Sunday , May 29 2022

Sweden could have lost billions in tax contracts


Between 2006 and 2017, the Swedish government paid repayments of the so-called coupon tax to foreign shareholders totaling SEK 14.3 billion. But, behind the tax payments, it is likely that a number of foreign exchange transactions, according to the SVT review. Much of the reimbursement is probably due to advanced tax breaks called how-to, and aimed at accessing tax payments.

– It was found that fluctuations among banks, that the tax credit amounts to the payment of dividends. But if there is an inconvenience, I can not be wrong, "says Ulrika Vretendahl, Process Manager at the Swedish Tax Agency.

The system as described by those involved in the shops, ie banks, tax advisers and lawyers, as legal tax planning. However, several countries have begun to increase the view of this type of scheme because they believe that posts often aim only at avoiding taxes.

SEB is underlined

The revised SVT, published in October and November, conducted jointly with the German research editor Correctiv, is a Swedish bank that is recovering for this type of tax planning. It is SEB Bank, controlled by Wallenberg.

A former SEB chief told SVT in October that the bank is also making this type of tax settlement in Sweden.

"Generally, we did so in principle until today. How-what is a kind of standard transaction that takes place in France, the Netherlands, Norway – anywhere.

He also told me that SEB had done how-how while he worked there.

"We have done this very much for almost all years," he said.

He had to pay a billion crowns

However, SEB answers SVT in several emails that there are no customer relations where "the sole purpose is to avoid paying taxes" and that "all business is conducted in accordance with current laws and regulations," he said an interview with bank chief executive Johan Torgeby and SVT on October 25th.

Following the review, in the October quarterly report of the bank, SEB wrote that it has carried out the so-called how-how in Germany. SEB has also been denied by the German tax authorities for how-cum planning. Cases that the bank is currently carrying out in court.

In Switzerland, the Supreme Court of Justice abandoned in 2015 a scheme how SEB was forced to pay nearly SEK 1 billion that it earned wrong for performance.

Allows taxation in Denmark

SEB also acknowledges in SVT News that an email has been made in Denmark. The Bank notes that no such agreements have been made through its Danish subsidiary, but acknowledges that Danish share transactions have been made through Sweden:

"SEB's securitization activity in Sweden in Danish securities was limited and implemented in accordance with applicable law, market practice and business principles," writes Laurence Westerlund at SEB's press department.

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