Denmark in international tax planning:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Amsterdam
International Bureau of Fiscal Documentation
2005
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVI, 346 S. |
| ISBN: | 9076078734 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV021459570 | ||
| 003 | DE-604 | ||
| 005 | 20070226 | ||
| 007 | t | ||
| 008 | 050210s2005 |||| 00||| eng d | ||
| 020 | |a 9076078734 |9 90-76078-73-4 | ||
| 035 | |a (OCoLC)254054150 | ||
| 035 | |a (DE-599)BVBBV021459570 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-M382 |a DE-19 | ||
| 050 | 0 | |a KJR3574 | |
| 082 | 0 | |a 343.48904 | |
| 084 | |a 2 |2 ssgn | ||
| 100 | 1 | |a Bjornholm, Nikolaj |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Denmark in international tax planning |c Nikolaj Bjornhom and Anders Oreby Hansen |
| 264 | 1 | |a Amsterdam |b International Bureau of Fiscal Documentation |c 2005 | |
| 300 | |a XXVI, 346 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Business enterprises - Taxation - Law and legislation - Denmark | |
| 650 | 4 | |a Dänemark | |
| 650 | 4 | |a Income tax - Law and legislation - Denmark | |
| 650 | 4 | |a Internationales Steuerrecht | |
| 650 | 4 | |a Steuerplanung | |
| 650 | 4 | |a Tax planning - Denmark | |
| 650 | 4 | |a Unternehmen | |
| 700 | 1 | |a Hansen, Anders Oreby |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m GBV Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014679569&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-014679569 | ||
Datensatz im Suchindex
| _version_ | 1804135182909833216 |
|---|---|
| adam_text | DENMARK IN INTERNATIONAL TAX PLANNING NIKOLAJ BJ0RNHOLM AND ANDERS OREBY
HANSEN INTERNATIONAL BUREAU OF FISCAL DOCUMENTATION ABOUT THE PREFACE
CHAPTER 1 1.1. 1.1.1. 1.1.2. 1.1.3. 1.1.4. 1.1.5. 1.2. CHAPTER 2 2.1.
2.1.1. TABLE OF CONTENTS AUTHORS - INTRODUCTION AN INTRODUCTION TO
DENMARK AND THE DANES GEOGRAPHY PEOPLE AND LANGUAGE POLITICAL SYSTEM
ECONOMY INFRASTRUCTURE A FEW HINTS ON THE DANES AND DOING BUSINESS IN
DENMARK - THE DANISH TAX SYSTEM DENMARK AND ITS TAX SYSTEM ORGANIZATION
OF THE TAX ADMINISTRATION V VII 1 1 1 2 2 3 4 4 13 13 14 2.2. PERSONAL
INCOME TAX 15 17 18 19 20 20 20 21 CHAPTER 3 - COMPANY LAW 23 3.1.
INTRODUCTION 23 2.3. 2.3.1. 2.4. 2.5. 2.6. 2.7. 2.8. CORPORATE TAX
HOLDING COMPANIES TAXES ON CAPITAL AND REAL ESTATE VALUE ADDED TAX (VAT)
EXCISE DUTY AND ENVIRONMENTAL TAXES CUSTOMS TAX TREATIES TABLE OF
CONTENTS 3.2. FORMATION 23 3.2.1. GENERAL 23 3.2.2. SHAREHOLDERS
(PROMOTERS (FOUNDERS)) 25 3.2.3. MEMORANDUM OF ASSOCIATION 26 3.2.4.
ARTICLES OF ASSOCIATION 28 3.2.5. STATUTORY GENERAL MEETING 29 3.2.6.
REGISTRATION WITH THE COMMERCE AND COMPANIES AGENCY AND LEGAL
CONSEQUENCES 29 3.2.7. CAPITAL REQUIREMENTS 31 3.2.8. DUTIES AND FEES 32
3.2.9. COMPANY NAME 32 3.2.10. CONTRIBUTION OF CAPITAL IN KIND 33
3.2.11. DIVIDEND 35 3.2.11.1. INTRODUCTION 35 3.2.11.2. INTERIM
DIVIDENDS - AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS 35 3.2.11.3.
THE BOARD OF DIRECTORS DECISION TO DISTRIBUTE INTERIM DIVIDENDS 35
3.2.11.4. ACCUMULATED PROFITS FROM THE CURRENT FINANCIAL YEAR 36 3.3.
MANAGEMENT 37 3.3.1. MANAGERS AND DIRECTORS 37 3.3.1.1. GENERAL
INTRODUCTION 3 7 3.3.1.2. NOMINATION 38 3.3.1.3. POWERS 39 3.3.1.4.
ORGANIZATION AND FUNCTIONING 40 3.3.1.5. DISMISSAL OF MEMBERS OF THE
BOARD OF DIRECTORS 43 3.3.1.6. LIABILITY OF THE BOARD OF DIRECTORS 43
3.3.2. GENERAL MEETINGS (ASSEMBLIES) 44 3.3.2.1. GENERAL INTRODUCTION 44
3.3.2.2. ORDINARY GENERAL MEETING 46 3.3.2.3. EXTRAORDINARY GENERAL
MEETINGS 47 3.3.2.4. SHAREHOLDERS AGREEMENT 48 3.3.2.5. POSSIBILITY TO
MODIFY VOTING RIGHTS 48 3.3.2.6. PROTECTION OF MINORITY SHAREHOLDERS 50
3.4. TRANSFER OF SHARES 51 3.4.1. TRANSFERABILITY AND PRE-EMPTION RIGHTS
51 3.4.1.1. A/S COMPANY 51 3.4.1.2. APS COMPANY 52 3.4.2. 3.4.2.1.
3.4.2.2. 3.4.3. 3.4.3.1. 3.4.3.2. 3.4.4. 3.4.4.1. 3.4.4.2. 3.4.5. 3.4.6.
3.4.6.1. 3.4.6.2. 3.5. 3.5.1. 3.5.1.1. 3.5.2. 3.5.3. 3.5.4. 3.5.5. 3.6.
3.6.1. 3.6.2. 3.7. 3.7.1. 3.8. 3.8.1. 3.8.1.1. 3.8.1.1.1. 3.8.1.2. TABLE
OF CONTENTS OWN SHARES (TREASURY SHARES) A/S COMPANY APS COMPANY
COMPULSORY TRANSFER A/S COMPANY APS COMPANY SHARE REGISTER, SHARE
CERTIFICATES AND ACT OF PERFECTION A/S COMPANY APS COMPANY DUTIES AND
FEES DISCLOSURE REQUIREMENTS WITH RESPECT TO THE SHAREHOLDERS A/S
COMPANY APS COMPANY ACCOUNTS (RECORDS) DUTY TO PREPARE AND KEEP RECORDS
A/S COMPANY AND APS COMPANY CURRENCY TO BE USED IN THE RECORDS FISCAL
YEAR GROUP ACCOUNTS DISCLOSURE OF FINANCIAL STATEMENTS LIABILITY OF
SHAREHOLDERS A/S COMPANY APS COMPANY DIVISION (DEMERGER) A/S AND APS
COMPANY MERGER CONDITIONS AND PROCEDURE A/S COMPANY CONSEQUENCES APS
COMPANY 52 52 53 53 53 53 53 53 54 55 55 55 55 56 56 56 56 57 57 57 58
58 58 58 58 59 59 59 61 61 3.9. CONVERSION FROM PUBLIC LIMITED TO
PRIVATE LIMITED COMPANY 61 TABLE OF CONTENTS 3.10. 3.10.1. 3.10.2.
3.10.3. 3.10.3.1. 3.10.3.2. 3.10.4. 3.10.5. 3.10.6. 3.10.7. 3.10.8.
3.10.9. 3.10.10. 3.10.11. 3.10.12. 3.10.13. 3.10.14. 3.10.15. 3.10.16.
3.10.17. 3.11. 3.11.1. 3.11.2. 3.11.3. 3.11.3.1. 3.11.3.2. 3.11.3.3.
3.11.3.4. 3.11.3.5. 3.11.3.6. 3.11.3.7. 3.11.3.8. 3.11.3.9. 3.11.4.
3.11.5. 3.11.6. LIQUIDATION/DISSOLUTION SHORT DESCRIPTION OF THE
PROCEDURE FOR LIQUIDATING A DANISH A/S COMPANY REGIME LIQUIDATION
COMMENCEMENT LIQUIDATOR AUDITOR FILING COMPANY NAME OBSERVANCE OF
GENERAL LAW ANNUAL ACCOUNTS AND ANNUAL TAX FILINGS SPECIAL ACCOUNTS
CREDITORS CLAIMS SETTLEMENT OF CREDITORS CLAIMS LIQUIDATION PROCEEDS
TAX CLEARANCE COMPLETION AND DE-REGISTRATION SEQUENCE OF EVENTS TAX
IMPLICATIONS REGISTRATION DUTIES THE PROCEDURE FOR DISSOLVING A DANISH
APS COMPANY REGIME LIQUIDATION DISSOLUTION DISSOLUTION BY DECLARATION
PIERCING THE CORPORATE VEIL ABSENCE OF GENERAL MEETINGS ABSENCE OF
LIQUIDATOR FINANCIAL STATEMENTS AND TAX FILINGS SPECIAL ACCOUNTS
CREDITORS CLAIMS DISTRIBUTION OF ASSETS SEQUENCE OF EVENTS TAX REGIME
REGISTRATION DUTIES COMOARATIVE ANALVSIS OF LINUIDARION ANRL DISSOLUTION
62 62 63 63 63 63 64 64 64 65 65 65 66 66 66 67 68 68 69 69 69 69 69 70
70 70 71 71 71 72 72 72 72 73 73 11 3.12. 3.12.1. 3.13. 3.13.1. 3.13.2.
3.13.3. 3.13.4. 3.13.5. 3.13.6. 3.13.7. 3.14. 3.14.1. 3.14.2. 3.14.2.1.
3.14.2.2. 3.14.2.3. 3.14.2.4. 3.14.2.5. 3.14.2.6. 3.14.2.7. 3.14.3.
3.14.3.1. 3.14.3.2. 3.14.3.3. 3.14.3.4. 3.14.3.5. 3.14.3.6. 3.14.4.
