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TAXES

Swedish tax agency to pay out record 34 billion kronor in rebates

The Swedish tax agency, Skatteverket, has started sending out this year's tax rebates. Here's when you'll get yours.

Published: 9 April 2024 09:42 CEST
Swedish tax agency to pay out record 34 billion kronor in rebates
More Swedish kronor than ever before will be handed out in tax rebates in April. Photo: Fredrik Sandberg/TT

A whopping 3.3 million taxpayers will this week receive a combined tax rebate of 34 billion kronor, seven billion more than last year.

The early refunds will only be sent to those who are due money back, who filed their tax return online by April 3rd at the latest and who did not have to make any changes to their pre-filled-out tax form.

If you fall into this category, you will receive your tax rebate between April 9th and 12th if you’ve informed Skatteverket of your bank account details. If you haven’t yet done that, you’ve still got time, and you should expect to get your money back within around a week.

Skatteverket has attempted to speed up the process in recent years and refund more people in April. If you missed the April 3rd deadline, declared via the paper form or need to make deductions, you will still get any tax rebate you’re owed, but not until early June.

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May 2nd is the final deadline for filing your taxes.

If you’re not one of the lucky ones, you may instead be among the 525,000 people who have residual tax to pay. This year they owe Skatteverket a total of 1.3 billion kronor in arrears.

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ECONOMY

Swedish inflation drops below 4 percent for first time in two years

Sweden's consumer price index fell to 3.9 percent in February, reinforcing predictions that the central bank will keep lowering interest rates this year.

Published: 15 May 2024 09:25 CEST
Swedish inflation drops below 4 percent for first time in two years

The yearly inflation rate according to the consumer price index (CPI) was down from 4.1 percent in January, according to number crunchers Statistics Sweden.

Experts had predicted an inflation rate of 4.0 percent, according to Bloomberg.

“The effect of increasing interest rates for household’s mortgages is easing, which can explain the decreasing inflation rate in April,” Statistics Sweden analyst Carl Mårtensson said in a statement.

Inflation measured instead according to the CPIF metric – the consumer price index with interest rate fluctuations taken out of the equation – meanwhile rose slightly from 2.2 to 2.3 percent.

However, that still beats expectations, which had predicted CPIF inflation of 2.4 percent.

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That puts it slightly above the Riksbank’s inflation target of two percent, and experts predicted that Wednesday’s inflation news strengthened the likelihood that the bank will cut interest rates further.

The Riksbank last week slashed Sweden’s so-called policy rate for the first time in eight years.

The policy rate is the central bank’s main monetary policy tool. It decides which rates Swedish banks can deposit in and borrow money from the Riksbank, which in turn affects the banks’ own interest rates on savings, loans and mortgages.

If bank interest rates are high, it’s expensive to borrow money, which means people spend less and as a result inflation drops.

But now that inflation appears to be holding relatively steady around the two percent target, it means that the bank might be able to start lowering the policy rate yet again.

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