It emerged this week that the Danish government has put together draft legislation designed to close a tax loophole commonly used by Danish multinationals.
Prior to the closure of the loophole, which will take effect retrospectively from October 9, 2003, Danish multinational firms could transfer assets between foreign subsidiaries tax free, but then include the subsidiary which acquired the assets under their home country's tax consolidation regime, thus reducing their tax burden there.
Speaking to the LMG news service, Erik Jensen, tax partner at Deloitte & Touche's Copenhagen operation, explained that:
"Businesses in Denmark have not resisted the plans because everybody knows that this has been a loophole for a long time, so they have no fair arguments why this (measure) should stay in place."
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment