Effects of Corona Virus on Companies

Av 8 juni, 2020 Nyheter

Hotel and restaurant companies, leisure and entertainment organizers, trade and taxi companies belong to industries that have been hit hard financially by the effects of the corona virus. But many more industries are affected. This shows a new report from the Swedish Tax Agency, where data from the tax has been compiled.

The Swedish Tax Agency has developed a number of indicators aimed at monitoring the economic development of companies in connection with the corona virus.

– We see that tourism companies, restaurants, hotels and taxi operations belong to hard-hit industries. But in addition to that, the Tax Agency’s data gives a much more detailed picture of how different industries and different types of businesses are affected, says Eva Samakovlis, Head of Analysis at Skatteverket, which is responsible for the report.

Facts from the report:

  • Almost four out of ten hotel and restaurant companies have lost at least a quarter of their turnover, measured on the basis of VAT returns for March compared to the same period last year. Sales have fallen in many industries, but most of them in hotel and restaurant operations and among leisure and entertainment organizers.
  • Hotel and restaurant businesses and companies that work in the area of ​​culture, entertainment and leisure are the industries where salary payments fell most during April, by 14 and 7 percent respectively. These figures are based on the approximately 98 percent of the expected number of employer declarations that have been received for April.
  • A total of about 26,000 companies have until May 13 been granted a tax with SEK 32 billion in tax. 73 percent of the companies that applied for a deferral have fewer than ten employees. But in terms of amount, the large companies, with more than 250 employees, account for about half of the total deferred amount. In terms of the proportion of companies that have applied for and been granted a deferral, by all who have had the opportunity to apply, stands out for hotel and restaurant operations and taxi traffic.

The indicators that the Swedish Tax Agency follows are selected so that they can be updated at least once a month and can be directly linked to the companies’ profitability and growth. The following six areas are covered:

  • License applications and granted licenses
  • Preliminary declarations
  • Sales based on VAT declaration
  • Employer declarations
  • Debt development in the tax account
  • New registrations and deregistrations for F-tax, VAT and employers

The reports are published on skatteverket.se to give everyone the opportunity to access the information.

Source: Skatteverket