Ordinance To The Law On Tax Treatment Of Gains And Losses On Receivables, Debt And Financial Contracts (Kursgevinstloven)/nref/sn501//

Original Language Title: Bekendtgørelse af lov om skattemæssig behandling af gevinst og tab på fordringer, gæld og finansielle kontrakter (kursgevinstloven) /NREF/SN501//

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=114566

Overview (table of contents) Chapter 1 the scope of the law

Chapter 2 Companies, etc.

Chapter 3 people

Chapter 4 cancellation of debts by composition, etc.

Chapter 5 Statement of gains and losses on receivables and Payables

Chapter 6 Financial contracts

Chapter VII Other provisions

Chapter 8 entry into force and transitional provisions the full text announcement of law on tax treatment of gains and losses on receivables, debt and financial contracts (kursgevinstloven)

Hereby promulgated law on the tax treatment of gains and losses on receivables, debt and financial contracts (kursgevinstloven) 1), see. lovbekendtgørelse nr. 978 by 28. September 2006, with the changes imposed by section 5 of law No. 343 of 18. April 2007, § 4 of the lov nr. 344 of 18. April 2007 and section 11 of Act No. 577 of 6. June 2007. The changes imposed by section 6 of the law No. 1534 of 19. December 2007, is not included in this consolidation Act, since the changes only take effect as from the income year 2010, see. amending article 11, paragraph 4. These changes appears instead of the notes 5-8.

Chapter 1

The scope of the law

§ 1. This law includes





1) gains and losses on disposal or redemption of money orders including bonds, mortgages and promissory notes

2) gains and losses from mobilization for debt and

3) gains and losses on forward contracts and agreements on buying tickets and selling dishes without regard to the rules applicable to the underlying asset.





(2). Receivables and Payables in Danish kroner is considered to be in accordance with this act as debts and debts in foreign currency, if the principal balance outstanding, respectively is regulated in relation to one or more exchange rates. Receivables and debts in foreign currency shall be considered as claims and debts in Danish kroner, if the principal balance outstanding, respectively, will be adjusted to Danish kroner.

(3). The law does not include gains and losses on receivables and Payables included in the taxation of profit from the sale of immovable property belonging to the taxpayer's valuable, see. State Tax Act § 4 of the basic regulation. section 5 (a).

(4). The law also does not include gains and losses on convertible bonds and premium bonds.

(5). Money claims not due on a prior agreed time shall be treated as other pecuniary claims, when the conditions set out in section 6 (B) equation (1). 1-3 are met.

(6). Debt not due on a prior agreed time shall be treated as other debts when the conditions set out in section 6 (B) equation (1). 1-3 are met.

Chapter 2

Companies, etc.

§ 2. Companies, foundations and associations, etc., which are taxable after Corporation Tax Act or the taxation Act, the Fund in determining the taxable income include gains and losses on receivables and Payables, which are covered by paragraph 1, in accordance with the rules specified in this chapter and section 29, as well as in chapters 4, 5 and 7.

Claims

§ 3. Gains and losses on claims shall be included when determining taxable income, without prejudice. However, sections 4 and 5.

§ 4. 2) Losses on receivables from affiliates cannot be deducted. This also applies to losses on claims on jointly taxed companies and companies that will be able to sambeskattes, see. Corporation Tax Act §§ 31 and 31 a. the non-deductible loss is calculated on the basis of the exchange rates at the time of the acquisition without regard to changes in exchange rates.

(2). By affiliates for the purposes





1) companies and associations, etc., where the same shareholders, by a postponement of acquisition or at any later time directly or indirectly owns more than 50 per cent of the share capital of each company,

2) societies and associations, etc., where the same shareholders, by a postponement of acquisition or at any later time directly or indirectly possesses more than 50 percent of the votes in each company,

3) a Fund and companies in which the Fund by the acquisition or at any later time directly or indirectly owns more than 50 per cent of the share capital of each company, or

4) a Fund and companies in which the Fund by the acquisition or at any later time directly or indirectly possesses more than 50 percent of the votes in each company.








Shareholders as mentioned in the stock profit taxation Act § 4, paragraph 2, shall be considered in the assessment of shareholders as one and the same shareholder. In determining voting shares except for voting, which alone is achieved by transfer of voting rights in connection with the profession of security in shares.



(3). Paragraph 1 shall not apply where the claim is acquired as taxable remuneration for delivered goods and other assets as well as services and vendor has not been taxed jointly with the customer or the claim is founded after cessation of joint taxation. Moreover, paragraph 1 shall not apply to losses on listed bonds or other publicly traded debt.

