One of the measures introduced to help businesses during the coronavirus pandemic is temporary deferral rules for the payment of tax, VAT, and employer contributions. According to the Swedish Tax Agency, approximately 50,000 companies have been granted deferrals totalling around SEK 47 billion.
Now is the time to review your company and apply for an extension if necessary. The Swedish Tax Agency announces that on 1 May, unpaid debts for which payment demands have been issued will be automatically transferred from the tax account to the Enforcement Authority.
”For the Swedish Tax Agency to be able to process the applications before the overdue charge, companies are recommended to apply for an extension as soon as possible,” writes the Swedish Tax Agency on their website.
The temporary rules have been extended and can now be granted for seven accounting periods. This applies to deferment of payment of deducted tax and employer contributions. Regarding deferment for VAT, a maximum of six accounting periods applies to those who have monthly VAT reporting, and two periods for those who have quarterly reporting.
”According to the previous rules, a fee of 0.2 percent was charged on the granted deferral amount per calendar month from the month after the deferral was granted for deferrals granted after February 5th. Now the deferral fee is being lowered to 0.1 percent for these deferrals, writes the Swedish Tax Agency on its website.
The cost rate remains still at 1.25 percent.
This article is published in co-operation with Results magazine.
Read more The Swedish Tax Agency on temporary postponement
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