Swedish government removes small business accountant requirement

[Cees Binkhorst]

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Groet / ees

Swedish government removes small business accountant requirement
http://www.icenews.is/
Posted on02 April 2010.

The Swedish government has announced that it will abolish the
requirement for small businesses to employ an accountant. The move is
aimed at removing some of the unnecessary red tape that hinders an
estimated 250,000 small businesses across the country.

At a press conference last week, Swedish enterprise minister Maud
Olofsson said, “This is an important step to simplify regulations for
companies.” She went on to say that the legal amendment will result in
savings of up to SEK 2.5 billion (USD 346 million) for affected
companies. The Local also reported that the state will stand to save an
additional SEK 1.3 billion (USD 180 million), which will be generated by
higher stamp duties and increased property taxes on hydroelectric power..

The Swedish Federation of Business Owners welcomed the move,
acknowledging that Olofsson had endured a bitter battle with the finance
ministry in pushing through the new legislation, which will come into
effect on 1st November.

“This is a hard-won victory for the enterprise minister Maud Olofsson.
She has had to toil away like a northern Swedish cart-horse while the
finance minister Anders Borg has worked against her,” said Anna-Stina
Nordmark, the federation’s CEO. While the group admitted they would have
preferred higher thresholds to include more firms, the reduction of
administrative duties was well received.

An accountant will still be required by law to be hired by companies
banking more than SEK 1.5 million (USD 206,000) and for those with an
annual turnover in excess of three million kronor (USD 412,000).

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