Law Amending The Stock Profit Tax Act, Kursgevinstloven And Various Other Laws (Taxation Of Shares And Finally Leave The Deduction For Loss On Commodity Credits To Foreign Affiliates)

Original Language Title: Lov om ændring af aktieavancebeskatningsloven, kursgevinstloven og forskellige andre love(Fraflytterbeskatning af aktier og fradrag for tab på varekreditter til udenlandske koncernselskaber)

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=121277

Law amending the stock profit tax Act, kursgevinstloven and various other laws

(Move away from taxation of shares and deductions for losses on commodity credits to foreign affiliates)

WE, MARGRETHE the SECOND, by the grace of God Queen of Denmark, do indeed:

The Danish Parliament has adopted and we know Our consent confirmed the following law:

§ 1

The law on the tax treatment of gains and losses from the sale of shares, etc. (stock profit tax law) of the basic regulation. lovbekendtgørelse nr. 1274 of 31. October 2007, as amended by section 2 of Act No. 335 of 7. May 2008, § 1 of lov nr. 530 of 17. June 2008 and § 1 of lov nr. 532 of 17. June 2008, shall be amended as follows:

1. In section 37, 1. paragraph, the words ' without prejudice to article. However, § 40 '.

2. The heading before section 38» Companies, etc. and persons ' shall be replaced by the following: ' persons '.

3. sections 38-40 is repealed and replaced by section 38: '. Gains and losses on shares subject to the rules laid down in this law shall be considered as accomplished, if the gain or loss relating to a stock which is subject to Danish taxation, and the Danish tax jurisdiction ceases for any other reason than the taxpayer's death, see. However, paragraphs 2 and 3. Gains and losses on shares, which, by a disposal 3 years or more after the acquisition within the scope of § 44, but that at the time of the termination of the tax arises has been owned for less than 3 years, however, not be considered as realized after 1. point When a person in accordance with the provisions of a double taxation agreement concluded between Denmark and a foreign State, the Faroe Islands or Greenland are resident outside Denmark, equated this by the application of the rules in the 1. paragraph, paragraphs 2 to 5 and § § 39-39 (B) termination of tax liability.

(2). The rules laid down in paragraph 1 shall apply only to persons who, at the time tax arises an end has an inventory of shares with a total market capitalisation at 100,000 USD or more, unless the holding is shares with a negative acquisition cost.

(3). The rules laid down in paragraph 1 shall apply only to persons who have been subject to tax in accordance with section 1 or section 2 of the withholding of the stock gains in one or more periods totalling at least 7 years within the last 10 years before the tax liability has been manufactured. The rules laid down in paragraph 1 shall apply also, however, if the shares are acquired by the taxpayer's spouse and this satisfies the conditions laid down in 1. paragraph Also applies the rules for persons who by the acquisition of shares in accordance with articles 34 and 35 are joined in the transferor's tax position, and shares acquired by a tax-exempt business transformation, where the personally-owned company is acquired by succession.

(4). Gains and losses, which are considered realized in accordance with paragraph 1 shall be determined in accordance with the provisions of § § 23-29 and 47, however, enters the value at the termination of the tax arises instead of the transfer sum. For warrants to shares can the taxpayer instead choose to determine the taxable profit as the difference between the exercise price and the market price of the shares in question at the time of the termination of the tax arises. Loss, by a disposal could have been deducted in accordance with sections 13, 14 and 17-22, however, can only be deducted from gains on shares that are considered realized in accordance with paragraph 1.

(5). Tax is calculated by the total net gain determined under paragraph 4, which are considered realized in accordance with paragraph 1. Be granted deferment of payment of the total amount of tax calculated in accordance with section 39 and section 39 (A), when the gain or loss at the end must be calculated tax liability after the realisation principle.

§ 39. People can get the deferment of payment of the total estimated tax, see. section 38 (5), when the payment is due to the discontinuation of the tax liability for withholding tax Act section 1, or to the person in accordance with the provisions of a double taxation treaty has been resident outside Denmark, see. section 38 (1), (2). PT.

