Sweden Banks: Addressing FAQs on banking taxes

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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

Goldman Sachs International

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

Goldman Sachs India SPL

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

Eraldo Bausano

customers through higher mortgage rates.