A new inquiry was set up, in complete silence, three weeks ago, writes Svenska Dagbladet.
And the assignment is clear – the directives cater to the risk capital industry and make it possible to achieve "taxation equivalent to that applicable to income from qualified shares in closely held companies", writes the newspaper.
Niklas Karlsson, Social Democrat and chairman of the Riksdag's tax committee, agrees.
This cannot be perceived in any other way than as a commissioned work, he says to TT.
Earning "unreasonably much"
What they are saying is that these people (risk capitalists) should be taxed less when they earn unreasonably large amounts of money, he continues.
Mats Tjernberg, professor of tax law at Lund University, says the same thing:
As the directive is formulated, it must be seen as a commissioned work from the risk capital industry. I have difficulty interpreting it in any other way. It is likely in line with what the industry demanded in the spring. That is, the profit share should be taxed according to the 3:12 rules, he says to SvD.
The 3:12 rules have also been heavily debated over the years. Critics have thought that they are very tax-favorable for entrepreneurs.
The rules on how risk capitalists should be taxed have been surrounded by uncertainty over the years. So, it is fundamentally good to have an inquiry, but it should be done without preconceptions, thinks Niklas Karlsson.
Inquiry and clarity, absolutely. But no preferential treatment for those with these extremely high incomes.
About billions
What the tax disputes have been about is so-called carried interest, how the profit share that risk capitalists make should be taxed, as work effort or capital gain. In the spring, the Tax Agency taxed 67 risk capitalists with SEK 1.6 billion.
The risk capitalists, led by EQT founder and billionaire Conni Jonsson, have in their disputes with the Tax Agency claimed that the often very large profits should be taxed as capital income, not as work effort and therefore payroll tax.
Unreasonable, thinks Niklas Karlsson.
This is about performance. And performance is taxed as income from employment.
TT has asked Finance Minister Elisabeth Svantesson (M) for a comment, but she has declined due to lack of time.
The long-standing dispute between risk capitalists and the Tax Agency is about what tax rate they should pay on their profits from the deals, so-called carried interest in financial language.
Capital tax of 30 percent, think the risk capitalists.
Payroll tax (tax on income from employment) thinks the Tax Agency. "A performance-based remuneration in the form of carried interest received within the framework of work with funds in risk capital is fundamentally income from employment", writes the agency on its website.
The tax rate on income from employment is 50 percent or more on salaries over approximately SEK 51,000 per month.