3.14.5. 3.14.5.1. 3.14.5.2. 3.14.5.3. TABLE OF CONTENTS FEATURES
DISTINGUISHING AN APS COMPANY FROM AN A/S COMPANY CHOICE BETWEEN AN A/S
COMPANY AND AN APS COMPANY THE EUROPEAN COMPANY - THE SE COMPANY
INTRODUCTION THE LAW OF THE MEMBER STATES ESTABLISHMENT OF THE SE
COMPANY BASIC REQUIREMENTS FOR AN SE COMPANY STRUCTURE OF THE SE COMPANY
EMPLOYEE PARTICIPATION CONCLUSION DANISH TAKEOVER REGULATION
INTRODUCTION AND OVERVIEW INITIAL CONSIDERATIONS WHEN CONTEMPLATING A
VOLUNTARY OFFER OWNERSHIP STRUCTURE OF THE TARGET COMPANY
DISPROPORTIONATE VOTING RIGHTS AND OTHER SHARK REPELLENTS RESTRICTIONS
DEPENDING ON ACTIVITY OF THE TARGET COMPANY TYPE OF CONSIDERATION TO BE
OFFERED DUE DILIGENCE ON THE TARGET MARKET PURCHASES DISCLOSURE
OBLIGATIONS THE PROCEDURE FOR AND CONTENT OF A VOLUNTARY OFFER
PUBLICATION OF OFFER ADVERTISEMENT AND OFFER DOCUMENT OFFER DOCUMENT
PARTIAL OFFERS STATEMENT FROM BOARD OF DIRECTORS OF TARGET EXTENSION OF
THE OFFER PERIOD OR CHANGE OF THE TERMS OF THE OFFER FEE TO THE
COPENHAGEN STOCK EXCHANGE DEFENSIVE MEASURES MANDATORY TAKEOVER BIDS
WHAT TRIGGERS A MANDATORY BID OBLIGATION? SHAREHOLDINGS OF RELATED
PARTIES EXEMPTION 75 76 76 76 76 77 78 78 79 79 80 80 80 80 81 81 81 82
82 83 83 83 84 86 86 87 87 87 88 88 90 90 XLLL TABLE OF CONTENTS
3.14.5.4. THE CONSIDERATION AND CALCULATION OF PRICE 91 3.14.5.5.
PUBLICATION OF OFFER ADVERTISEMENT AND OFFER DOCUMENT 91 3.14.6. STATUS
OF RULES 92 3.14.7. COMPULSORY REDEMPTION 92 3.14.7.1. COMPULSORY
REDEMPTION PURSUANT TO A/S COMPANIES ACT 92 3.14.7.2. REDEMPTION OF
SHARES PURSUANT TO ARTICLES OF ASSOCIATION 94 3.14.8. DE-LISTING 95
3.14.9. THE DIFFERENT STEPS OF A TAKEOVER BID 95 3.15. FINANCIAL
ASSISTANCE 96 CHAPTER 4 - CORPORATE TAXATION 101 4.1. BASIC DISTINCTION
BETWEEN RESIDENT AND NON-RESIDENT COMPANIES 101 4.1.1. 4.1.2. 4.2.
4.2.1. 4.3. 4.3.1. 4.3.1.1. 4.3.1.2. 4.3.1.2.1. 4.3.2. 4.3.3. 4.3.4.
4.3.5. 4.4. 4.4.1. 4.4.2. 4.5. 4.5.1. 4.5.2. RESIDENT COMPANIES
(UNLIMITED TAX LIABILITY) NON-RESIDENT COMPANIES (LIMITED TAX LIABILITY)
TAX RATE COMPUTATION OF TAXABLE INCOME WITHHOLDING TAXES OUTBOUND
DIVIDENDS INTRODUCTION REGIME US LLCS ROYALTIES WITHHOLDING TAXATION ON
INTEREST PAYMENT TO EMPLOYEES, MANAGERS AND DIRECTORS MANAGEMENT FEES
TAXATION OF INBOUND DIVIDENDS FOREIGN TAXATION DANISH TAXATION CAPITAL
GAINS TAXATION INTRODUCTION REAL ESTATE 101 104 105 106 106 106 106 107
108 108 109 111 111 111 111 112 113 113 113 TABLE OF CONTENTS 4.5.3.
MONETARY CLAIMS AND DEBTS 114 4.5.3.1. COMPUTATION OF CAPITAL GAINS AND
LOSSES ON DEBTS 4.5.4. 4.5.5. 4.5.5.1. 4.5.6. 4.5.7. 4.5.8. 4.6. 4.6.1.
4.6.2. 4.6.2.1. 4.6.2.2. 4.6.2.3. 4.6.3. 4.6.4. 4.6.5. 4.6.6. 4.6.7.
4.6.8. 4.6.9. 4.6.10. 4.6.11. AND DEBT CLAIMS FINANCIAL INSTRUMENTS
SHARES/SECURITIES COMPUTATION OF CAPITAL GAINS AND LOSSES ON SHARES
SECURITIES LENDING LIMITED TAX LIABILITY WITH RESPECT TO INVESTMENTS IN
DANISH VENTURE COMPANIES GOODWILL AND OTHER INTELLECTUAL PROPERTY
DEDUCTIONS INTRODUCTION DEPRECIATION DECLINING BALANCE DEPRECIATION
STRAIGHT-LINE DEPRECIATION ADVANCE DEPRECIATION TAXES FORMATION AND
START-UP COSTS INTEREST BAD AND DUBIOUS DEBT MANAGEMENT AND DIRECTORS
REMUNERATION ENTERTAINMENT EXPENSES FOREIGN EXCHANGE GAINS/LOSSES
INTER-GROUP FINANCING/THIN CAPITALIZATION DIVIDENDS DISTRIBUTED 115 115
117 118 120 120 120 121 121 122 122 123 124 125 125 126 126 126 127 127
127 127 4.7. TAX TREATMENT OF LOSSES 127 4.8. LIQUIDATION 128 4.9.
REORGANIZATIONS 129 4.9.1. MERGERS 129 4.9.1.1. DEFINITION 129 4.9.1.2.
THE GENERAL CONDITIONS FOR A TAX-EXEMPT MERGER 130 4.9.1.3. APPROVAL
FROM THE MINISTRY OF TAXATION AS A CONDITION FOR TAX EXEMPTION 131
4.9.1.4. LEGAL EFFECTS - SUCCESSION 132 4.9.2. DIVISIONS 133 4.9.2.1.
INTRODUCTION 133 4.9.2.2. GENERAL CONDITIONS FOR A TAX-EXEMPT DIVISION
133 TABLE OF CONTENTS 4.9.2.3. 4.9.2.4. 4.9.3. 4.9.3.1. 4.9.3.2.
4.9.3.3. 4.9.3.4. 4.9.4. 4.9.4.1. 4.9.4.2. 4.9.4.3. 4.9.5. 4.10. 4.10.1.
4.10.1.1. 4.10.1.2. 4.10.1.3. 4.10.2. 4.10.3. 4.10.4. 4.10.5. 4.10.6.
4.10.7. 4.10.7.1. 4.10.7.2. 4.10.8. 4.10.9. APPROVAL FROM THE MINISTRY
OF TAXATION LEGAL EFFECTS - SUCCESSION EXCHANGE OF SHARES INTRODUCTION
GENERAL CONDITIONS FOR A TAX-EXEMPT EXCHANGE OF SHARES APPROVAL FROM THE
TAX AUTHORITIES LEGAL EFFECTS TRANSFER OF ASSETS INTRODUCTION GENERAL
CONDITIONS FOR A TAX-EXEMPT TRANSFER OF ASSETS LEGAL EFFECTS TAXABLE
TRANSACTIONS - AN ALTERNATIVE PROCEDURAL ISSUES BOOKKEEPING, FISCAL YEAR
AND PAYMENTS OF TAX BOOKKEEPING REQUIREMENTS FISCAL YEAR PAYMENT OF
TAXES TAX RETURN AND PENALTIES ADDITIONAL REPORTING REQUIREMENTS
REASSESSMENT PRESCRIPTION OF TAX CLAIMS APPEALS RULINGS AND PRIOR
APPROVAL PROCEDURES INFORMAL RULING BINDING ADVANCE RULING BINDING
ADVANCE STATEMENT OTHER PRIOR APPROVAL PROCEDURES 134 135 135 135 136
137 138 139 139 139 140 140 142 142 142 142 143 144 144 144 145 146 146
146 146 147 148 4.11. ANTI-AVOIDANCE MEASURES 148 4.12. INTER-COMPANY
TRANSACTIONS - THE DANISH RULES ON TRANSFER PRICING 148 4.12.1.
INTRODUCTION 148 4.12.2. REGIME 150 4.12.3. TRANSFER PRICING
DOCUMENTATION 151 4.12.4. PROBLEMS OF DOUBLE TAXATION 154 4.12.5.
METHODS TO DETERMINE THE ARM S LENGTH PRICE AND TERMS 155 XVI TABLE OF
CONTENTS 4.13. 4.13.1. 4.13.2. 4.13.3. 4.13.4. 4.13.5. 4.13.6. 4.13.7.
4.14. 4.14.1. 4.14.2. 4.14.3. 4.14.3.1. 4.14.3.2. 4.14.3.3. 4.14.3.4.
4.14.3.4.1. 4.14.3.4.2. 4.14.4. 4.14.5. 4.15. 4.15.1. 4.16. 4.16.1.
4.16.1.1. 4.16.1.2. 4.16.1.2.1. 4.16.1.2.2. 4.16.1.2.3. 4.16.1.2.4.
4.16.1.3. 4.16.1.4. 4.16.2. THIN CAPITALIZATION RULES INTRODUCTION THIN
CAPITALIZATION RULES IN BRIEF CONTROLLED DEBT (CONDITION (1))
DEBT-TO-EQUITY RATIO (CONDITION (2)) NO MATCHING DEBT AVAILABLE
(CONDITION (3)) CAPITAL LOSSES CARRIED FORWARD AMENDMENT IN 2004 -
DANISH GROUPS INCLUDED - LI 19 CFC TAXATION OVERVIEW OF CFC OR SIMILAR
LEGISLATION CFC TAXATION - REGIME CFC CONDITIONS INTRODUCTION CFC
CONTROL TEST (CONDITION (1)) CFC INCOME TEST CFC LOW-TAX TEST DANISH TAX
RATES COMPARABLE TAX RATE RECAPTURE OF CFC TAXATION COMPATIBILITY WITH
TREATIES AND INTERNATIONAL AND EU LAW TAXATION OF CAPITAL GAINS ON
SHARES AND DIVIDENDS FROM FINANCIAL COMPANIES SUBJECT TO LOW TAX SEC. 2A
SHARES DANISH ANTI DOUBLE DIP RULES SEC. 5G INTRODUCTION INTERPRETATIONS
OF THE TAX REGIME INTRODUCTION UPSTREAM STRUCTURES LIMITATION OF
ALLOWANCE RELATED INCOME NON-DISCRIMINATION CONCLUSIONS IN RELATION TO
SEC. 5G ANTI CHECK-THE-BOX 157 157 158 159 159 160 160 160 161 161 161
162 162 162 164 165 165 165 167 168 169 169 172 172 172 173 173 173 175
176 177 178 179 XVU TABLE OF CONTENTS 4.17. 4.18. 4.19. 4.20. 4.20.1.
4.20.2. 4.20.3. 4.20.4. 4.20.5. 4.20.6 4.20.6.1. 4.20.6.2. 4.20.6.3.
4.20.6.4. 4.20.7. 4.20.8. 4.20.9. 4.21. 4.21.1. 4.21.2. 4.21.2.1.
