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Tax burden in Sweden stands at 42.8%

Tax burden in Sweden stands at 42.8%

STOCKHOLM: A newly report from the Organization for Economic Cooperation and Development has revealed that the tax burden in Sweden stood at 42.8 percent placing it fifth in the ranking of the OECD’s 34 member countries around the world.

Sweden’s Scandinavian cousins Denmark topped the chart for the most taxed country with a figure of 48.6 percent – 5.8 percentage points higher than across the border in Sweden. Next up was France (45 percent) and Belgium (44.5 percent) while Nordic neighbours Finland were placed fourth with a rating of 44 percent.

According to the OECD, overall taxation among the world’s top economies rose to the highest level in six years in 2013.

Tax receipts collected by OECD countries went from an average of 33.7 percent of GDP in 2012 to 34.1 in 2013. In late October, Sweden’s new coalition government unveiled its budget and pledged to raise taxes to increase funding for public jobs, education, infrastructure, and unemployment benefits.