Sweden and tax breaks – words that until recently might have looked incongruous together. But on 1 July this year, new legislation was passed which aims to make the country more attractive to international corporations as a place to locate holding companies and observers have been quick to label Sweden the newest European tax haven.
Traditionally, the European Union (EU) member states with a reputation for liberal corporate tax regimes have been Belgium, Austria and Luxembourg, as demonstrated by the political fracas caused by the progress of the EU Savings Tax Directive through Brussels. The Directive, which aims to ensure EU residents cannot avoid tax in their home member state by failing to declare income from investments in another member state, was approved by European finance ministers last month.
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