4.21.2.2. 4.21.2.3. 4.22. 4.22.1. 4.22.2. 4.22.3. 4.22.4. 4.22.5.
FINANCING COST RELATED TO CERTAIN SHARES (OR RECEIVABLES) TAXATION ON
LEAVING DENMARK BILATERAL MEASURES GROUP CONSOLIDATION (JOINT TAXATION)
INTRODUCTION RESIDENT SUBSIDIARIES NON-DANISH SUBSIDIARIES OTHER GENERAL
CONDITIONS CONSOLIDATED INCOME SPECIAL RULES FOR NON-RESIDENT GROUP
MEMBERS DETERMINATION OF INITIAL VALUES OF ASSETS AND LIABILITIES DOUBLE
DIP FORCED FOREIGN TAX CREDIT RULE RECAPTURE OF LOSSES IN CASE OF
CESSATION OF JOINT TAXATION LOSS CARRY-FORWARD TAX LIABILITY ALLOCATION
OF TAX TAXATION OF DANISH PENSION FUNDS, INSURANCE COMPANIES AND
INVESTMENT FUNDS INTRODUCTION TAXATION OF UNIT-LINKED CONTRACTS AND
INVESTMENT FUNDS UNIT-LINKED CONTRACTS INVESTMENT FUNDS
(INVESTERINGSFORENINGER) QUALIFICATION OF FOREIGN INVESTMENT FUNDS
SHIPPING COMPANIES - THE DANISH TONNAGE TAX REGIME WHICH COMPANIES ARE
INCLUDED? WINDOW AND LIMITATION INCOME SUBJECT TO TONNAGE TAXATION
FINANCIAL INCOME DEFERRED TAXES 180 180 181 181 181 183 183 184 185 185
185 186 186 187 187 188 188 189 189 189 189 190 193 194 194 195 195 196
197 XVHL TABLE OF CONTENTS 4.23. TAXATION IN CONNECTION WITH HYDROCARBON
EXTRACTION IN DENMARK 197 4.23.1. INTRODUCTION 197 4.23.2. TAX LIABILITY
FOR FOREIGN ENTERPRISES 198 4.23.2.1. TAX LIABILITY UNDER THE GENERAL
TAXATION RULES 198 4.23.2.2. TAX LIABILITY PURSUANT TO THE HYDROCARBON
TAX ACT 198 4.24. TAXATION OF HYDROCARBON CONCESSIONARIES 200 4.24.1.
SPECIAL HYDROCARBON TAXATION 200 4.24.2. CORPORATE INCOME TAX 201
4.24.3. NEW RULES FOR THE 1962 SOLE CONCESSION AND NEW CONCESSIONS
ENTERED INTO AFTER 1 JANUARY 2004 201 4.25. TAX LIABILITY FOR FOREIGN
EMPLOYEES 202 CHAPTER 5 -TAXATION OF INDIVIDUALS 203 5.1. RESIDENTS 203
5.1.1. FULL DANISH TAX LIABILITY 203 5.2. 5.2.1. 5.3. 5.4. 5.5. 5.6.
5.6.1. 5.6.2. 5.6.3. 5.6.4. 5.7. 5.8. 5.9. 5.9.1. NON-RESIDENTS LIMITED
TAX LIABILITY TAXABLE INCOME COLLECTION/WITHHOLDING TAX ASSESSMENT AND
RETURNS TAX RATES ORDINARY/PERSONAL INCOME CAPITAL INCOME SHARE INCOME
CFC INCOME SOCIAL SECURITY PERSONAL ALLOWANCE AND TAX CEILING DANISH
EMPLOYERS COSTS PAVROLL-BASED TAXES 204 204 205 206 206 207 207 208 208
209 209 210 210 211 TABLE OF CONTENTS 5.10. TAXATION OF NON-RESIDENT
DIRECTORS 211 5.11. TAXATION OF NON-RESIDENT EMPLOYEES 212 5.12. CAPITAL
GAINS TAXATION 213 5.12.1. INTRODUCTION 213 5.12.2. SHARES 214 5.12.3.
BUSINESS ASSETS - ROLLOVER RELIEF 214 5.12.4. BONDS 215 5.12.5.
FINANCIAL INSTRUMENTS 216 5.13. TAXATION OF DIVIDENDS 218 5.14. TAXATION
OF EMPLOYEE INCENTIVE SCHEMES 218 5.14.1. INTRODUCTION 218 5.14.2. SEC.
7A SCHEME (SHARES GRANTED AT DISCOUNT) 219 5.14.2.1. INTRODUCTION 219
5.14.2.2. EMPLOYER DEDUCTIONS 220 5.14.2.3. REPORTING AND WITHHOLDING
REQUIREMENTS 220 5.14.2.4. COST BASIS FOR THE EMPLOYEE AND COMMENCEMENT
OF HOLDING PERIOD 220 5.14.3. SEC. 28 SCHEME-STOCK OPTIONS/WARRANTS 221
5.14.3.1. INTRODUCTION 221 5.14.3.2. EMPLOYER DEDUCTIONS 222 5.14.3.3.
REPORTING AND WITHHOLDING REQUIREMENTS 222 5.14.3.4. COST BASIS FOR THE
EMPLOYEE 222 5.14.4. SEC. 7H SCHEME - QUALIFIED STOCK OPTIONS/ WARRANTS
REGIME 223 5.14.4.1. INTRODUCTION 223 5.14.4.2. EMPLOYER DEDUCTIONS 224
5.14.4.3. REPORTING AND WITHHOLDING REQUIREMENTS 224 5.14.4.4. COST
BASIS FOR THE EMPLOYEE 224 5.14.5. NON-QUALIFYING SCHEMES 225 5.14.6.
TAXATION UPON DISPOSAL OF THE SHARES 225 5.14.7. SUMMARY 225 5.15.
RE-OPENING OF TAX ASSESSMENTS 227 5.16. PRESCRIPTION OF TAX CLAIMS 228
XX 5.17. 5.17.1. 5.17.2. 5.17.3. 5.17.4. 5.18. 5.18.1. 5.18.2. 5.18.3.
5.18.4. 5.18.5. 5.18.6. 5.18.6.1. 5.18.6.2. 5.18.6.3. 5.18.7. 5.18.8.
5.18.9. 5.18.10. 5.18.11. 5.18.12. 5.19. 5.19.1. 5.19.2. 5.19.3. 5.19.4.
TABLE OF CONTENTS RULINGS AND PRIOR APPROVAL PROCEDURES INFORMAL RULING
BINDING ADVANCE RULING BINDING ADVANCE STATEMENT OTHER PRIOR APPROVAL
PROCEDURES TAX LIABILITY UNDER THE HYDROCARBON TAX ACT INTRODUCTION
NOTIFICATION OF THE TAX AUTHORITIES INFORMATION ON CONTRACTOR/CONTRACTS
INFORMATION ON EMPLOYEES PER CENT FINAL TAX COLLECTION OF 30% TAX LEVIED
ON EMPLOYEES REGISTRATION OF ENTERPRISES LIABLE TO WITHHOLD TAX
INFORMATION ON EMPLOYEES FORMS WITHHOLDING OF THE 30% TAX THE TIME AT
WHICH TAX IS TO BE WITHHELD THE BASIS OF TAXATION PAYMENT OF 30% TAX
WITHHELD REPORTING OBLIGATIONS OVERDUE PAYMENTS/OVERDUE REPORTS ON 30%
TAX HIRING-OUT OF LABOUR INTRODUCTION THE BASIC PRINCIPLES OF DANISH
TAXATION THREE SPECIAL REGIMES AVAILABLE INTERNATIONAL HIRINE-OUT OF
LABOUR FROM A DANISH 229 229 229 230 230 231 231 231 231 232 232 232 232
233 233 234 234 235 235 235 236 237 237 237 237 PERSPECTIVE 238 5.19.5.
EXCEPTIONS TO THE SPECIAL RULES ON INTERNATIONAL HIRING-OUT OF LABOUR
239 5.19.6. SOCIAL SECURITY CONTRIBUTIONS 240 5.19.7. WITHHOLDING TAX
241 5.19.8. DOUBLE TAXATION RELIEF 241 5.19.9. REPORTING AND PAYMENT 241
5.19.10. CALCULATION OF SOCIAL SECURITY CONTRIBUTIONS AND INTERNATIONAL
HIRING-OUT OF LABOUR TAX (A-TAX) 242 5.20. EXPATRIATE TAXATION 243
5.20.1. INTRODUCTION 243 5.20.2. CONDITIONS TO BE FULFILLED BY THE
EXPATRIATE 244 TABLE OF CONTENTS 5.20.2.1. FULL TAX LIABILITY 244
5.20.2.2. PREVIOUS TAX LIABILITY IN DENMARK 245 5.20.2.3. RESIDENCE
ABROAD PRIOR TO EMPLOYMENT 245 5.20.2.4. CO-OWNER OF THE EMPLOYER S
ENTERPRISE 246 5.20.2.5. CONDITIONS TO BE FULFILLED BY THE EMPLOYER 247
5.20.2.6. PARTNERSHIPS 247 5.20.2.7. THE EMPLOYER MUST COLLECT THE TAX
247 5.20.2.8. WHAT HAPPENS IF THE EMPLOYER FAILS TO MEET THE CONDITIONS
THROUGHOUT THE PERIOD? 248 5.20.3. THE TERMS OF EMPLOYMENT 248 5.20.3.1.
FIXED-TERM EMPLOYMENT 248 5.20.3.2. MORE THAN ONE EMPLOYMENT
RELATIONSHIP WITH DIFFERENT EMPLOYERS 248 5.20.3.3. THE WORK MUST BE
CARRIED OUT IN DENMARK 249 5.20.3.4. THE REMUNERATION (MINIMUM SALARY)
249 5.20.3.5. MONTHLY EARNINGS 249 5.20.3.6. PAYMENT BY THE EMPLOYER OF
THE EXPATRIATE S FIXED EXPENSES 249 5.20.3.7. SPECIAL CONDITIONS APPLY
TO CERTAIN RESEARCHERS 250 5.20.3.8. OTHER EXPATRIATES ENGAGED WITH A
VIEW TO RESEARCH AND DEVELOPMENT WORK 252 5.20.4. CALCULATING THE TAX
253 5.20.4.1. MONETARY REMUNERATION 253 5.20.4.2. TAX-FREE SERVICES 254
5.20.4.3. SOCIAL SECURITY CONTRIBUTIONS 254 5.20.4.4. PENSION SCHEMES
254 5.20.4.5. THE TOTAL REMUNERATION IS SUBJECT TO A FINAL 25% TAX - NO
DEDUCTIONS AVAILABLE 255 5.20.4.6. NO ALLOWANCES/DEDUCTIONS 255
5.20.4.7. AMOUNTS THAT ARE NOT COVERED BY THE SCHEME 255 5.20.4.8.
ELECTING THE EXPATRIATE TAXATION SCHEME 255 5.20.4.9. SUBSEQUENT
ELECTION OF THE EXPATRIATE TAXATION SCHEME 256 5.20.4.10. STATEMENT AND
PAYMENT OF 25% TAX 256 5.20.4.11. OTHER INCOME 257 5.20.4.12. ALLOWANCES
IN RESPECT OF EXPENSES ASSOCIATED WITH OTHER INCOME 257 5.20.4.13.
