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Sweden Suspends Income Tax Cuts

August 2011 - Tax & Private Client. Legal Developments by Hassans.

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In a joint press conference Swedish Prime Minister Fredrik Reinfeldt and Finance Minister Anders Borg have announced that planned tax cuts will be put on ice due to the uncertainty surrounding the eurozone.

The government has so far announced that two measures announced in the November 2010 budget will be put on hold, including tax cuts for pensioners and income tax credits to reduce the tax burden on low- and middle-income earners. The ministers underscored that the decision was motivated by uncertainty in Europe and a downgraded outlook for the Swedish economy, despite the fact that the government's budget is expected to move into surplus.

The tax cuts, reportedly worth USD2.68bn, are going to be revisited at the earliest opportunity, Reinfeldt said, and most likely in the 2014 budget.

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