(2). Deferred in accordance with paragraph 1 are subject to the tax return to be filed by people moving away, etc., customs and tax administration. To be administered an inventory summary page, see. section 39 (A), paragraph 1, together with the tax return. Given that reprieve with the submission of the tax return after tax kontrollovens § 4, paragraph 4, shall tax return and inventory list be submitted before this deadline.

(3). Happening person vacates, etc. to a country not covered by agreement of 7. December 1989 between the Nordic countries on assistance in tax matters or Council Directive 76/308/EEC of 15 July. March 1976, as amended by Council Directive 79/1071/EEC of 6. December 1979, Council Directive 92/108/EEC of 14 May 1991. December 1992 and Council Directive 2001/44/EC of 15. June 2001, is deferred in accordance with paragraph 1 in addition, subject to the lodging of a reassuring safety. Safety must be proportionate to the amount of grace and can be made in the form of shares, debt securities, which are admitted to trading on a regulated market, bank guarantee or other reassuring security after tax Minister's determination.

(4). Lodged tax return and inventory summary page, see. (2) is not filed in due time, the Court for more time lapse, and the tax shall be deemed due at the time when the tax would be due, if there were not given more time. Tax interest with the interest rate pursuant to section 7, paragraph 2, of the law on the levying of taxes and duties, etc., with Appendix by 0.4 percentage points per month started from this point.

(5). Customs and tax administration can ignore exceeding the time limit for the submission of tax return and inventory list as referred to in paragraph 2, without prejudice. (4).

section 39 (A). in the case of deferment shall be the subject of an inventory list of the shares of which the person is the owner of the at the time of the transfer. Shares, where the calculated tax, see. section 38, paragraph 5, is paid, however, must not be included in the inventory list. At a subsequent tax-free share exchange, merger or demerger should the shares acquired by succession, concluding on the inventory list. Furthermore, it establishes a grace balance, representing the total calculated tax (amount of grace). Grace amount shall be due and payable according to the rules laid down in paragraphs 2 to 10.

(2). By the sale of shares, which is included on the inventory list, an inventory of gains or losses. There must not be a statement by the sale of shares at the time of the transfer was governed by section 44. Statement by ceded stock and is made on the basis of the share acquisition and desist sum. By share acquisition means the acquisition, included in the calculation under section 38, paragraph 4, since the losses up to a maximum of can be summed up by the difference between its value at the time of the transfer and the transfer sum. By abstention is considered the first acquired shares for the first assigned. At disposal with gains the rule in paragraph (3) shall apply, and by transfer of losses, see the rule in paragraph 4 shall apply.

(3). Tax is calculated by the incremental gain in accordance with Spanish Act § 8a. In the calculated tax is given credit for tax paid to a foreign State, the Faroe Islands or Greenland in accordance with the provisions of § 33, equation (1). Exceeds the calculated tax the tax paid abroad, the excess amount is due for payment. Grace balance is reduced by the amount, when it is paid.

(4). The program calculates a negative tax value of the ascertained damage on the basis of the rules laid down in Spanish law § 8A. Grace balance is reduced by an amount equal to the calculated negative tax value. In accordance with the foreign rules, as the person is subject to be established a loss for which the person has credit for in the country concerned, calculated that a negative tax value thereof. An amount equal to the calculated negative tax value shall be due and payable. Grace balance is reduced by the amount, when it is paid.

(5). By the sale of shares to the issuing company, see. equation section 16 (B), and upon receipt of dividends of shares, see. equation section 16 (A), which is included on the inventory list, calculates tax rules, according to the rules in section 8 (a) personal tax. In the calculated tax is given credit for tax paid to Denmark, and deductions according to the rules in section 33, equation (1) for tax paid to a foreign State, the Faroe Islands or Greenland. Exceeds the calculated tax total of the Danish and foreign taxes paid, the excess amount is due for payment. Grace balance is reduced by the amount, when it is paid. Furthermore, the reduced grace balance with tax paid to Denmark.

