Tax and tax transparency has during recent years come increasingly in focus. SEB sees tax and tax management as an important part of our contribution to society. We are committed to meeting the raised expectations on transparency in respect of our tax management and continuously work to enhance the scope of our communication around tax.
Good corporate practice
Operating in more than 20 countries, SEB supports many customers in international trade and global cross-border businesses. Recognising that tax rules and regulations are not fully harmonised across these many different jurisdictions, SEB aims to show good corporate practice in the area of tax. Thus during 2016, SEB reviewed current practices and has developed a group-wide tax policy. The policy was adopted by the Board of Directors in January 2017. Please download here.
SEB as a tax payer
SEB is a significant payer of corporate income tax, social security contributions and bank levies in several countries. SEB is also a net payer of VAT, since a major part of the VAT paid is not recoverable. Similarly, SEB has an important role in the collection and payment of taxes on behalf of employees and customers as well as in the reporting of information related to customer taxation.
In 2016, SEB’s income tax expense amounted to SEK 4,249 million (SEK 4,284 million) globally. The SEB group also paid social security fees of SEK 2,606 million and stability fees and deposit insurance amounting to SEK 1,362 million in 2016.
See SEB’s taxes paid per country in Annual Report p. 83 and p. 99.