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Newsletter | Articles Sweden Axes Wealth Tax Sweden’s centre-right government has abolished the country’s wealth tax, removing a powerful symbol of seven decades of left-wing rule. The measure was announced in the Spring Budget. Experts say the symbolic move by Sweden’s 42-year-old Prime Minister Fredrik Reinfeldt is an affirmation of his right wing credentials and sends a powerful message that the accumulation of wealth in Sweden is no longer taboo. Luxembourg and Spain are now the only EU countries which impose such a wealth tax. Denmark, Finland and the Netherlands have all dropped theirs in the past decade. The move also forms part of the Swedish government’s policy to encourage entrepreneurial activity in a bid to boost employment. Previously the tax was blamed for Sweden’s low level of investment by individuals in start-up businesses, which contributed to disappointing entrepreneurial activity compared to other European countries. In the 25 members of the European Union Sweden ranks 18th in terms of the percentage of citizens that run their own businesses. The government has also blamed the wealth tax for contributing to high levels of capital flight. In the past decades, the wealth tax combined with complex, progressive and confiscatory taxation of corporate and individual income has resulted in many successful Swedes leaving the country. For more information contact Derry Grant-James.