On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Sweden. The peer review report examines the legal and regulatory framework in Sweden and its compliance with the international standard on transparency and exchange of information on request (EOIR).

Phase 1 of the second stage peer review assessed the legal framework. The practical implementation of the framework will be assessed at a later date in phase 2.

The report concludes that Sweden has a legal and regulatory framework in place, providing availability and exchange of relevant information for tax purposes in line with the international standard.

Since the first stage peer review which took place in 2013 Sweden has introduced the concept of beneficial owner. The legislation provides for information on beneficial ownership to be available from a public registry and from financial institutions and other legal entities including those with reporting obligations under the anti-money laundering (AML) rules.

In the past three years Sweden has received 352 requests for information involving ownership, accounting and banking information relating to individuals and various types of entities. Sweden has sent 1,021 requests for information. There are adequate provisions in Sweden’s agreements for maintaining confidentiality of information exchanged. All the EOI agreements contain an article similar to Article 26 (2) of the OECD Model Tax Convention or Article 8 of the OECD model TIEA, requiring information to be kept confidential and placing limits on the disclosure and use of the information received.

Sweden has arrangements for the exchange of information with 154 other jurisdictions, through 78 double tax agreements, 42 treaties for the exchange of information, the Multilateral Convention, the Nordic Conventions and the EU Directive. In addition to these arrangements for exchange of information on request, Sweden also engages in spontaneous and automatic exchange of information with the other EU member states and with some other countries. Financial account information is exchanged with other member countries of the Global Forum under the common reporting standard’s multilateral competent authority agreement.

The standard requires that a country should make arrangements for exchange of information with any trading partner that requires this, so the report notes that Sweden should continue to expand its network of arrangements and conclude an information exchange agreement with any relevant trading partner that requires this.

In a response to the report Sweden has confirmed its commitment to the international standards on transparency and exchange of information.