The Danish government has lost out on at least 15 billion kroner due to the combined effects of an increase in stock taxes coupled with plummeting global markets, according to Danish daily newspaper, Berlingske Tidende.
Reporting last week, the newspaper observed that the government's decision to increase taxes on stock yields from 5% to 15% in order to bring the equity tax in line with that levied on bonds, could not have been worse timed.
According to the Berlingske Tidende, in its 2002 national budget, the Danish government predicted income of around 8.8 billion from the country's investment sector. The Ministry of Finance subsequently scaled down its predictions by 1.1 billion kroner, but the 19% fall in the Danish markets since May could mean that the official estimates need to be adjusted once again.
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