of the year following the income year (calendar year).</p><p></p><p>Taxes</p><p></p><p>Payments to employees other than regular wages are subject to an income tax withholding rate of 30%. Employees with total annual income of less than SEK 1,000 are not subject to income tax withholding. Non-residents employed in Sweden are taxed a flat rate of 25 percent. Non-Swedish residents employed by non-Swedish firms are exempt from paying any income tax provided they do not spend more than 183 days in Sweden over a 12-month period. Employers withhold income taxes and social insurance contributions using the Pay-As-You-Earn (PAYE) system from employee wages monthly. The income tax accrued as employees are paid by employers (not self-employed) is called the preliminary tax, or A-tax.</p><p></p><p>Corporate income tax in Sweden is 21.4% since 2019. A decision has also been made to lower the corporate tax rate to 20.6% by 2021.</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3689501, member: 7248"] Sweden's Taxes - The Hidden Costs of The Welfare State Sweden is a nation with extraordinary high tax rates. The average worker not only pays 30 percent of her or his income in visible taxes, but, additionally, close to 30 percent in hidden taxes. The defenders of the punishing tax burden argue that it is needed to maintain Sweden’s generous welfare system. While this claim may seem reasonable on its surface, a deeper look suggests that it is based on flawed analysis. [ATTACH=full]239710[/ATTACH] Sweden Global Payroll and Tax Information Guide Foundational for global growth, Payslip enables businesses to instantly expand to new regions and countries while still having complete choice of in-country payroll providers and full control of SLA terms. With Payslip, businesses can continuously scale-up, always ready to capture new opportunities in any part of the world. Get in touch with us today. Payroll in Sweden – 2021 Updates Due to covid-19, the following measures were taken by the Swedish authorities: Resources to municipalities and regions – municipalities and regions have received considerable resources for additional costs resulting from COVID-19 so as to support the management of deferred health care and to alleviate the consequences of the loss of tax revenue caused by the recession. Funds have also been allocated to strengthen care of older people and to raise staff skills. General government grants have been raised more than local government tax income has decreased. Financial support to companies and individuals – companies have received financial support to be able to overwinter the crisis and avoid redundancies. A powerful green restart – includes investments in energy efficiency in multi-dwelling buildings, expanded charging infrastructure for heavy vehicles, earlier railway maintenance, measures to protect valuable nature, a tax reduction for the installation of green technology and circular economy initiatives. Increased transitioning opportunities – the Swedish government made temporary changes to unemployment insurance, strengthened health insurance, and increased the opportunities of transitioning. The Knowledge Boost has been reinforced by providing more places in education and training that meet society’s needs and giving groups that have difficulty getting established in the labour market better possibilities of supplementing their knowledge and finding jobs. Fiscal policy has played a greater role than in previous crises Basic Facts about Payroll in Sweden Payroll in Sweden involves certain obligations on the part of employers, who should be primarily concerned with observing relevant tax laws. A business’ payroll process must take into account individual income tax, social security contributions, payroll and sales taxes, and withholding tax. Taxes are levied at the national, county, and municipal levels. Setting up payroll requires information from employees, including a Swedish Tax Identification Number (TIN). Employers also must provide mandated workplace protections. Employees are guaranteed vacation time, maternity and sickness leave, and termination pay, among other services, regardless of their job. Employees must be issued with a payslip every pay-date, and payroll records must be kept for at least 7 years. The tax year in Sweden runs from January 1st through to December 31st. Individual tax returns are due by 2 May of the year following the income year (calendar year). Taxes Payments to employees other than regular wages are subject to an income tax withholding rate of 30%. Employees with total annual income of less than SEK 1,000 are not subject to income tax withholding. Non-residents employed in Sweden are taxed a flat rate of 25 percent. Non-Swedish residents employed by non-Swedish firms are exempt from paying any income tax provided they do not spend more than 183 days in Sweden over a 12-month period. Employers withhold income taxes and social insurance contributions using the Pay-As-You-Earn (PAYE) system from employee wages monthly. The income tax accrued as employees are paid by employers (not self-employed) is called the preliminary tax, or A-tax. Corporate income tax in Sweden is 21.4% since 2019. A decision has also been made to lower the corporate tax rate to 20.6% by 2021. [/QUOTE]
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