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A new Danish tax Act imposes increased fines for non-compliance with the reporting requirements for share-based incentive schemes.

A recent audit by the Danish tax authorities found that 82 percent of the employees of an unlisted Danish company that had granted employees shares under the Danish employee share taxation regime failed to include capital gains on employee shares sold during the last three years in their taxable income on their annual tax returns.

Denmark has recently entered into several information exchange agreements with low-tax countries (“tax havens”).

On 8 October 2008 the Danish Minister of Taxation presented a bill to amend Danish tax legislation on investment funds making it easier for foreign investment funds to obtain status as share-based distributing investment funds.

On 6 October, the Danish Parliament (Folketinget) published the legislative programme with the bills expected to be introduced during the coming parliamentary year.

"On February 5 the Danish Parliament passed bill no. L 23 significantly amending the Danish tax regime for investment companies and investment funds."

The Danish tax system comprises of direct and indirect taxes. Direct taxes include income tax and property tax, while the principal indirect taxes are value added tax (VAT), customs, green taxes and excise duties.

The Danish tax system comprises of direct and indirect taxes. Direct taxes include income tax and property tax, while the principal indirect taxes are value added tax (VAT), customs, green taxes and excise duties.

The Danish tax system comprises of direct and indirect taxes. Direct taxes include income tax and property tax, while the principal indirect taxes are value added tax (VAT), customs, green taxes and excise duties.

A guide for overseas businesses wishing to take their business to Denmark.