(4). Paragraph 1 does not apply to interest receivables, provided that the interest is taken into account in determining taxable income of the creditor and the creditor has not been taxed jointly with the customer or the interest claim is founded after cessation of joint taxation.

(5). Paragraph 1 shall also not apply for taxpayers engaged in nourishment by the purchase and sale of claims or nutrition business by financing, if the driver group connection alone is established for the purpose of vendor's temporary operation of the debtor's business to the unwinding of earlier granted loans or for participation in the restructuring of businesses.

§ 5. Loss of a claim may not be deducted, if the claim or interest income gains on receivable covered by this law as a result of a tax treaty are not to be included in determining the taxable income.

Debt

§ 6. Gains and losses on debt is taken into account in determining taxable income, without prejudice. However, sections 7, 8 and 24 of the gain as a result of debt cancellation by chord, etc.

§ 7. Losses on index adjustment of principal or residual debt on loans cannot be deducted. This applies, however, only in Danish kroner and only if the nominal interest rate is equal to or higher than the minimum interest rate, to be determined in accordance with section 38, see. § 14. 1. paragraph also applies only if the gains and losses on the debt corresponding to the debt, are not covered by section 29, paragraph 3. Taxpayers who both have claims and debts, as indexed, however, can deduct losses on index regulation in so far as it does not exceed the winnings in the same income year by index adjustment after the evolution of the same index.

(2). Loss on debt cannot be deducted, if the repayment shall be made to a pre-determined premium in relation to the value of the original issue date. This applies, however, only in Danish kroner and only if the nominal interest rate is equal to or higher than the minimum interest rate, to be determined in accordance with section 38, see. § 14.

(3). 3) Notwithstanding the provisions of paragraph 2, the deductions for losses on loans that are recorded with security in





1) real estate,

2) ships or

3) direct liability or guarantees from central Governments, central banks, public bodies or regional or local authorities in a country within the EU or the EEA.





(4). 3) Notwithstanding the provisions of paragraph 2, the deductions for losses on bonds or securities issued to finance the loans granted with security as referred to in paragraph 3, no. 1-3. For bonds issued as a prior issue of underwriting fixed rate agreements and debt securities issued as block emissions on the basis of the extent to which loan offer and an estimated lending activity with security as referred to in paragraph 3, no. 1 and 3, shall be deemed to be the condition for the loss deduction to be satisfied, if the bonds are used to finance loans no later than 6 months after the emission. For bonds issued as a prior issue of underwriting fixed rate agreements and debt securities issued as block emissions on the basis of the extent to which loan offer and an estimated lending activity with security as referred to in paragraph 3, no. 2, shall be considered as the condition for the loss deduction to be satisfied, if the bonds are used to finance loans no later than 4 years after the emission.

§ 8. 2) 4) 5) 6) Gain on debt to affiliates, see. section 4, paragraph 2, and jointly taxed companies, see. SEL's treasure tea section 31 and section 31 (A), shall not be taken into account, provided that the vendor under section 4 (1), or after the pension yield tax law § 2, paragraph 3, nr. 5, cannot deduct the corresponding loss on claim. However, this does not alter the extent of debt forgiveness, debt is reduced to a lower amount than the value of the vendor at the time of the debt, unless the customer is tax free of subsidies granted by the vendor after Corporation Tax Act section 31 D 1. and 2. paragraph shall apply mutatis mutandis by gain on debts to foreign affiliates, see. section 4, paragraph 2, and jointly taxed companies and companies that will be able to sambeskattes, see. SEL's treasure tea Act section 31 (A), if the vendor under section 4 (1), or after the pension yield tax law § 2, paragraph 3, nr. 5, would not be able to deduct the corresponding loss on claim if the vendor was taxable to Denmark, and it is established that the loss of the species concerned are not tax deductible.


§ 9. 3) mortgage companies, which are the subject of the financial business Act, Credit Association of municipalities and regions in Denmark and public limited-liability companies covered by the law on a ship must take into account financial, gains and losses on receivables and Payables in determining taxable income in accordance with the General rules of the Act, see. However, section 7, paragraphs 3 and 4, and section 10.