EXPENSES ASSOCIATED WITH INCOME TAXED UNDER THE EXPATRIATE TAXATION
SCHEME 258 5.20.4.14. TERMINATION OF EMPLOYMENT 258 XXU 5.20.4. 5.20.4.
CHAPTER 6 6.1. 6.2. 6.3. 6.4. 6.5. 6.5.1. 6.5.2. 6.5.3. 6.5.4. 6.6.
CHAPTER 7 7.1. 15. RIGHT TO ANNUL THE SCHEME (COOLING OFF) 16. INCOME
TAX RETURN - SUNDRY TAXES AND DUTIES REAL ESTATE TAXES INHERITANCE AND
GIFT TAX SHARE TRANSFER TAX STAMP AND REGISTRATION DUTY VALUE ADDED TAX
TAXABLE TRANSACTIONS REGISTRATION VAT BASE TAXABLE PERIOD AND PAYMENT OF
TAX EXCISE DUTIES - THE DANISH HOLDING REGIME INTRODUCTION/MAIN FEATURES
TABLE OF CONTENTS 260 260 261 261 261 262 262 263 263 263 264 264 264
267 267 7.2. TAX ASPECTS OF THE FORMATION OF A HOLDING COMPANY 268
7.2.1. LAWS AND DECREES 268 7.2.1.1. GENERAL 268 7.2.1.2. MAJOR LEGAL
FORMS FOR HOLDING COMPANIES 269 7.3. CREATION BY CONTRIBUTION OF SHARES
270 7.3.1. CONTRIBUTION OF DOMESTIC SHARES BY A DANISH RESIDENT TO A
DANISH OR FOREIGN HOLDING COMPANY 270 7.3.2. EXEMPTIONS 270 7.3.3.
TAXATION OF THE DANISH HOLDING COMPANY 271 7.3.4. CORPORATE ASPECTS 271
7.3.4.1. CONTRIBUTION OF FOREIGN SHARES BY A DANISH RESIDENT TO A DANISH
OR FOREIGN HOLDING COMPANY 271 7.3.4.2. CONTRIBUTION OF DOMESTIC SHARES
BY A NON-RESIDENT TO A DANISH OR FOREIGN HOLDING COMPANY 272 TABLE OF
CONTENTS 7.4. CREATION BY SALE OF SHARES TO A HOLDING COMPANY 272 7.4.1.
SALE OF DOMESTIC SHARES BY A DANISH RESIDENT TO A DANISH OR FOREIGN
HOLDING COMPANY 272 7.4.2. SALE OF FOREIGN SHARES BY A DANISH RESIDENT
TO A DANISH OR FOREIGN HOLDING COMPANY 272 7.4.3. SALE OF DOMESTIC
SHARES BY A NON-RESIDENT TO A DANISH OR FOREIGN HOLDING COMPANY 273 7.5.
CREATION BY CONTRIBUTION OF ASSETS (OTHER THAN SHARES) 273 7.5.1.
GENERAL 273 7.5.2. CAPITAL GAINS 273 7.5.2.1. EXEMPTIONS 273 7.5.2.2.
TAXATION OF THE DANISH HOLDING COMPANY 274 7.5.2.3. CORPORATE ASPECTS
275 7.5.3. REGISTRATION DUTIES 275 7.6. FINANCING THE ACQUISITION OF
SHARES BY A HOLDING COMPANY 275 7.6.1. GENERAL 275 7.6.2. LIMITATIONS TO
THE DEDUCTION OF FINANCING CHARGES 275 7.6.2.1. LEGAL LIMITATIONS 275
7.6.2.1.1. FORMATION AND START-UP COSTS 275 7.6.2.1.2. INTEREST PAYMENTS
276 7.6.3. ABUSE OF LAW CONCEPT 277 7.6.4. THIN CAPITALIZATION 277 7.7.
OTHER LIMITATIONS 277 7.7.1. FINANCIAL ASSISTANCE 277 7.8. TAXATION OF
DIVIDENDS 281 7.8.1. DIVIDENDS RECEIVED BY A DANISH HOLDING COMPANY FROM
ITS SUBSIDIARIES 281 7.8.2. DIVIDENDS PAID BY A DANISH HOLDING COMPANY
TO ITS SHAREHOLDERS 283 7.8.3. NON-RESIDENT INDIVIDUAL SHAREHOLDERS 284
7.8.4. NON-RESIDENT CORPORATE SHAREHOLDERS (EU AND NON-EU) 285 7.8.5.
TREATY CHART 287 7.8.6. DIVIDENDS RECEIVED BY DOMESTIC SHAREHOLDERS FROM
A HOLDING COMPANY 290 XXIV TABLE OF CONTENTS 7.9. TAXATION OF CAPITAL
GAINS AND LOSSES 290 7.9.1. CAPITAL GAINS REALIZED BY A HOLDING COMPANY
ON THE DISPOSAL OF SHARES IN ITS SUBSIDIARIES 291 7.9.2. CAPITAL LOSSES
REALIZED BY A HOLDING COMPANY ON THE DISPOSAL OF SHARES IN ITS
SUBSIDIARIES 292 7.9.3. CAPITAL GAINS REALIZED BY SHAREHOLDERS ON THE
DISPOSAL OF SHARES IN A DANISH HOLDING COMPANY 292 CHAPTER 8 - TAX
PLANNING AND ACQUISITION STRUCTURES 295 8. I. 8.1.1. 8.1.2. 8.1.3.
8.1.4. 8. 8. 8. 8. 8. 8. 1.4.1. L.4.2. 1.4.2.1. 1.4.2.2. 1.4.2.3.
1.4.2.4. 8.1.5. 8.1.6. 8.1.7. 8.1.7.1. 8.1.7.2. 8.2. 8.2.1. 8.2.2.
8.2.3. 8.2.4. 8.3. 8.3.1. 8.3.2. 8.3.3. 8.3.4. 8.3.5. DANISH HOLDING
COMPANY STRUCTURES HOLDING COMPANY STRUCTURE THE DANISH HOLDING REGIME
IN BRIEF ATTRACTIVE SUBCO JURISDICTIONS REPATRIATION OF FUNDS TO
PARENTCO FLOW OF DIVIDENDS CAPITALIZATION BY LOANS GENERAL REMARKS THE
2004 LEGISLATION LIQUIDATION OF THE DANISH HOLDING COMPANY SALE OF THE
DANISH HOLDING COMPANY PLANNING OPPORTUNITIES: LEVERAGED STRUCTURES
FISCAL CONSOLIDATION/GROUP TREATMENT (CROSS-BORDER JOINT TAXATION) USE
OF HYBRIDS INTRODUCTION SUMMARY OF THE DECISION INBOUND ACQUISITION
STRUCTURES BASIC STRUCTURE CONTRACTUAL SUBORDINATION STRUCTURAL
SUBORDINATION PLANNING OPPORTUNITIES: LEVERAGED STRUCTURES STRUCTURES
INVOLVING TRANSFER OF ACTIVITIES INTRODUCTION ASSET TRANSFER OF
DANISHCO S ACTIVITIES TO NEWCO AGAINST SHARES - SUMMARY OF PROS AND CONS
SEPARATION OF BUSINESS TRANSFER OF ASSETS PREFERENTIAL STATUS FOR
DANISHCO S SHARES 295 295 295 296 296 296 298 298 300 306 308 310 311
312 312 312 313 313 314 314 314 315 315 315 316 317 319 TABLE OF
CONTENTS 8.4. AIRCRAFT STRUCTURES 319 8.5. AVOIDANCE OF CAPITAL TAX
STRUCTURES 320 8.6. SUNDRY STRUCTURE POSSIBILITIES 321 8.6.1. DANISH
FINANCE COMPANY 321 8.6.2. DANISH ROYALTY COMPANY 321 8.7. REAL ESTATE
TAX PLANNING STRUCTURES 321 8.8. TAX PLANNING FOR INDIVIDUALS 322 8.9.
SHARE PLEDGES 322 8.9.1. FORM OF SHARES 322 8.9.2. SECURITY INTEREST OF
SHARES 323 8.9.3. PRIORITY AMONGST SEVERAL PLEDGES 323 8.9.4. STAMP
DUTIES, DOCUMENTARY TAXES AND NOTARIES FEES 324 8.9.5. USUAL METHOD OF
ENFORCING A SHARE PLEDGE 324 8.9.6. SECURITY AGENT 324 8.10. ASSET
SECURITY (OTHER ASSETS THAN SHARES) 324 8.10.1. LIMITATION ON THE VALUE
OF THE ASSETS CHARGED 324 8.10.2. STEPS REQUIRED TO CREATE AND PERFECT
SECURITY OVER CERTAIN COMPANY ASSETS 325 8.10.2.1. GENERAL COMMENTS 325
8.10.2.2. REAL ESTATE 325 8.10.2.3. PLANT, MACHINERY AND EQUIPMENT 326
8.10.2.4. RECEIVABLES SECURITY 327 8.10.2.5. INVENTORY SECURITY 327
8.10.2.6. BANK ACCOUNTS 328 8.10.3. PRIORITY AMONGST SEVERAL SECURITY
INTERESTS 328 8.10.4. NOTARIZATION AND FEES 328 8.11. FINANCIAL
ASSISTANCE 329 DOCUMENTATION 331 KEYWORD INDEX 333 XXVI
|
| adam_txt |
DENMARK IN INTERNATIONAL TAX PLANNING NIKOLAJ BJ0RNHOLM AND ANDERS OREBY
HANSEN INTERNATIONAL BUREAU OF FISCAL DOCUMENTATION ABOUT THE PREFACE
CHAPTER 1 1.1. 1.1.1. 1.1.2. 1.1.3. 1.1.4. 1.1.5. 1.2. CHAPTER 2 2.1.
2.1.1. TABLE OF CONTENTS AUTHORS - INTRODUCTION AN INTRODUCTION TO
DENMARK AND THE DANES GEOGRAPHY PEOPLE AND LANGUAGE POLITICAL SYSTEM
ECONOMY INFRASTRUCTURE A FEW HINTS ON THE DANES AND DOING BUSINESS IN
DENMARK - THE DANISH TAX SYSTEM DENMARK AND ITS TAX SYSTEM ORGANIZATION
OF THE TAX ADMINISTRATION V VII 1 1 1 2 2 3 4 4 13 13 14 2.2. PERSONAL
INCOME TAX 15 17 18 19 20 20 20 21 CHAPTER 3 - COMPANY LAW 23 3.1.
