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Swedish tax authority to dig into accounting giants and collect any unpaid or manipulative taxes

Monday, 12 December 2011
The Swedish tax authority has strong suspicions that the big, Swedish accounting firms may have escaped hundreds of million in taxes. Now there is threat to audit the accounting firms to accounts.

The head of Swedish tax authority’s Legal Tax review, Tomas Algotsson, is very serious that it is precisely these firms that are suspected.
“We are looking seriously at this issue. It affects some of the pillars of society’s accounting firms. This is also an industry that is set to be reviewed every second, so it is important that it is correctly managed, says Tomas Algotsson to radio Sweden.

It is above all the major accounting firms that the Tax authority wants to look at. The reason is that half ownership systems which they use. Employees may purchase company shares at too low a price, according to the Swedish tax authority, and can earn thousands of Krona  per share in dividends each year. The tax on this dividend is low.

Tax Board believes that the shares, if sold below market value to an employee, should be treated as a fringe benefit. In this case, the employee must pay tax on this and the company must pay payroll taxes too.

Accounting firm, KPMG 's tax manager, Helena Robertsson, is not worried about the whole tax talk because she believes that the shareholders of the company bought the shares at a reasonable price.
“Our view is that we already apply a market value, so for our part we do not see that it would have any impact,” says Helena Robertsson to radio Sweden.

If the Tax Authority’s assessment that the companies sold shares for too low a price to its employees id true, it could means that comply to up to Skr100 million accounting firms have to pay to the authority in additional taxes.

Tomas Algotsson of the Swedish tax authority warns audit firms because they will be carefully reviewed in 2012.
“We must continue to look at this and we will continue to watch this,” says Algotsson.

Accounting firms’ part ownership system extends several decades back in time, but the Tax tax authority can only review the last five years, which means that additional hundreds of millions of crowns may have been lost in taxes to the state.
Swedish tax authority does not smile when it comes to taxes. The try to collect any little pin that resembles money and will go as far as leaving no stone unturned to to collected upiand taxes.
By Scancomark.se Team

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