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Located on the Scandinavian Peninsula in northern Europe, the name Sweden was derived from the Svear, or Suiones, a people mentioned as early as 98 CE by the Roman author Tacitus. The country’s ancient name was Svithiod. Swedish manufacturers produce a variety of wood products, including paper, boards, and prefabricated houses and furniture. Exports account for about one-third of Sweden’s GDP. Petroleum products and automobiles are the country’s main exports. Other top exports include medicine, vehicle parts, and communication devices. Together, Germany, the United Kingdom, Norway, Finland, and Denmark account for about two-fifths of Sweden’s export market. Sweden has been a WTO member since 1 January 1995 and a member of GATT since 30 April 1950. It is a member State of the European Union.
Sweden is the fourth most competitive economy in Europe and often ranks as one of the highest-performing economies worldwide. A large part of this is due to the country’s free-market environment and highly developed education system.
Sweden possesses a strong and stable economy, making it an attractive location for foreign investment. Sweden offers several efficient processes that make business formation and operations easier, including online filing platforms for incorporation, taxes, property transfer, permitting, and more.
Sweden has an open economy that fosters innovation and competition. The government proactively invests to promote growth in sectors such as biotechnology and food processing. The government is open to trade and works to support growing markets, including the Baltic countries, India, and Brazil.
Sweden’s reputation as an innovation hub is evident in the country’s high placement in the Global Innovation Index, European Innovation Scoreboard, and the Bloomberg Innovation Index. The government supports innovation and growth through various agencies and investments in infrastructure.
Sweden’s labour laws are strict and offer workers protections in the form of collaborative bargaining agreements of individual labour unions. Collective bargaining exists both at the industry and company level, but bargaining takes place foremost at the industry level.
Employment income tax for residents
Employment income is taxed at the following rounded taxable income amounts (2023):