77 extra billion in interest

77 extra billion in interest

In order to be able to afford the interest rates during the past year, many have requested tax equalization.

This roughly means that they had to pay a little less in tax each month in exchange for receiving a smaller tax refund this year, based on the 2023 tax year.

DO NOT MISS: This is how much the bank managers earn: Millions of kroner in higher salary

Many billions more

On Monday, March 4, the pre-printed declaration forms will begin to be sent out to the digital mailboxes of Swedish households.

Last year, 6,303,416 Swedes received a tax refund for a total of 63,607,107,687, i.e. over 63.6 billion kroner.

This is evident from information that Nyheter24 requested Tax Agency.

This means that the average Swede received SEK 10,091 in reimbursement. Of course, some had to pay back taxes, which means that those who received refunds on average received more than that.

But the 2023 tax refund was based on 2022 taxes, liabilities, interest and earnings.

– It is very likely that there will be an increased tax refund this year, says Jan Janowski, declaration expert at the Swedish Tax Agency, to TT previously, which News24 reported on.

Tax and refund

Even though many chose tax equalization this year, which means that you got a lower tax in the past year in exchange for a lower refund, it looks like there will be a substantial increase in the refund in 2024.

Already now, we can count on how big a return you will get.

Swedes’ digital mailboxes will receive letters with pre-printed sums between March 4 and 8. Anyone who wants to add or change, for example for travel deductions or distributions of the interest deduction between themselves and their partner, may make changes manually.

But already now you can estimate how large the interest deductions that Swedish households will get back will be.

112 billion in interest in 2022…

Based on 5,759,997 Swedes’ declarations in 2022, households paid SEK 111,866,865,291 billion in interest that year.

This corresponds to SEK 19,421 per Swedish taxpayer, and resulted in an average deduction of SEK 5,826 per person.

189 billion in interest last year

This year’s tax refund looks set to be significantly higher. For the year’s preprinted declaration amount for the interest last year, 5,759,614 appear to have paid SEK 188,947,291,696 in interest.

Thousands of kroner more

That will be SEK 32,806 per taxpayer. If you expect to get 30 percent of that amount back, that would mean SEK 9,842 in tax refunds.

This calculation example does not take into account other deductions such as the travel deduction, for example, or for that matter income from salary, pension, allowance that may have been taxed too high or too low.

This year’s declaration

To know exactly what you are entitled to in the form of a refund or compensation, you must wait for your letter from the Tax Agency.

But since the interest that the Swedes paid in 77 billion more, or 69 percent more, than the year before, compared to 2022, it can be expected that the Swedes’ tax refund means a much-needed respite of many thousands of Swedish kroner for households – on average, quite exactly 4,000 kroner more per tax paying adult.

Half of all tax refunds

And because those who do not have any large loans – such as those who have rental properties, for example – the average for you with a mortgage will probably be significantly higher than that.

Of the 60 billion that the Swedes received in last year’s declaration, more than half was a result of the interest deductions. This means that most taxpayers with loans can count on significantly increased refunds.

That is, if you haven’t already paid off the thousands of Swedish kronor during the past year.

Read more about finance and declaration:

Ordinary families now pay over 10,000 for food – a month

This is how much the bank managers earn: Millions of kroner in higher salary

Expert: SEK 2,600 in increased pension after the historic announcement

The payment king: Klarna’s CEO gets a million lift – despite the billion loss

nh2-general