(6). For other distributions and dispositions made by a company in which the shares in the company included on the inventory list, and where the distribution or disposition may affect the share price value downwards, calculates tax rules, according to the rules laid down in Spanish law § 8A. This applies both for the person himself and distributions other distributions and dispositions, likely to be in the person's interest. In the calculated tax deduction is given for Danish taxes and deductions according to the rules in section 33, equation (1) for tax paid to a foreign State, the Faroe Islands or Greenland. Exceeds the calculated tax total of the Danish and foreign taxes, the excess amount is due for payment. Grace balance is reduced by the amount, when it is paid. Furthermore, the reduced grace balance with paid Danish taxes.


(7). Upon receipt of the loan etc. from a company in which the shares in the company included on the inventory list, due an amount equal to the amount paid the loan proceeds to the payment. Similarly, if the loan is received from a company in which the aforementioned company is a participant, taking as is due an amount corresponding to the aforementioned corporate ownership interest. Grace balance is reduced by the amount, when it is paid. The provisions of 1.-3. paragraph apply accordingly by loans to the persons referred to in section 4, paragraph 2, and to corporations, etc., in which the person himself or the mentioned persons directly or indirectly owns at least 10 per cent of the capital. The provisions of 1.-4. paragraph shall not, however, by lending to companies, etc., in which the lending company owns the entire capital. Furthermore, the provisions of 1.-4. point is not where the lending company is a financial institution and the person owns less than 5 percent of the share capital.

(8). By impairment of grace balance after paragraph 3-7 can not balance is reduced to less than $ 0.

(9). The person's death shall be treated with a sale of all the shares that are included in the inventory list. The rules laid down in paragraphs 2 to 4 and 10-12 shall apply mutatis mutandis.

Paragraph 10. When all those shares which are included in the inventory list is abandoned, cancelled the remaining grace balance. Grace balance will lapse, however, if the person has unused realized losses can be carried forward for deduction in later income year.

Paragraph 11. There shall be filed a tax return for each year in which there is a positive balance grace. Selvangivelsesfristen is the 1. July in the year following the income year. Expires selvangivelsesfristen a Friday or a Saturday, can be carried out in a timely manner the tax return the following Sunday. Lodged tax return is not filed in due time, lapse, and the deferral amounts over to stop the floor doen, is due for payment. Customs and tax administration can ignore exceeding the time limit for the submission of the tax return.

Paragraph 12. The time limit for payment of the amounts covered by paragraphs 3 to 7, 9 and 11 are the 1. October in the year following the income year respectively last year with the timely payment of the death on 20 December. in the due month. The last timely indbetalingsdag on a holiday or a Saturday, extended to the following business day. Paid amount is not filed in due time, accrue interest the amount due with interest pursuant to section 7, paragraph 2, of the law on the levying of taxes and duties, etc., with Appendix by 0.4 percentage points per month from the due date started to rain.

section 39 (B). Get the person on the new fiscally registered office in Denmark, the rule in section 37 application for shares that were included on the inventory list, and as the person continues to own. There is at this time still a grace balance, however, must be a reduction in the market value of the shares at the time of the calendar continues to be included in the inventory list. The market value shall be reduced by the lowest of the following amounts:





1) The remaining tax amount included in the balance on the calendar time of grace, converted into income basis based on the rules laid down in Spanish law § 8A.

2) total net gain on the shares, which the person owns at the time of the calendar, calculated on the basis of the market value at the time of the calendar and the acquisition, included in the calculation under section 38, paragraph 4.





(2). In paragraph 1, no. 2, said total net gain is calculated by that for each share, which is still included on the inventory list, made an inventory of the gain or loss, as ascertained damage leaving it in incremental gains. If NET statement after 1. paragraph leads to an overall gain of $ 0 or an overall net loss, there must not be a regulation of commercial value.

(3). The amount by which the fair market value in accordance with paragraphs 1 and 2 must be reduced by, be deducted pro rata on those shares on the basis of their market value.

(4). When there has been a regulation of commercial value in accordance with paragraphs 1 to 3, repealed the remaining grace balance.

Companies, etc.

