Kontantavgiften

Kontantavgiften, also known as the cash transaction tax, is a tax levied on cash transactions in Sweden. It was introduced in 2013 as part of a broader effort to combat cash-based crime and money laundering. The tax is applied to cash withdrawals from bank accounts and is calculated as a percentage of the amount withdrawn. As of 2023, the rate is 0.6% for amounts up to 5,000 Swedish kronor (SEK) and 0.8% for amounts exceeding 5,000 SEK.

The primary purpose of Kontantavgiften is to reduce the use of cash in transactions, thereby making it more difficult for criminals to launder money. By discouraging cash transactions, the tax aims to shift the economy towards digital payments, which are easier to track and monitor. The revenue generated from the tax is used to fund various public services and initiatives.

The implementation of Kontantavgiften has been controversial, with some arguing that it disproportionately affects low-income individuals who rely more on cash. Critics also point out that the tax does not significantly reduce cash-based crime. Despite these criticisms, the Swedish government has maintained that the tax is an effective tool in the fight against money laundering and has continued to collect it.

In summary, Kontantavgiften is a tax on cash transactions in Sweden, introduced to combat cash-based crime and money laundering. It has been a subject of debate, with proponents highlighting its role in reducing cash usage and critics pointing to its potential negative impacts on low-income individuals.