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Although more Swedish listed companies are improving their tax transparency, this year's review shows that the differences between companies are significant. Some companies excel with detailed reporting and clear policies, while others have some way to go to meet increased expectations from stakeholders. This article presents the latest insights from our annual review of 117 listed Swedish companies, using PwC’s Global Tax Transparency Framework (GTT Framework) to assess the maturity of tax transparency and reporting. This is the second year that Swedish companies have been assessed using PwC’s Global Tax Transparency Framework, building on the insights from last year’s review.
The GTT Framework, developed by PwC, is a comprehensive tool designed to evaluate the maturity of voluntary tax transparency and reporting among companies worldwide. It consists of 37 questions focusing on four key areas:
- Approach to Tax
- Tax Governance and Risk Management
- Tax Numbers and Performance
- Total Tax Contribution and the Wider Impact of Tax
Aligned with global standards such as GRI 207, CSRD, and OECD Guidelines, the framework ensures robust and relevant assessments that give a result on a scale, that can be compared to previous years and among different entities.
117 Swedish Companies Evaluated: A Diverse Landscape
This year’s review highlights a diverse landscape in tax transparency and sustainability reporting among Swedish companies. While there is no legal requirement for Swedish companies to publish a tax strategy, many voluntarily disclose significant information about their tax practices, governance, and contributions to society. This voluntary approach underscores a growing commitment to transparency and responsible corporate citizenship.
Our assessment involved a detailed review of publicly available documents, including annual reports, sustainability reports, and published tax policies or strategies. Each company’s disclosures were evaluated using the GTT Framework, both manually and with the support of AI, to ensure a thorough and objective analysis.
Key Findings: Progress and Gaps
- Approach to Tax: The average score rose to 26,3%, nearly a 3% increase from last year, reflecting progress in tax risk management and governance. This improvement demonstrates a growing consensus among Swedish companies on the importance of transparency in their approach to tax.
- Tax Numbers and Performance: Some companies have excelled in providing detailed disclosures on their tax numbers; however, the overall average score stands at 36,5% compared to 34,1% in the previous year. This suggests that while leaders are setting a strong example, there is still a general need for more comprehensive and consistent reporting across the market.
- Tax Governance and Risk Management: The average score increased by almost 7% to 17,6%, showing a growing focus on risk management. Companies with clear policies, regular risk assessments, and active board or audit committee involvement stood out in this area.
- Total Tax Contribution and Wider Impact: The average score stands at 10,8%, indicating that there is still room for improvement; however, this reflects a positive development compared to last year's score of 9,5%. While some companies demonstrate a strong commitment to contextualizing their tax contributions within the broader framework of responsible corporate citizenship, many others have yet to fully embrace this approach.
Tax and ESG: An Emerging Trend
Integration of tax within ESG reporting is gaining traction, with some companies explicitly linking tax payments to social and economic value creation. The average score for integrating tax within ESG reporting increased from 0.3 to 0.47 out of 2, indicating that while this practice is still in its infancy, there is clear momentum. However, only 40% of companies have published a tax strategy, which is consistent with last year’s findings and shows that this remains an area for further development.
A Call to Action
Approximately 60% of companies improved their overall scores, with 15% achieving a 10% or greater increase. While progress is evident, the overall average scores show that many companies still have work to do to meet rising stakeholder expectations.
If your company is looking to enhance its tax transparency, align with global best practices, or better integrate tax within your ESG strategy, we invite you to reach out. Our team can help you navigate the evolving landscape and develop a tailored approach that meets your stakeholders’ needs.
About the Report
The PwC’s global tax transparency and tax sustainability reporting study 2025 was published on 14 October 2025 and offers valuable insights into tax transparency practices across different regions and industries. If you have any questions regarding the GTT Framework, its assessment process, and the listing and rating of Swedish entities, or if you wish to discuss tax policy and strategy in more detail, do not hesitate to contact your regular PwC tax advisor or reach out to Hanna Myronicheva and Femke Van der Zeijden.
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