Political
Economy
Billion of Krona brought back home from tax havens as government strategy starts bearing fruits
Saturday, 06 October 2012
The strategy carried out by the Swedish government to induce tax dodgers to bring hidden untaxed wealth in tax heaven is now bearing fruits.
According to a recent report on the issue, Swedish daily, Dagen Nyehter reports that about Skr10 billion, which was hiden in tax havens, has been brought back home.
Referring to it as Swedes hidden fortunes, the paper says that the money has been increasingly returned home after the Swedish government signed agreements with various tax havens to exchange information on people sneaking their untaxed wealth in tax havens. Therefore, huge amounts of money have been moved from tax havens to Swedish accounts at home.
Last year, the influx grew five times - from Skr2 to Skr10 billion, according to data from the Swedish Tax authority, reports Dagens Nyehter. Six of these Skr10 billion came from accounts in Switzerland and Luxembourg.
In October 2010, the Swedish government signed an agreement with Luxembourg to promote transparency in tax wealth information. Banks in Luxembourg are now forced to disclose information about their clients' assets at the request of Swedish authorities.
The agreements according to the Swedish tax authority could be one of the explanations for the large influx of this capital. Another explanation is that the Swedes who have hidden money abroad can move back the money without getting penalty from the Swedish tax authority.
By Scancomark.com Team
Billion of Krona brought back home from tax havens as government strategy starts bearing fruits
Saturday, 06 October 2012The strategy carried out by the Swedish government to induce tax dodgers to bring hidden untaxed wealth in tax heaven is now bearing fruits.
According to a recent report on the issue, Swedish daily, Dagen Nyehter reports that about Skr10 billion, which was hiden in tax havens, has been brought back home.
Referring to it as Swedes hidden fortunes, the paper says that the money has been increasingly returned home after the Swedish government signed agreements with various tax havens to exchange information on people sneaking their untaxed wealth in tax havens. Therefore, huge amounts of money have been moved from tax havens to Swedish accounts at home.
Last year, the influx grew five times - from Skr2 to Skr10 billion, according to data from the Swedish Tax authority, reports Dagens Nyehter. Six of these Skr10 billion came from accounts in Switzerland and Luxembourg.
In October 2010, the Swedish government signed an agreement with Luxembourg to promote transparency in tax wealth information. Banks in Luxembourg are now forced to disclose information about their clients' assets at the request of Swedish authorities.
The agreements according to the Swedish tax authority could be one of the explanations for the large influx of this capital. Another explanation is that the Swedes who have hidden money abroad can move back the money without getting penalty from the Swedish tax authority.
By Scancomark.com Team
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