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Denmark Drafts Legislation To Close Corporate Tax Loophole

by Ulrika Lomas, for LawAndTax-News.com, Brussels

10 December 2003


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."


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