§ 10. Mortgage credit institutions authorised in accordance with the financial business Act, Credit Association of municipalities and regions in Denmark and public limited-liability companies covered by the law on a ship, regardless of financial rules in section 9 does not include gains and losses on the following debts and debt in determining the taxable income:





1) Loan in Danish kroner, which is paid on the basis of mortgage bonds or other securities and the securities issued thereby, when the Foundation's exchange rate gains on loans within each income year will correspond to the Department's capital losses on the securities, but with the exception of differences between the income of the year Exchange rate gains and losses as a result of less time discrepancies between the due dates and between settlements and the related extractions ,

2) inflation-indexed loans and bonds, index

3) loans and bonds, has been granted, respectively, issued under section 17 (1), (2). section, and section 20 of the law on mortgage credit institutions referred to in article 6. lovbekendtgørelse nr. 571 of 15. August 1989,

4) loans granted to younger farmers of Danish agricultural Mortgage Fund, see. lovbekendtgørelse nr. 110 of 25. February 1991, cash loans granted to farmers by the Danish agricultural Mortgage Fund, see. the Act on State guarantee for gældssaneringslån to land users, and cash loans, which are or will be admitted to the refinancing of K-loans recorded in Danish agricultural Mortgage Fund, when it is a condition of K-loan that refinances should take place as cash loans,

5) henstandslån, has been granted pursuant to lov nr. 481 of 5. November 1980, kollegielån, granted under law No. 235 of 8. June 1979, as well as loans granted pursuant to section 4 (b) of the Act on temporary public support for non-profit housing, see. lovbekendtgørelse nr. 191 of 4. in May 1977, as amended by Act No. 261 of 8. June 1978,

6) cash loans in Danish kroner and the corresponding bonds, has been granted, respectively, issued by mortgage credit institutions authorised in accordance with realkreditloven or Credit Association of municipalities and regions in Denmark.





(2). The share of interest payments on kontantlåns pantebreve granted in accordance with paragraph 1, nr. 2, 3, 4 and 6, which corresponds to the amount expensed on the sinking account that is created for each mortgage letter shall not be taken into account.

(3). By cash loans granted on the basis of bonds for premium, the portion of the cost of bond yields in excess of borrowers ' interest rate deposits, according to kontantlåns pantebrevene, is not deductible.

(4). Paragraphs 1 to 3 shall apply mutatis mutandis where the mortgage bonds or other securities issued in connection with the institution's conclusion of exchange agreements, provided that at the expiry of the contract price shall be granted or for refinancing loans covered by paragraph 1, nr. 1, 2, 4 or 6, on the basis of the issued securities.

(5). The rules in section 9 shall be applicable on the gains and losses on loans as referred to in paragraph 1, due to the debtor's default. Gains and losses are stated at the time of the end of the exposure. By the end of the exposure shall mean the time at which it acquired the mortgage to be transferred or migrated from exposure account for real estate account.

§ 11. Acquire a bond issuing company, etc. own bonds, considered this not as a cancellation of debt as a result of the merging of accounts receivable and accounts payable (confusion), unless the bonds are canceled.

Chapter 3

Persons

§ 12. Persons who are subject to tax after kildeskatteloven, and estates that are taxable for estate tax Act, in determining the taxable income include gains and losses on receivables and Payables, which are covered by paragraph 1, in accordance with the rules specified in this chapter and section 29, as well as in chapters 4, 5 and 7.

Claims and money food

§ 13. If the person or estate engaged in nourishment by the purchase and sale of claims or driver nutrition business by funding, gains and losses on receivables are included in determining the taxable income of the basic regulation. However, section 18.

(2). It is demonstrated that an amount receivable is acquired outside the taxpayer's nutrition business and not later concluded in this, paragraph 1 does not include gains and losses on such a claim.

Other claims

§ 14. Losses on claims may not be deducted from the basic regulation. However, sections 16 and 17.

(2). 3) gain of claims not covered by sections 15 and 16, shall be taken into account in determining taxable income. 1. paragraph shall not apply if the claim is remunerated at a nominal interest rate, which is equal to or higher than the minimum interest rate in accordance with § 38 at the time of the customer's assumption of the obligation referred to in article 6. paragraphs 3 and 4. The nominal interest rate is calculated on the basis of the highest communication planned indfrielsessum. 1. paragraph shall, however, apply if the vendor is the main shareholder in the customer, without prejudice. stock profit taxation Act § 4. 1. paragraph shall also apply if the customer is a person or an estate, who operates the nutrition business by financing and vendor are related to the customer. As related shall be deemed to be the taxpayer's spouse, parents and grandparents, as well as children and grandchildren and their spouses or estates after the mentioned persons. Place child and adoptive equated with original parentage.