INTRODUCTION 23 2.3. 2.3.1. 2.4. 2.5. 2.6. 2.7. 2.8. CORPORATE TAX
HOLDING COMPANIES TAXES ON CAPITAL AND REAL ESTATE VALUE ADDED TAX (VAT)
EXCISE DUTY AND ENVIRONMENTAL TAXES CUSTOMS TAX TREATIES TABLE OF
CONTENTS 3.2. FORMATION 23 3.2.1. GENERAL 23 3.2.2. SHAREHOLDERS
(PROMOTERS (FOUNDERS)) 25 3.2.3. MEMORANDUM OF ASSOCIATION 26 3.2.4.
ARTICLES OF ASSOCIATION 28 3.2.5. STATUTORY GENERAL MEETING 29 3.2.6.
REGISTRATION WITH THE COMMERCE AND COMPANIES AGENCY AND LEGAL
CONSEQUENCES 29 3.2.7. CAPITAL REQUIREMENTS 31 3.2.8. DUTIES AND FEES 32
3.2.9. COMPANY NAME 32 3.2.10. CONTRIBUTION OF CAPITAL IN KIND 33
3.2.11. DIVIDEND 35 3.2.11.1. INTRODUCTION 35 3.2.11.2. INTERIM
DIVIDENDS - AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS 35 3.2.11.3.
THE BOARD OF DIRECTORS' DECISION TO DISTRIBUTE INTERIM DIVIDENDS 35
3.2.11.4. ACCUMULATED PROFITS FROM THE CURRENT FINANCIAL YEAR 36 3.3.
MANAGEMENT 37 3.3.1. MANAGERS AND DIRECTORS 37 3.3.1.1. GENERAL
INTRODUCTION 3 7 3.3.1.2. NOMINATION 38 3.3.1.3. POWERS 39 3.3.1.4.
ORGANIZATION AND FUNCTIONING 40 3.3.1.5. DISMISSAL OF MEMBERS OF THE
BOARD OF DIRECTORS 43 3.3.1.6. LIABILITY OF THE BOARD OF DIRECTORS 43
3.3.2. GENERAL MEETINGS (ASSEMBLIES) 44 3.3.2.1. GENERAL INTRODUCTION 44
3.3.2.2. ORDINARY GENERAL MEETING 46 3.3.2.3. EXTRAORDINARY GENERAL
MEETINGS 47 3.3.2.4. SHAREHOLDERS' AGREEMENT 48 3.3.2.5. POSSIBILITY TO
MODIFY VOTING RIGHTS 48 3.3.2.6. PROTECTION OF MINORITY SHAREHOLDERS 50
3.4. TRANSFER OF SHARES 51 3.4.1. TRANSFERABILITY AND PRE-EMPTION RIGHTS
51 3.4.1.1. A/S COMPANY 51 3.4.1.2. APS COMPANY 52 3.4.2. 3.4.2.1.
3.4.2.2. 3.4.3. 3.4.3.1. 3.4.3.2. 3.4.4. 3.4.4.1. 3.4.4.2. 3.4.5. 3.4.6.
3.4.6.1. 3.4.6.2. 3.5. 3.5.1. 3.5.1.1. 3.5.2. 3.5.3. 3.5.4. 3.5.5. 3.6.
3.6.1. 3.6.2. 3.7. 3.7.1. 3.8. 3.8.1. 3.8.1.1. 3.8.1.1.1. 3.8.1.2. TABLE
OF CONTENTS OWN SHARES (TREASURY SHARES) A/S COMPANY APS COMPANY
COMPULSORY TRANSFER A/S COMPANY APS COMPANY SHARE REGISTER, SHARE
CERTIFICATES AND ACT OF PERFECTION A/S COMPANY APS COMPANY DUTIES AND
FEES DISCLOSURE REQUIREMENTS WITH RESPECT TO THE SHAREHOLDERS A/S
COMPANY APS COMPANY ACCOUNTS (RECORDS) DUTY TO PREPARE AND KEEP RECORDS
A/S COMPANY AND APS COMPANY CURRENCY TO BE USED IN THE RECORDS FISCAL
YEAR GROUP ACCOUNTS DISCLOSURE OF FINANCIAL STATEMENTS LIABILITY OF
SHAREHOLDERS A/S COMPANY APS COMPANY DIVISION (DEMERGER) A/S AND APS
COMPANY MERGER CONDITIONS AND PROCEDURE A/S COMPANY CONSEQUENCES APS
COMPANY 52 52 53 53 53 53 53 53 54 55 55 55 55 56 56 56 56 57 57 57 58
58 58 58 58 59 59 59 61 61 3.9. CONVERSION FROM PUBLIC LIMITED TO
PRIVATE LIMITED COMPANY 61 TABLE OF CONTENTS 3.10. 3.10.1. 3.10.2.
3.10.3. 3.10.3.1. 3.10.3.2. 3.10.4. 3.10.5. 3.10.6. 3.10.7. 3.10.8.
3.10.9. 3.10.10. 3.10.11. 3.10.12. 3.10.13. 3.10.14. 3.10.15. 3.10.16.
3.10.17. 3.11. 3.11.1. 3.11.2. 3.11.3. 3.11.3.1. 3.11.3.2. 3.11.3.3.
3.11.3.4. 3.11.3.5. 3.11.3.6. 3.11.3.7. 3.11.3.8. 3.11.3.9. 3.11.4.
3.11.5. 3.11.6. LIQUIDATION/DISSOLUTION SHORT DESCRIPTION OF THE
PROCEDURE FOR LIQUIDATING A DANISH A/S COMPANY REGIME LIQUIDATION
COMMENCEMENT LIQUIDATOR AUDITOR FILING COMPANY NAME OBSERVANCE OF
GENERAL LAW ANNUAL ACCOUNTS AND ANNUAL TAX FILINGS SPECIAL ACCOUNTS
CREDITORS' CLAIMS SETTLEMENT OF CREDITORS' CLAIMS LIQUIDATION PROCEEDS
TAX CLEARANCE COMPLETION AND DE-REGISTRATION SEQUENCE OF EVENTS TAX
IMPLICATIONS REGISTRATION DUTIES THE PROCEDURE FOR DISSOLVING A DANISH
APS COMPANY REGIME LIQUIDATION DISSOLUTION DISSOLUTION BY DECLARATION
PIERCING THE CORPORATE VEIL ABSENCE OF GENERAL MEETINGS ABSENCE OF
LIQUIDATOR FINANCIAL STATEMENTS AND TAX FILINGS SPECIAL ACCOUNTS
CREDITORS' CLAIMS DISTRIBUTION OF ASSETS SEQUENCE OF EVENTS TAX REGIME
REGISTRATION DUTIES COMOARATIVE ANALVSIS OF LINUIDARION ANRL DISSOLUTION
62 62 63 63 63 63 64 64 64 65 65 65 66 66 66 67 68 68 69 69 69 69 69 70
70 70 71 71 71 72 72 72 72 73 73 11 3.12. 3.12.1. 3.13. 3.13.1. 3.13.2.
3.13.3. 3.13.4. 3.13.5. 3.13.6. 3.13.7. 3.14. 3.14.1. 3.14.2. 3.14.2.1.
3.14.2.2. 3.14.2.3. 3.14.2.4. 3.14.2.5. 3.14.2.6. 3.14.2.7. 3.14.3.
3.14.3.1. 3.14.3.2. 3.14.3.3. 3.14.3.4. 3.14.3.5. 3.14.3.6. 3.14.4.
3.14.5. 3.14.5.1. 3.14.5.2. 3.14.5.3. TABLE OF CONTENTS FEATURES
DISTINGUISHING AN APS COMPANY FROM AN A/S COMPANY CHOICE BETWEEN AN A/S
COMPANY AND AN APS COMPANY THE EUROPEAN COMPANY - THE SE COMPANY
INTRODUCTION THE LAW OF THE MEMBER STATES ESTABLISHMENT OF THE SE
COMPANY BASIC REQUIREMENTS FOR AN SE COMPANY STRUCTURE OF THE SE COMPANY
EMPLOYEE PARTICIPATION CONCLUSION DANISH TAKEOVER REGULATION
INTRODUCTION AND OVERVIEW INITIAL CONSIDERATIONS WHEN CONTEMPLATING A
VOLUNTARY OFFER OWNERSHIP STRUCTURE OF THE TARGET COMPANY
DISPROPORTIONATE VOTING RIGHTS AND OTHER "SHARK REPELLENTS" RESTRICTIONS
DEPENDING ON ACTIVITY OF THE TARGET COMPANY TYPE OF CONSIDERATION TO BE
OFFERED DUE DILIGENCE ON THE TARGET MARKET PURCHASES DISCLOSURE
OBLIGATIONS THE PROCEDURE FOR AND CONTENT OF A VOLUNTARY OFFER
PUBLICATION OF OFFER ADVERTISEMENT AND OFFER DOCUMENT OFFER DOCUMENT
PARTIAL OFFERS STATEMENT FROM BOARD OF DIRECTORS OF TARGET EXTENSION OF
THE OFFER PERIOD OR CHANGE OF THE TERMS OF THE OFFER FEE TO THE
COPENHAGEN STOCK EXCHANGE DEFENSIVE MEASURES MANDATORY TAKEOVER BIDS
WHAT TRIGGERS A MANDATORY BID OBLIGATION? SHAREHOLDINGS OF RELATED
PARTIES EXEMPTION 75 76 76 76 76 77 78 78 79 79 80 80 80 80 81 81 81 82
82 83 83 83 84 86 86 87 87 87 88 88 90 90 XLLL TABLE OF CONTENTS
3.14.5.4. THE CONSIDERATION AND CALCULATION OF PRICE 91 3.14.5.5.
PUBLICATION OF OFFER ADVERTISEMENT AND OFFER DOCUMENT 91 3.14.6. STATUS
OF RULES 92 3.14.7. COMPULSORY REDEMPTION 92 3.14.7.1. COMPULSORY
REDEMPTION PURSUANT TO A/S COMPANIES ACT 92 3.14.7.2. REDEMPTION OF
SHARES PURSUANT TO ARTICLES OF ASSOCIATION 94 3.14.8. DE-LISTING 95
3.14.9. THE DIFFERENT STEPS OF A TAKEOVER BID 95 3.15. FINANCIAL
ASSISTANCE 96 CHAPTER 4 - CORPORATE TAXATION 101 4.1. BASIC DISTINCTION
BETWEEN RESIDENT AND NON-RESIDENT COMPANIES 101 4.1.1. 4.1.2. 4.2.
4.2.1. 4.3. 4.3.1. 4.3.1.1. 4.3.1.2. 4.3.1.2.1. 4.3.2. 4.3.3. 4.3.4.
