Banking industry slams new tax

Finance minister Magdalena Andersson has proposed that a new payroll tax of 15% should be levied on financial sector, staring 2018.

The Swedish Bankers’ Association (Bankföreningen) has warned that the new tax will put 16,000 jobs in the sector at risk, while SEB CEO Annika Falkengren forecasts the transfer of banking services to the Baltics.

Swedbank warns that the level of service will be affected, and the cost will be passed on to consumers.

Magdalena Andersson has promised to analyse consumer costs and the transfer of jobs abroad, but is convinced that the additional tax revenues will create growth and jobs in Sweden.