(3). 3) A debtor's acquisition of an obligation shall be considered in accordance with paragraph 2, shall not apply as the assumption of a new obligation, when the transition can be implemented without special authorization from the vendor. In addition, the acquisition of loans not be deemed as assumption of a new obligation, if the loan secured on immovable property, ships, direct liability or guarantees from central Governments, central banks, public bodies or regional or local authorities in a country within the European Union or the EEA and the loan is granted by a company or by a person or an estate, who operates the nutrition business by financing.

(4). A debt with variable rate covered by paragraphs 2 and 3. Such a claim is considered interest rate lower than the minimum interest rate, if rate variation and the terms of the termination causes the price of claim may differ significantly from the redemption price.

§ 15. Gain of claims be included in so far as it concerned debt acquired for borrowed funds, see. paragraphs 2 and 3.

(2). Acquisition of borrowed funds in accordance with paragraph 1 shall be deemed to exist if the taxpayer in connection with the acquisition has included loans that stand in apparently disproportionate to the capital needs of the taxpayer's other business or private consumption considering whether or not, or if the link between acquisition and borrowing is clearly indicated by the circumstances of the acquisition. The achievement of exceptional credit on an equal footing with borrowing.

(3). Paragraph 1 shall not apply if the taxpayer can establish that the deductible expenses relating to the concerned loans only in relatively unimportant magnitude exceeding the taxable income of those claims. Paragraph 1 shall not apply if the taxpayer can establish that the total result regarding the loan and receivables under a is negative after tax even without taxation in accordance with paragraph 1.

§ 16. Gains and losses on receivables denominated in foreign currencies be included, see. However, section 18. Gains and losses, however, must be taken into account only if the year's net gain or net loss combined with gains and losses, which are covered by section 23, in excess of 1,000 DKK regardless of 1. item can loss on claims acquired by surety payment is not deductible. Losses on receivables, over which the taxpayer has or has had an influence, as referred to in section 4 of the Act, the taxable profit shares or loss on claims on the taxpayer's spouse, parents and grandparents, as well as children and grandchildren and their spouses or estates after the aforementioned persons may not be deducted. Stedbarns‑ and equated with natural adoptive parentage. The non-deductible loss after 3. and (4). item is calculated on the basis of the exchange rates at the time of the acquisition without regard to changes in exchange rates.

§ 17. For losses on claims that are acquired as consideration in nourishment and for losses on receivables, which, incidentally, is acquired in connection with the business operation of the company, the provisions of the rules in section 6 of the Danish State (a) the use of the basic regulation. However, section 18.

Losses on receivables covered by a double taxation treaty

§ 18. Notwithstanding sections 13, 16 and 17 can loss on a receivable is not deductible, if the claim or interest income gains on receivable covered by this law as a result of a tax treaty are not to be included when determining taxable income.

Debt and money food

§ 19. If the person or estate driver nutrition business by financing and debt concerns this company included gains and losses on debt in determining taxable income, without prejudice. However, paragraphs 2 and 3 and section 24 on the gain as a result of debt cancellation by chord, etc.


(2). Losses on index adjustment of principal or residual debt on loans cannot be deducted. This applies, however, only in Danish kroner and only if the nominal interest rate is equal to or higher than the minimum interest rate, to be determined in accordance with section 38, see. § 14. Taxpayers who both have claims and debts, as indexed, however, can deduct losses on index regulation in so far as it does not exceed the winnings in the same income year by index adjustment after the evolution of the same index.

(3). Loss on debt cannot be deducted, if the repayment shall be made to a pre-determined premium in relation to the value of the original issue date. This applies, however, only in Danish kroner and only if the nominal interest rate is equal to or higher than the minimum interest rate, to be determined in accordance with section 38, see. § 14.

(4). 3) Notwithstanding the provisions of paragraph 3 may be made deductions for losses on loans that are recorded with security in





1) real estate,

2) ships or

3) direct liability or guarantees from central Governments, central banks, public bodies or regional or local authorities in a country within the EU or the EEA.





(5). 3) Notwithstanding the provisions of paragraph 3 may be made deductions for losses on bonds or securities issued to finance the loans granted with security as referred to in paragraph 4, no. 1-3. For bonds issued as a prior issue of underwriting fixed rate agreements and debt securities issued as block emis sion on the basis of the extent to which loan offer and an estimated lending activity with security as referred to in paragraph 4, no. 1 and 3, shall be deemed to be the condition for the loss deduction to be satisfied, if the bonds are used to finance loans no later than 6 months after the emission. For bonds issued as a prior issue of underwriting fixed rate agreements and debt securities issued as block emissions on the basis of the extent to which loan offer and an estimated lending activity with security as referred to in paragraph 4, no. 2, shall be considered as the condition for the loss deduction to be satisfied, if the bonds are used to finance loans no later than 4 years after the emission.