4.3.5. 4.4. 4.4.1. 4.4.2. 4.5. 4.5.1. 4.5.2. RESIDENT COMPANIES
(UNLIMITED TAX LIABILITY) NON-RESIDENT COMPANIES (LIMITED TAX LIABILITY)
TAX RATE COMPUTATION OF TAXABLE INCOME WITHHOLDING TAXES OUTBOUND
DIVIDENDS INTRODUCTION REGIME US LLCS ROYALTIES WITHHOLDING TAXATION ON
INTEREST PAYMENT TO EMPLOYEES, MANAGERS AND DIRECTORS MANAGEMENT FEES
TAXATION OF INBOUND DIVIDENDS FOREIGN TAXATION DANISH TAXATION CAPITAL
GAINS TAXATION INTRODUCTION REAL ESTATE 101 104 105 106 106 106 106 107
108 108 109 111 111 111 111 112 113 113 113 TABLE OF CONTENTS 4.5.3.
MONETARY CLAIMS AND DEBTS 114 4.5.3.1. COMPUTATION OF CAPITAL GAINS AND
LOSSES ON DEBTS 4.5.4. 4.5.5. 4.5.5.1. 4.5.6. 4.5.7. 4.5.8. 4.6. 4.6.1.
4.6.2. 4.6.2.1. 4.6.2.2. 4.6.2.3. 4.6.3. 4.6.4. 4.6.5. 4.6.6. 4.6.7.
4.6.8. 4.6.9. 4.6.10. 4.6.11. AND DEBT CLAIMS FINANCIAL INSTRUMENTS
SHARES/SECURITIES COMPUTATION OF CAPITAL GAINS AND LOSSES ON SHARES
SECURITIES LENDING LIMITED TAX LIABILITY WITH RESPECT TO INVESTMENTS IN
DANISH VENTURE COMPANIES GOODWILL AND OTHER INTELLECTUAL PROPERTY
DEDUCTIONS INTRODUCTION DEPRECIATION DECLINING BALANCE DEPRECIATION
STRAIGHT-LINE DEPRECIATION ADVANCE DEPRECIATION TAXES FORMATION AND
START-UP COSTS INTEREST BAD AND DUBIOUS DEBT MANAGEMENT AND DIRECTORS'
REMUNERATION ENTERTAINMENT EXPENSES FOREIGN EXCHANGE GAINS/LOSSES
INTER-GROUP FINANCING/THIN CAPITALIZATION DIVIDENDS DISTRIBUTED 115 115
117 118 120 120 120 121 121 122 122 123 124 125 125 126 126 126 127 127
127 127 4.7. TAX TREATMENT OF LOSSES 127 4.8. LIQUIDATION 128 4.9.
REORGANIZATIONS 129 4.9.1. MERGERS 129 4.9.1.1. DEFINITION 129 4.9.1.2.
THE GENERAL CONDITIONS FOR A TAX-EXEMPT MERGER 130 4.9.1.3. APPROVAL
FROM THE MINISTRY OF TAXATION AS A CONDITION FOR TAX EXEMPTION 131
4.9.1.4. LEGAL EFFECTS - SUCCESSION 132 4.9.2. DIVISIONS 133 4.9.2.1.
INTRODUCTION 133 4.9.2.2. GENERAL CONDITIONS FOR A TAX-EXEMPT DIVISION
133 TABLE OF CONTENTS 4.9.2.3. 4.9.2.4. 4.9.3. 4.9.3.1. 4.9.3.2.
4.9.3.3. 4.9.3.4. 4.9.4. 4.9.4.1. 4.9.4.2. 4.9.4.3. 4.9.5. 4.10. 4.10.1.
4.10.1.1. 4.10.1.2. 4.10.1.3. 4.10.2. 4.10.3. 4.10.4. 4.10.5. 4.10.6.
4.10.7. 4.10.7.1. 4.10.7.2. 4.10.8. 4.10.9. APPROVAL FROM THE MINISTRY
OF TAXATION LEGAL EFFECTS - SUCCESSION EXCHANGE OF SHARES INTRODUCTION
GENERAL CONDITIONS FOR A TAX-EXEMPT EXCHANGE OF SHARES APPROVAL FROM THE
TAX AUTHORITIES LEGAL EFFECTS TRANSFER OF ASSETS INTRODUCTION GENERAL
CONDITIONS FOR A TAX-EXEMPT TRANSFER OF ASSETS LEGAL EFFECTS TAXABLE
TRANSACTIONS - AN ALTERNATIVE PROCEDURAL ISSUES BOOKKEEPING, FISCAL YEAR
AND PAYMENTS OF TAX BOOKKEEPING REQUIREMENTS FISCAL YEAR PAYMENT OF
TAXES TAX RETURN AND PENALTIES ADDITIONAL REPORTING REQUIREMENTS
REASSESSMENT PRESCRIPTION OF TAX CLAIMS APPEALS RULINGS AND PRIOR
APPROVAL PROCEDURES INFORMAL RULING BINDING ADVANCE RULING BINDING
ADVANCE STATEMENT OTHER PRIOR APPROVAL PROCEDURES 134 135 135 135 136
137 138 139 139 139 140 140 142 142 142 142 143 144 144 144 145 146 146
146 146 147 148 4.11. ANTI-AVOIDANCE MEASURES 148 4.12. INTER-COMPANY
TRANSACTIONS - THE DANISH RULES ON TRANSFER PRICING 148 4.12.1.
INTRODUCTION 148 4.12.2. REGIME 150 4.12.3. TRANSFER PRICING
DOCUMENTATION 151 4.12.4. PROBLEMS OF DOUBLE TAXATION 154 4.12.5.
METHODS TO DETERMINE THE ARM'S LENGTH PRICE AND TERMS 155 XVI TABLE OF
CONTENTS 4.13. 4.13.1. 4.13.2. 4.13.3. 4.13.4. 4.13.5. 4.13.6. 4.13.7.
4.14. 4.14.1. 4.14.2. 4.14.3. 4.14.3.1. 4.14.3.2. 4.14.3.3. 4.14.3.4.
4.14.3.4.1. 4.14.3.4.2. 4.14.4. 4.14.5. 4.15. 4.15.1. 4.16. 4.16.1.
4.16.1.1. 4.16.1.2. 4.16.1.2.1. 4.16.1.2.2. 4.16.1.2.3. 4.16.1.2.4.
4.16.1.3. 4.16.1.4. 4.16.2. THIN CAPITALIZATION RULES INTRODUCTION THIN
CAPITALIZATION RULES IN BRIEF CONTROLLED DEBT (CONDITION (1))
DEBT-TO-EQUITY RATIO (CONDITION (2)) NO MATCHING DEBT AVAILABLE
(CONDITION (3)) CAPITAL LOSSES CARRIED FORWARD AMENDMENT IN 2004 -
DANISH GROUPS INCLUDED - LI 19 CFC TAXATION OVERVIEW OF CFC OR SIMILAR
LEGISLATION CFC TAXATION - REGIME CFC CONDITIONS INTRODUCTION CFC
CONTROL TEST (CONDITION (1)) CFC INCOME TEST CFC LOW-TAX TEST DANISH TAX
RATES COMPARABLE TAX RATE RECAPTURE OF CFC TAXATION COMPATIBILITY WITH
TREATIES AND INTERNATIONAL AND EU LAW TAXATION OF CAPITAL GAINS ON
SHARES AND DIVIDENDS FROM FINANCIAL COMPANIES SUBJECT TO LOW TAX SEC. 2A
SHARES DANISH ANTI DOUBLE DIP RULES SEC. 5G INTRODUCTION INTERPRETATIONS
OF THE TAX REGIME INTRODUCTION UPSTREAM STRUCTURES LIMITATION OF
ALLOWANCE RELATED INCOME NON-DISCRIMINATION CONCLUSIONS IN RELATION TO
SEC. 5G ANTI CHECK-THE-BOX 157 157 158 159 159 160 160 160 161 161 161
162 162 162 164 165 165 165 167 168 169 169 172 172 172 173 173 173 175
176 177 178 179 XVU TABLE OF CONTENTS 4.17. 4.18. 4.19. 4.20. 4.20.1.
4.20.2. 4.20.3. 4.20.4. 4.20.5. 4.20.6 4.20.6.1. 4.20.6.2. 4.20.6.3.
4.20.6.4. 4.20.7. 4.20.8. 4.20.9. 4.21. 4.21.1. 4.21.2. 4.21.2.1.
4.21.2.2. 4.21.2.3. 4.22. 4.22.1. 4.22.2. 4.22.3. 4.22.4. 4.22.5.
FINANCING COST RELATED TO CERTAIN SHARES (OR RECEIVABLES) TAXATION ON
LEAVING DENMARK BILATERAL MEASURES GROUP CONSOLIDATION (JOINT TAXATION)
INTRODUCTION RESIDENT SUBSIDIARIES NON-DANISH SUBSIDIARIES OTHER GENERAL
CONDITIONS CONSOLIDATED INCOME SPECIAL RULES FOR NON-RESIDENT GROUP
MEMBERS DETERMINATION OF INITIAL VALUES OF ASSETS AND LIABILITIES DOUBLE
DIP FORCED FOREIGN TAX CREDIT RULE RECAPTURE OF LOSSES IN CASE OF
CESSATION OF JOINT TAXATION LOSS CARRY-FORWARD TAX LIABILITY ALLOCATION
OF TAX TAXATION OF DANISH PENSION FUNDS, INSURANCE COMPANIES AND
INVESTMENT FUNDS INTRODUCTION TAXATION OF UNIT-LINKED CONTRACTS AND
INVESTMENT FUNDS UNIT-LINKED CONTRACTS INVESTMENT FUNDS
(INVESTERINGSFORENINGER) QUALIFICATION OF FOREIGN INVESTMENT FUNDS
SHIPPING COMPANIES - THE DANISH TONNAGE TAX REGIME WHICH COMPANIES ARE
INCLUDED? WINDOW AND LIMITATION INCOME SUBJECT TO TONNAGE TAXATION
FINANCIAL INCOME DEFERRED TAXES 180 180 181 181 181 183 183 184 185 185
185 186 186 187 187 188 188 189 189 189 189 190 193 194 194 195 195 196
197 XVHL TABLE OF CONTENTS 4.23. TAXATION IN CONNECTION WITH HYDROCARBON
EXTRACTION IN DENMARK 197 4.23.1. INTRODUCTION 197 4.23.2. TAX LIABILITY
FOR FOREIGN ENTERPRISES 198 4.23.2.1. TAX LIABILITY UNDER THE GENERAL
TAXATION RULES 198 4.23.2.2. TAX LIABILITY PURSUANT TO THE HYDROCARBON
TAX ACT 198 4.24. TAXATION OF HYDROCARBON CONCESSIONARIES 200 4.24.1.
