Sweden's Ministry of Finance recently launched a public consultation on changes to the basis used to calculate the interest rate provided for advance tax payment accounts. Under the current method, the interest rate cannot be below 0.5625%, which taxpayers are taking advantage of by making excessive tax payments. Changes to the basis are to apply from 1 January 2017 and would result in 0% rate for tax accounts if current Swedish interest rates remain unchanged (currently -0.5%).
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