Published 24 November 2022 at 13.23
Economics. With an “ISK tax” of 0.375 percent of the capital, Swedish politicians wanted to ensure that owners of listed companies receive significantly lower taxes than small business owners, who instead pay a marginal tax of 56.7 percent. Now, however, the ISK tax is being raised substantially – to 0.88 percent.
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The ISK system was introduced in 2012 to offer an alternative to so-called capital insurance, a kind of fake insurance that is actually a tax scheme and that Sweden has long seen between the fingers when it was exploited by the country's most powerful financial families .
The ISK reform meant that banks began to offer ordinary wage earners the opportunity to save in listed shares and receive the same low tax as billionaires with so-called insurances.
Just as with the “insurances” calculated the tax on the entire saved capital after a fixed standard rate of return. Last year, the tax was 0.375 percent of the capital saved.
However, the standard rate of return is tied to the policy rate, and after the rate hike on Thursday, it is clear that ISK accounts will be taxed at 0.88 percent this year.
Thursday's new interest rate means that those who save half a million kroner in their ISK account will have to pay 4,400 kroner in tax next year – an increase of just over 2,500 kroner from the year before.
p>Despite its smallness, the tax increase has been a hot potato in the election campaign.
At the same time, the tax on work and small businesses in Sweden – currently a marginal tax of 56.7 percent – has not been debated significantly in the election campaign.