Sweden Banks: Addressing FAQs on banking taxes

Research evidence excerpt

Sweden Banks: Addressing FAQs on banking taxes

Equity Research

16 July 2026 | 4:46PM BST

We have received some questions from investors regarding the likelihood of the Sofie Peterzens

+44(20)7051-5283 |

Swedish government imposing additional taxes on the banking sector (link). While sofie.peterzens@gs.com

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we take no view on the probability of additional taxes coming into place, we can

Chris Hallam

nonetheless estimate the potential impact on profitability that such measures could +44(20)7552-2958 |

cause. chris.hallam@gs.comGoldman Sachs International

Benjamin Caven-RobertsSome Nordic media outlets have reported that the Swedish opposition party +44(20)7552-7066 | benjamin.d.caven-

(currently leading in the polls ahead of elections in September) is planning to roberts@gs.comGoldman Sachs International

introduce a banking tax on net interest income as part of an effort to lower costs Andin Kour Sason

for households (link). The Social Democrats have argued that Swedish banks have +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

generated excess profits in recent years. Such a proposed measure could raise c.SEK Sachin Nayar

4bn in 6 months for the state budget and would be levied on banks’ net interest +44(20)7051-2598 | sachin.x.nayar@gs.com

income once profits exceed a predefined historical benchmark. The proposal is also Goldman Sachs International

supported by the Left Party (suggesting that an additional banking tax could raise Khushboo Mandani

+1(332)245-7978 |

up to c.SEK15bn annually) and the Green Party. However, Sweden’s largest banks khushboo.mandani@gs.com

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have pushed back, warning that any additional taxation would likely be passed on to

Eraldo Bausano

customers through higher mortgage rates.