SPECIAL HYDROCARBON TAXATION 200 4.24.2. CORPORATE INCOME TAX 201
4.24.3. NEW RULES FOR THE 1962 SOLE CONCESSION AND NEW CONCESSIONS
ENTERED INTO AFTER 1 JANUARY 2004 201 4.25. TAX LIABILITY FOR FOREIGN
EMPLOYEES 202 CHAPTER 5 -TAXATION OF INDIVIDUALS 203 5.1. RESIDENTS 203
5.1.1. FULL DANISH TAX LIABILITY 203 5.2. 5.2.1. 5.3. 5.4. 5.5. 5.6.
5.6.1. 5.6.2. 5.6.3. 5.6.4. 5.7. 5.8. 5.9. 5.9.1. NON-RESIDENTS LIMITED
TAX LIABILITY TAXABLE INCOME COLLECTION/WITHHOLDING TAX ASSESSMENT AND
RETURNS TAX RATES ORDINARY/PERSONAL INCOME CAPITAL INCOME SHARE INCOME
CFC INCOME SOCIAL SECURITY PERSONAL ALLOWANCE AND TAX CEILING DANISH
EMPLOYERS' COSTS PAVROLL-BASED TAXES 204 204 205 206 206 207 207 208 208
209 209 210 210 211 TABLE OF CONTENTS 5.10. TAXATION OF NON-RESIDENT
DIRECTORS 211 5.11. TAXATION OF NON-RESIDENT EMPLOYEES 212 5.12. CAPITAL
GAINS TAXATION 213 5.12.1. INTRODUCTION 213 5.12.2. SHARES 214 5.12.3.
BUSINESS ASSETS - ROLLOVER RELIEF 214 5.12.4. BONDS 215 5.12.5.
FINANCIAL INSTRUMENTS 216 5.13. TAXATION OF DIVIDENDS 218 5.14. TAXATION
OF EMPLOYEE INCENTIVE SCHEMES 218 5.14.1. INTRODUCTION 218 5.14.2. SEC.
7A SCHEME (SHARES GRANTED AT DISCOUNT) 219 5.14.2.1. INTRODUCTION 219
5.14.2.2. EMPLOYER DEDUCTIONS 220 5.14.2.3. REPORTING AND WITHHOLDING
REQUIREMENTS 220 5.14.2.4. COST BASIS FOR THE EMPLOYEE AND COMMENCEMENT
OF HOLDING PERIOD 220 5.14.3. SEC. 28 SCHEME-STOCK OPTIONS/WARRANTS 221
5.14.3.1. INTRODUCTION 221 5.14.3.2. EMPLOYER DEDUCTIONS 222 5.14.3.3.
REPORTING AND WITHHOLDING REQUIREMENTS 222 5.14.3.4. COST BASIS FOR THE
EMPLOYEE 222 5.14.4. SEC. 7H SCHEME - QUALIFIED STOCK OPTIONS/ WARRANTS
REGIME 223 5.14.4.1. INTRODUCTION 223 5.14.4.2. EMPLOYER DEDUCTIONS 224
5.14.4.3. REPORTING AND WITHHOLDING REQUIREMENTS 224 5.14.4.4. COST
BASIS FOR THE EMPLOYEE 224 5.14.5. NON-QUALIFYING SCHEMES 225 5.14.6.
TAXATION UPON DISPOSAL OF THE SHARES 225 5.14.7. SUMMARY 225 5.15.
RE-OPENING OF TAX ASSESSMENTS 227 5.16. PRESCRIPTION OF TAX CLAIMS 228
XX 5.17. 5.17.1. 5.17.2. 5.17.3. 5.17.4. 5.18. 5.18.1. 5.18.2. 5.18.3.
5.18.4. 5.18.5. 5.18.6. 5.18.6.1. 5.18.6.2. 5.18.6.3. 5.18.7. 5.18.8.
5.18.9. 5.18.10. 5.18.11. 5.18.12. 5.19. 5.19.1. 5.19.2. 5.19.3. 5.19.4.
TABLE OF CONTENTS RULINGS AND PRIOR APPROVAL PROCEDURES INFORMAL RULING
BINDING ADVANCE RULING BINDING ADVANCE STATEMENT OTHER PRIOR APPROVAL
PROCEDURES TAX LIABILITY UNDER THE HYDROCARBON TAX ACT INTRODUCTION
NOTIFICATION OF THE TAX AUTHORITIES INFORMATION ON CONTRACTOR/CONTRACTS
INFORMATION ON EMPLOYEES PER CENT FINAL TAX COLLECTION OF 30% TAX LEVIED
ON EMPLOYEES REGISTRATION OF ENTERPRISES LIABLE TO WITHHOLD TAX
INFORMATION ON EMPLOYEES FORMS WITHHOLDING OF THE 30% TAX THE TIME AT
WHICH TAX IS TO BE WITHHELD THE BASIS OF TAXATION PAYMENT OF 30% TAX
WITHHELD REPORTING OBLIGATIONS OVERDUE PAYMENTS/OVERDUE REPORTS ON 30%
TAX HIRING-OUT OF LABOUR INTRODUCTION THE BASIC PRINCIPLES OF DANISH
TAXATION THREE SPECIAL REGIMES AVAILABLE INTERNATIONAL HIRINE-OUT OF
LABOUR FROM A DANISH 229 229 229 230 230 231 231 231 231 232 232 232 232
233 233 234 234 235 235 235 236 237 237 237 237 PERSPECTIVE 238 5.19.5.
EXCEPTIONS TO THE SPECIAL RULES ON INTERNATIONAL HIRING-OUT OF LABOUR
239 5.19.6. SOCIAL SECURITY CONTRIBUTIONS 240 5.19.7. WITHHOLDING TAX
241 5.19.8. DOUBLE TAXATION RELIEF 241 5.19.9. REPORTING AND PAYMENT 241
5.19.10. CALCULATION OF SOCIAL SECURITY CONTRIBUTIONS AND INTERNATIONAL
HIRING-OUT OF LABOUR TAX (A-TAX) 242 5.20. EXPATRIATE TAXATION 243
5.20.1. INTRODUCTION 243 5.20.2. CONDITIONS TO BE FULFILLED BY THE
EXPATRIATE 244 TABLE OF CONTENTS 5.20.2.1. FULL TAX LIABILITY 244
5.20.2.2. PREVIOUS TAX LIABILITY IN DENMARK 245 5.20.2.3. RESIDENCE
ABROAD PRIOR TO EMPLOYMENT 245 5.20.2.4. CO-OWNER OF THE EMPLOYER' S
ENTERPRISE 246 5.20.2.5. CONDITIONS TO BE FULFILLED BY THE EMPLOYER 247
5.20.2.6. PARTNERSHIPS 247 5.20.2.7. THE EMPLOYER MUST COLLECT THE TAX
247 5.20.2.8. WHAT HAPPENS IF THE EMPLOYER FAILS TO MEET THE CONDITIONS
THROUGHOUT THE PERIOD? 248 5.20.3. THE TERMS OF EMPLOYMENT 248 5.20.3.1.
FIXED-TERM EMPLOYMENT 248 5.20.3.2. MORE THAN ONE EMPLOYMENT
RELATIONSHIP WITH DIFFERENT EMPLOYERS 248 5.20.3.3. THE WORK MUST BE
CARRIED OUT IN DENMARK 249 5.20.3.4. THE REMUNERATION (MINIMUM SALARY)
249 5.20.3.5. MONTHLY EARNINGS 249 5.20.3.6. PAYMENT BY THE EMPLOYER OF
THE EXPATRIATE'S FIXED EXPENSES 249 5.20.3.7. SPECIAL CONDITIONS APPLY
TO CERTAIN RESEARCHERS 250 5.20.3.8. OTHER EXPATRIATES ENGAGED WITH A
VIEW TO RESEARCH AND DEVELOPMENT WORK 252 5.20.4. CALCULATING THE TAX
253 5.20.4.1. MONETARY REMUNERATION 253 5.20.4.2. TAX-FREE SERVICES 254
5.20.4.3. SOCIAL SECURITY CONTRIBUTIONS 254 5.20.4.4. PENSION SCHEMES
254 5.20.4.5. THE TOTAL REMUNERATION IS SUBJECT TO A FINAL 25% TAX - NO
DEDUCTIONS AVAILABLE 255 5.20.4.6. NO ALLOWANCES/DEDUCTIONS 255
5.20.4.7. AMOUNTS THAT ARE NOT COVERED BY THE SCHEME 255 5.20.4.8.
ELECTING THE EXPATRIATE TAXATION SCHEME 255 5.20.4.9. SUBSEQUENT
ELECTION OF THE EXPATRIATE TAXATION SCHEME 256 5.20.4.10. STATEMENT AND
PAYMENT OF 25% TAX 256 5.20.4.11. OTHER INCOME 257 5.20.4.12. ALLOWANCES
IN RESPECT OF EXPENSES ASSOCIATED WITH OTHER INCOME 257 5.20.4.13.
EXPENSES ASSOCIATED WITH INCOME TAXED UNDER THE EXPATRIATE TAXATION
SCHEME 258 5.20.4.14. TERMINATION OF EMPLOYMENT 258 XXU 5.20.4. 5.20.4.
CHAPTER 6 6.1. 6.2. 6.3. 6.4. 6.5. 6.5.1. 6.5.2. 6.5.3. 6.5.4. 6.6.
CHAPTER 7 7.1. 15. RIGHT TO ANNUL THE SCHEME (COOLING OFF) 16. INCOME
TAX RETURN - SUNDRY TAXES AND DUTIES REAL ESTATE TAXES INHERITANCE AND
GIFT TAX SHARE TRANSFER TAX STAMP AND REGISTRATION DUTY VALUE ADDED TAX
TAXABLE TRANSACTIONS REGISTRATION VAT BASE TAXABLE PERIOD AND PAYMENT OF
TAX EXCISE DUTIES - THE DANISH HOLDING REGIME INTRODUCTION/MAIN FEATURES
TABLE OF CONTENTS 260 260 261 261 261 262 262 263 263 263 264 264 264
267 267 7.2. TAX ASPECTS OF THE FORMATION OF A HOLDING COMPANY 268
7.2.1. LAWS AND DECREES 268 7.2.1.1. GENERAL 268 7.2.1.2. MAJOR LEGAL
FORMS FOR HOLDING COMPANIES 269 7.3. CREATION BY CONTRIBUTION OF SHARES
270 7.3.1. CONTRIBUTION OF DOMESTIC SHARES BY A DANISH RESIDENT TO A
DANISH OR FOREIGN HOLDING COMPANY 270 7.3.2. EXEMPTIONS 270 7.3.3.
TAXATION OF THE DANISH HOLDING COMPANY 271 7.3.4. CORPORATE ASPECTS 271
7.3.4.1. CONTRIBUTION OF FOREIGN SHARES BY A DANISH RESIDENT TO A DANISH
OR FOREIGN HOLDING COMPANY 271 7.3.4.2. CONTRIBUTION OF DOMESTIC SHARES
BY A NON-RESIDENT TO A DANISH OR FOREIGN HOLDING COMPANY 272 TABLE OF
CONTENTS 7.4. CREATION BY SALE OF SHARES TO A HOLDING COMPANY 272 7.4.1.
SALE OF DOMESTIC SHARES BY A DANISH RESIDENT TO A DANISH OR FOREIGN
HOLDING COMPANY 272 7.4.2. SALE OF FOREIGN SHARES BY A DANISH RESIDENT
TO A DANISH OR FOREIGN HOLDING COMPANY 272 7.4.3. SALE OF DOMESTIC
SHARES BY A NON-RESIDENT TO A DANISH OR FOREIGN HOLDING COMPANY 273 7.5.
