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News Link • Economy - International

Hard Times: Sweden Complains It Collects Too Much Tax

• by Mish

Here's the peculiar result: The Swedish Government Complains it Collects Too Much Tax.

Data released on Wednesday showed Sweden's government generated a budget surplus of SKr85bn ($9.5bn) in 2016, with approximately SKr40bn coming from tax overpayments. The government will have to repay more than £3.5bn to businesses and individuals who purposely paid too much tax in 2016.

The government wants to discourage further overpayments but the national debt office has admitted its efforts will probably not be enough.

While bank interest rates plummeted, Swedish tax rules meant that excess deposits in taxpayers' payment accounts continued to earn a minimum of 0.56 percent annual interest, leading many people to use them like makeshift bank accounts.

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