§ 40. Gains and losses on shares covered by § 17 considered accomplished, if the gain or loss relating to a share that is covered by the liability here for the country after Corporation Tax Act § 2, paragraph 1, point (a), and this tax liability ceases, see. However, paragraph 2. The rules of the corporate tax Act § 7 shall apply mutatis mutandis in the situation where there are tax liability after 1. point, because the shares, which are included as part of the economic activity with a fixed place of business in this country, shall cease to be a part of this business without business company with a permanent establishment in fact ceases.

(2). The rules laid down in paragraph 1 applies only to corporations, etc., that have been subject to tax after Corporation Tax Act of stock gains in one or more periods totalling at least 7 years within the last 10 years before the tax liability has been manufactured.

(3). Gains and losses, which are considered realized in accordance with paragraph 1 shall be determined in accordance with the provisions of § § 23-29, however, enters the value at the termination of the tax arises instead of the transfer sum. Loss, by a disposal could have been deducted under section 17, however, can only be deducted from gains on shares that are considered realized in accordance with paragraph 1.

(4). Tax is calculated by the total net gain determined under paragraph 3, which are considered realized in accordance with paragraph 1. '

§ 2

In the law of taxation on death (Estate Tax Act), see. lovbekendtgørelse nr. 908 of 28. August 2006, as amended most recently by § 2 of the law No. 532 of 17. June 2008, shall be amended as follows:

1. section 51 shall be replaced by the following: ' § 51. In cases where after the stock profit taxation Act section 39 was granted deferment of payment of taxes in accordance with the stock profit taxation Act section 38, and in cases where, after withholding § 73 E has been granted deferment of payment of taxes after real estate profit taxation Act § 6(b) or section 37, Exch. rate gains the surviving spouse can join the grace scheme under the conditions applicable to the deceased. '

2. section 65 shall be replaced by the following: ' section 65. In cases where after the stock profit taxation Act section 39 was granted deferment of payment of taxes in accordance with the stock profit taxation Act section 38, and in cases where, after withholding § 73 E has been granted deferment of payment of taxes after real estate profit taxation Act § 6(b) or section 37, Exch. rate gains the surviving spouse can join the grace scheme under the conditions applicable to the deceased. '

§ 3

In kildeskatteloven of the basic regulation. lovbekendtgørelse nr. 1086 of 14. November 2005, as amended, inter alia, by section 7 of the Act No. 1414 of 21. December 2005, section 9 of Act No. 515 of 7. June 2006 and section 7 of the Act No. 335 of 7. May 2008 and at the latest by the § 3 of the law No. 532 of 17. June 2008, shall be amended as follows:

1. In section 73 (E), paragraph 1, the words ' stock profit taxation Act § 38, '.

2. In article 73 (E), (2), (4). paragraph and paragraph 6, 3. paragraph, the words ' stock profit taxation Act section 39, '.

§ 4

Of the law on the tax treatment of gains and losses on receivables, debt and financial contracts (kursgevinstloven), see. lovbekendtgørelse nr. 140 by 5. February 2008, as amended most recently by section 8 of Act No. 521 of 17. June 2008, is amended as follows:

1. In section 4, paragraph 3, shall be inserted after 1. paragraph: ' However, this applies only if it is established that the corresponding gains on debt is tax liable for customer or is subject to the rules on the setting-up of unused, tax deductible deficit and loss depends on the reduction of tax liability respectively. unutilized deductible deficit, and loss of customer access to the deduction of the vendor shall be considered the gain pursuant to this provision for tax liability respectively, subject to the rules on the setting-up of unused , deduction reported deficits and losses. '

§ 5

Of the law on the imposition of income tax to the State (the tax assessment Act), see. lovbekendtgørelse nr. 1061 by 24. October 2006, as amended most recently by § 2 of the law No. 552 of 17. June 2007, is amended as follows:

1. In paragraph 7 (A) (1). 1, 6. point, and nr. 2, 6. section, the term ' withholding tax article 73 E, paragraph 3.0 ' to: ' share of profit taxation Act § 39, paragraph 3, '.