CREATION BY CONTRIBUTION OF ASSETS (OTHER THAN SHARES) 273 7.5.1.
GENERAL 273 7.5.2. CAPITAL GAINS 273 7.5.2.1. EXEMPTIONS 273 7.5.2.2.
TAXATION OF THE DANISH HOLDING COMPANY 274 7.5.2.3. CORPORATE ASPECTS
275 7.5.3. REGISTRATION DUTIES 275 7.6. FINANCING THE ACQUISITION OF
SHARES BY A HOLDING COMPANY 275 7.6.1. GENERAL 275 7.6.2. LIMITATIONS TO
THE DEDUCTION OF FINANCING CHARGES 275 7.6.2.1. LEGAL LIMITATIONS 275
7.6.2.1.1. FORMATION AND START-UP COSTS 275 7.6.2.1.2. INTEREST PAYMENTS
276 7.6.3. ABUSE OF LAW CONCEPT 277 7.6.4. THIN CAPITALIZATION 277 7.7.
OTHER LIMITATIONS 277 7.7.1. FINANCIAL ASSISTANCE 277 7.8. TAXATION OF
DIVIDENDS 281 7.8.1. DIVIDENDS RECEIVED BY A DANISH HOLDING COMPANY FROM
ITS SUBSIDIARIES 281 7.8.2. DIVIDENDS PAID BY A DANISH HOLDING COMPANY
TO ITS SHAREHOLDERS 283 7.8.3. NON-RESIDENT INDIVIDUAL SHAREHOLDERS 284
7.8.4. NON-RESIDENT CORPORATE SHAREHOLDERS (EU AND NON-EU) 285 7.8.5.
TREATY CHART 287 7.8.6. DIVIDENDS RECEIVED BY DOMESTIC SHAREHOLDERS FROM
A HOLDING COMPANY 290 XXIV TABLE OF CONTENTS 7.9. TAXATION OF CAPITAL
GAINS AND LOSSES 290 7.9.1. CAPITAL GAINS REALIZED BY A HOLDING COMPANY
ON THE DISPOSAL OF SHARES IN ITS SUBSIDIARIES 291 7.9.2. CAPITAL LOSSES
REALIZED BY A HOLDING COMPANY ON THE DISPOSAL OF SHARES IN ITS
SUBSIDIARIES 292 7.9.3. CAPITAL GAINS REALIZED BY SHAREHOLDERS ON THE
DISPOSAL OF SHARES IN A DANISH HOLDING COMPANY 292 CHAPTER 8 - TAX
PLANNING AND ACQUISITION STRUCTURES 295 8. I. 8.1.1. 8.1.2. 8.1.3.
8.1.4. 8. 8. 8. 8. 8. 8. 1.4.1. L.4.2. 1.4.2.1. 1.4.2.2. 1.4.2.3.
1.4.2.4. 8.1.5. 8.1.6. 8.1.7. 8.1.7.1. 8.1.7.2. 8.2. 8.2.1. 8.2.2.
8.2.3. 8.2.4. 8.3. 8.3.1. 8.3.2. 8.3.3. 8.3.4. 8.3.5. DANISH HOLDING
COMPANY STRUCTURES HOLDING COMPANY STRUCTURE THE DANISH HOLDING REGIME
IN BRIEF ATTRACTIVE SUBCO JURISDICTIONS REPATRIATION OF FUNDS TO
PARENTCO FLOW OF DIVIDENDS CAPITALIZATION BY LOANS GENERAL REMARKS THE
2004 LEGISLATION LIQUIDATION OF THE DANISH HOLDING COMPANY SALE OF THE
DANISH HOLDING COMPANY PLANNING OPPORTUNITIES: LEVERAGED STRUCTURES
FISCAL CONSOLIDATION/GROUP TREATMENT (CROSS-BORDER JOINT TAXATION) USE
OF HYBRIDS INTRODUCTION SUMMARY OF THE DECISION INBOUND ACQUISITION
STRUCTURES BASIC STRUCTURE CONTRACTUAL SUBORDINATION STRUCTURAL
SUBORDINATION PLANNING OPPORTUNITIES: LEVERAGED STRUCTURES STRUCTURES
INVOLVING TRANSFER OF ACTIVITIES INTRODUCTION ASSET TRANSFER OF
DANISHCO'S ACTIVITIES TO NEWCO AGAINST SHARES - SUMMARY OF PROS AND CONS
SEPARATION OF BUSINESS TRANSFER OF ASSETS PREFERENTIAL STATUS FOR
DANISHCO'S SHARES 295 295 295 296 296 296 298 298 300 306 308 310 311
312 312 312 313 313 314 314 314 315 315 315 316 317 319 TABLE OF
CONTENTS 8.4. AIRCRAFT STRUCTURES 319 8.5. AVOIDANCE OF CAPITAL TAX
STRUCTURES 320 8.6. SUNDRY STRUCTURE POSSIBILITIES 321 8.6.1. DANISH
FINANCE COMPANY 321 8.6.2. DANISH ROYALTY COMPANY 321 8.7. REAL ESTATE
TAX PLANNING STRUCTURES 321 8.8. TAX PLANNING FOR INDIVIDUALS 322 8.9.
SHARE PLEDGES 322 8.9.1. FORM OF SHARES 322 8.9.2. SECURITY INTEREST OF
SHARES 323 8.9.3. PRIORITY AMONGST SEVERAL PLEDGES 323 8.9.4. STAMP
DUTIES, DOCUMENTARY TAXES AND NOTARIES FEES 324 8.9.5. USUAL METHOD OF
ENFORCING A SHARE PLEDGE 324 8.9.6. SECURITY AGENT 324 8.10. ASSET
SECURITY (OTHER ASSETS THAN SHARES) 324 8.10.1. LIMITATION ON THE VALUE
OF THE ASSETS CHARGED 324 8.10.2. STEPS REQUIRED TO CREATE AND PERFECT
SECURITY OVER CERTAIN COMPANY ASSETS 325 8.10.2.1. GENERAL COMMENTS 325
8.10.2.2. REAL ESTATE 325 8.10.2.3. PLANT, MACHINERY AND EQUIPMENT 326
8.10.2.4. RECEIVABLES SECURITY 327 8.10.2.5. INVENTORY SECURITY 327
8.10.2.6. BANK ACCOUNTS 328 8.10.3. PRIORITY AMONGST SEVERAL SECURITY
INTERESTS 328 8.10.4. NOTARIZATION AND FEES 328 8.11. FINANCIAL
ASSISTANCE 329 DOCUMENTATION 331 KEYWORD INDEX 333 XXVI |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Bjornholm, Nikolaj Hansen, Anders Oreby |
| author_facet | Bjornholm, Nikolaj Hansen, Anders Oreby |
| author_role | aut aut |
| author_sort | Bjornholm, Nikolaj |
| author_variant | n b nb a o h ao aoh |
| building | Verbundindex |
| bvnumber | BV021459570 |
| callnumber-first | K - Law |
| callnumber-label | KJR3574 |
| callnumber-raw | KJR3574 |
| callnumber-search | KJR3574 |
| callnumber-sort | KJR 43574 |
| ctrlnum | (OCoLC)254054150 (DE-599)BVBBV021459570 |
| dewey-full | 343.48904 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 343 - Military, tax, trade & industrial law |
| dewey-raw | 343.48904 |
| dewey-search | 343.48904 |
| dewey-sort | 3343.48904 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01441nam a2200397 c 4500</leader><controlfield tag="001">BV021459570</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20070226 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">050210s2005 |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9076078734</subfield><subfield code="9">90-76078-73-4</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)254054150</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV021459570</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-M382</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">KJR3574</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">343.48904</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">2</subfield><subfield code="2">ssgn</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Bjornholm, Nikolaj</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Denmark in international tax planning</subfield><subfield code="c">Nikolaj Bjornhom and Anders Oreby Hansen</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Amsterdam</subfield><subfield code="b">International Bureau of Fiscal Documentation</subfield><subfield code="c">2005</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XXVI, 346 S.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Business enterprises - Taxation - Law and legislation - Denmark</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Dänemark</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Income tax - Law and legislation - Denmark</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Internationales Steuerrecht</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Steuerplanung</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Tax planning - Denmark</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Unternehmen</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Hansen, Anders Oreby</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">GBV Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014679569&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-014679569</subfield></datafield></record></collection> |
| id | DE-604.BV021459570 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T14:07:15Z |
| indexdate | 2024-07-09T20:36:27Z |
| institution | BVB |
| isbn | 9076078734 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014679569 |
| oclc_num | 254054150 |
| open_access_boolean | |
| owner | DE-M382 DE-19 DE-BY-UBM |
| owner_facet | DE-M382 DE-19 DE-BY-UBM |
| physical | XXVI, 346 S. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | International Bureau of Fiscal Documentation |
| record_format | marc |
| spelling | Bjornholm, Nikolaj Verfasser aut Denmark in international tax planning Nikolaj Bjornhom and Anders Oreby Hansen Amsterdam International Bureau of Fiscal Documentation 2005 XXVI, 346 S. txt rdacontent n rdamedia nc rdacarrier Business enterprises - Taxation - Law and legislation - Denmark Dänemark Income tax - Law and legislation - Denmark Internationales Steuerrecht Steuerplanung Tax planning - Denmark Unternehmen Hansen, Anders Oreby Verfasser aut GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014679569&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bjornholm, Nikolaj Hansen, Anders Oreby Denmark in international tax planning Business enterprises - Taxation - Law and legislation - Denmark Dänemark Income tax - Law and legislation - Denmark Internationales Steuerrecht Steuerplanung Tax planning - Denmark Unternehmen |
| title | Denmark in international tax planning |
| title_auth | Denmark in international tax planning |
| title_exact_search | Denmark in international tax planning |
| title_exact_search_txtP | Denmark in international tax planning |
| title_full | Denmark in international tax planning Nikolaj Bjornhom and Anders Oreby Hansen |
| title_fullStr | Denmark in international tax planning Nikolaj Bjornhom and Anders Oreby Hansen |
| title_full_unstemmed | Denmark in international tax planning Nikolaj Bjornhom and Anders Oreby Hansen |
| title_short | Denmark in international tax planning |
| title_sort | denmark in international tax planning |
| topic | Business enterprises - Taxation - Law and legislation - Denmark Dänemark Income tax - Law and legislation - Denmark Internationales Steuerrecht Steuerplanung Tax planning - Denmark Unternehmen |
| topic_facet | Business enterprises - Taxation - Law and legislation - Denmark Dänemark Income tax - Law and legislation - Denmark Internationales Steuerrecht Steuerplanung Tax planning - Denmark Unternehmen |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014679569&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT bjornholmnikolaj denmarkininternationaltaxplanning AT hansenandersoreby denmarkininternationaltaxplanning |