The Swedish Tax Authority has released new clarifications on inspection fees, while recently published figures showed a decrease in Sweden’s GDP and stabilisation of production value index.
Find out more on recent Swedish accounting news that could affect your foreign-owned business in this article.
Clarification on Inspection Fees for Companies Using a Cash Register
As part of the effort to prevent tax evasion and ensure compliance with financial regulations, companies in Sweden must report new cash registers to the Swedish Tax Authority. This allows a certificate of registration and labels detailing the cash register’s identification number to be sent out. Once registered, businesses must then provide accurate records of sales from their cash register.
What are Inspection Fees?
Inspection fees are imposed when a business is found to have failed to register its sales during an inspection. For example, a business may be handed a fee if they are not using a cash register when they should be, or if they are using cash registers that have not been reported to the Swedish Tax Authority.
What has Changed About Inspection Fees?
In some cases, it is now deemed unreasonable to charge a full inspection fee.
For example, the inspection fee may be waived or reduced if:
- The error was due to health, age, or similar (only in exceptional circumstances)
- The error was due to a genuine misjudgement of a rule
- The error was minor and not proportional to the full fee (e.g., reporting delayed by just a few days)
- The error was due to special circumstances (e.g., an unpreventable theft by staff or a power outage)
- A long time has passed since the error was identified by the Swedish Tax Authority, and the business is not responsible for the delay
Other Swedish Accounting News for Foreign-owned Businesses
1. Sweden’s GDP Decreases by 1.5%
Seasonally adjusted and compared to the previous month, Sweden’s gross domestic product (GDP) decreased by 1.5% in February, according to recent statistics. With less spending, foreign-owned businesses in Sweden might be feeling the effects. Strategies like scenario modelling, carefully analysing changing consumer preferences, identifying new avenues for savings and growth, and speaking to an accounting consultant can help foreign-owned businesses adapt.
2. Production Value Index Remains Stable
Sweden’s GDP may have decreased in February, but production in the trade sector was stable. While the overall picture remained steady, results varied between industries. For example, production value in the industrial* and construction sectors increased, while the service sector’s production value decreased.
Industries with notable increases in production value included:
- Chemical and pharmaceutical (+2.9%)
- Administration, technology, and other support services (+0.6%)
Industries with notable decreases in production value included:
- Information and communication companies (-3.0%)
- Motor vehicles, trailers, and semi-trailers (-2.7%)
*While the industrial sector’s production value increased overall, total order intake decreased by 6.2% in February (when compared to January).
3. Trade of Swedish Agricultural Goods and Food Increased in 2024
A newly released annual summary reported that in 2024, exports of agricultural goods and food in Sweden increased by around SEK 2 billion, while imports increased by around SEK 5 billion.
Accounting in Sweden: How can Leinonen Help?
Staying informed on the latest changes affecting your industry can be time consuming. If you have a foreign-owned business in Sweden, it might be particularly difficult to keep up. Leinonen’s local tax, accounting and payroll experts have been supporting and advising foreign-owned businesses in Sweden for over a decade.
Our expert consulting is trusted by 70+ clients across 18+ EU countries. As certified accounting consultants in SRF, we are required to stay informed on the most recent changes affecting tax, payroll and accounting in Sweden. With our technical expertise and vast local knowledge, we will help you stay compliant with the latest financial regulations.
Ready to get clarity, peace of mind, and expert guidance on navigating tax, payroll and accounting in Sweden? Contact us today to arrange a meeting with one of our exceptional accounting consultants.