§ 6

In Act No. 532 of 17. June 2008 amending stock profit taxation law, estate tax Act, and kildeskatteloven. (More uniform taxation of generational alive and death), is amended as follows:

1. § 1, nr. 7, shall be replaced by the following: ' 7. In article 38, paragraph 3, 3rd paragraph, be amended in accordance with sections 34 and 35 to: § § 34, 35 and 35 (A) '

§ 7

(1). The law shall enter into force on the day after publication in the Official Gazette.

(2). section 1 and section 3 have effect from 30. May 2008.

(3). § 4 have effect for any loss realized on 30. May 2008 or later.


(4). Persons whose tax liability has ceased or tax residence is moved before the 30. in May 2008, and who has or will have a deferment of payment of the tax, which was calculated by the tax arises cessation respectively transfer of tax residence, it must prepare an inventory list by stock profit taxation Act section 39 (A), paragraph 1, as amended by this Act, section 1, no. 3. The inventory list shall include the person owned the shares at the time of the transfer and continue owner pr. 30. in May 2008, and it must be submitted to the Customs and tax administration by 1. July 2009. The balance mentioned in grace stock profit tax section 39 (A), paragraph 1, as amended by this Act, section 1, no. 3, formed by the grace amount remains at 30. May 2008. Submitted inventory list is not filed in due time, extension of time lapse, and the amount of grace, balance due, with stock profit taxation Act section 39 (A), paragraph 12, as amended by this Act, section 1, no. 3, shall apply mutatis mutandis. Customs and tax administration can ignore exceeding the time limit for the submission of the inventory list as mentioned in 2. paragraphs, see. 4. point if the person can demonstrate that he or she at the time of the termination of the tax arises, respectively, relocation of Head Office met the condition in the stock tax profit taxation Act section 38, paragraph 2, as amended by this Act, section 1, no. 3, repealed the remaining grace balance.

(5). Persons whose tax liability has ceased or tax residence is moved before the 30. in May 2008, and who have paid the tax, which was calculated by the tax arises cessation respectively transfer of the tax residence, and as per 30. May 2008 continue to own shares, which was owned at the time of the transfer, may choose instead to be covered by the rules in the stock profit taxation Act § § 38-39 (B) as amended by this Act, section 1, no. 3, provided that no later than 30 June. May 2009 be granted customs and tax administration accordingly. If the person after 1. point choose to be covered by the rules in the stock profit taxation Act § § 38-39 (B) as amended by this Act, section 1, no. 3, the person must prepare an inventory list by stock profit taxation Act section 39 (A), paragraph 1, as amended by this Act, section 1, no. 3. The inventory list shall include the person owned the shares at the time of the transfer and continue owner pr. 30. in May 2008, and it must be submitted to the Customs and tax administration by 1. July 2009. The balance mentioned in grace stock profit tax section 39 (A), paragraph 1, as amended by this Act, section 1, no. 3, formed by an amount equal to the tax that was paid by vacating the property for shares, as the person remains owner pr. 30. May 2008. Submitted inventory list is not filed in due time, shall be deemed the elections after 1. point for lapsed. Customs and tax administration can ignore exceeding the time limit for the submission of the inventory list as mentioned above in 3. paragraphs, see. 5. point if the person can demonstrate that he or she at the time of the termination of the tax arises, respectively, the movement of the tax residence fulfilled the condition in the stock profit tax section 38, paragraph 2, as amended by this Act, § 1, paragraph 3, concerning the tax claim lapses, who was paid by vacating the property. Repayment of the remaining tax that was paid by vacating the property, as a result of that person instead are covered by rules in the stock profit taxation Act § § 38-39 (B) as amended by this Act, section 1, no. 3 of the basic regulation. 1.-6. paragraph, or has documented that the condition in the stock profit taxation Act section 38, paragraph 2, as amended by this Act, § 1, paragraph 3, are fulfilled, without prejudice. 7. paragraph, must take place no later than the 1. October 2009. Due to the person an interest rate equivalent to the interest rate pursuant to section 7, paragraph 2, of the law on the levying of taxes and duties, etc. with supplement of 0.4 percentage points per month commenced from 1. October 2009 to count if the repayment occurs after that date.
Given at Fredensborg Palace, the 12. September 2008 MARGRETHE r./Kristian Jensen