Other Payables

§ 20. Gains and losses on debt must be taken into account in determining taxable income in accordance with §§ 21-23.

§ 21. Loss on cancellation, limitation, confusion or be entertained by debt be included in so far as the debt is reduced to a lower amount than the value of the vendor at the time of debt cancellation, etc., see. also section 24 on the gain as a result of debt cancellation by chord, etc.

§ 22. 3) If a claim is established under such conditions as to the value at the time of the customer's assumption of the debt exceeds the amount that the customer must fulfill, should customer take account of this prize. section 25 and section 26, paragraph 4, shall not apply. A customer's acquisition of a debt that is founded on the terms referred to in 1. paragraph, considered to be the formation of a new debt. In these cases the taxable profit is calculated after 1. clause as the difference between the value on the acquisition date and the amount that the customer must fulfil. The rule in the 1. paragraph shall not apply where the vendor is a company or a person or estate that drives the nutrition business by financing and receivable (bond loan) granted with security as referred to in section 7, paragraph 3, and section 19, paragraph 4, is based on bonds, which did not exceed par, at the time of loan disbursement, or where the loan is granted on the basis of a loan offer that is submitted less than 6 months before the loan disbursement , and the loan is based on bonds, which did not exceed par at the time of the offer. No matter 5. paragraph applies the rule of 1. paragraph does not, if the vendor is a company or a person or estate that drives the nutrition business by financing and receivable (bond loan) granted with security as referred to in section 7, paragraph 3, and section 19, paragraph 4, by the debtor's assumption of the obligation is the rate with minimum interest rate pursuant to section 38 of the basic regulation. § 14.

(2). 3) If a claim is established under such conditions as to the claim accrue interest with a nominal interest rate, which has varying rate in separate periods during the duration of the claim, to the win, which is not covered by paragraph 1 of this article, and as a customer realizes by mobilization for debt according to such a claim, shall be taken into account. The rule in the 1. paragraph shall not apply where the interest rate varies for months and the loan granted with security as referred to in section 7, paragraph 3, and section 19, paragraph 4, is based on fixed-rate bonds or securities, and vendor is a company or a person or estate that drives the nutrition business by financing.

(3). 3) Gain, as a customer achieves extraordinary partial or redemption of a cash loans in Danish kroner, account shall be taken, if the loan is granted with security as referred to in section 7, paragraph 3, and section 19, paragraph 4, of a company or a person or estate that drives the nutrition business by financing. It does not apply to reimbursements made by the seller, and redemption, as carried out by the buyer in connection with the transfer of immovable property, where the debt is liquidated or terminated to the redemption in the period from 6 months prior to 6 months after the date of acquisition and are respectively at the time of the transfer for the seller the buyer respectively in the case of the first redemption within that period. 2. paragraphs shall not apply when change of ownership between the spouses, unless the redemption shall be effected by the change of ownership in the context of separation or divorce. 2. paragraph does not apply when an individual's sale of a property to a company, etc. as mentioned in sections 1 and 2 of the Danish company or Fund Tax Act section 1, where the person and his or her spouse because of shareholding, statutory provision or agreement has a dominant influence on the company's conduct. Dominant influence because of shareholding is available always by ownership or disposal of voting rights, so as to directly or indirectly owned more than 50% of the share capital or be advised of more than 50 percent of the vote.

(4). 3) (3) 1. paragraph shall not apply if the redemption occurs after claims from the vendor. (3) 1. paragraph shall not apply to redemption, as happens in the context of a surviving spouse's acquisition of immovable property in connection with the administration of a deceased estate, or by extradition to spouse, including hensidden in the undivided live. 2. paragraph shall only apply where the deceased spouse at the time of death was the owner of the property. The time limits laid down in paragraph 3, 2. item, for redemption or termination to the repayment of debt shall apply mutatis mutandis, if by the time of the transfer or at the date of acquisition, in this context, means the date of distribution or, respectively, the time of extradition.

§ 23. Gains and losses on debt denominated in foreign currency are included to the extent that the gain or loss is not covered by section 22. 1. paragraph applies, however, only if the year's net gain or net loss combined with gains and losses, which are covered by section 16, in excess of 1,000 kr.

Chapter 4

Waiver of liability by chord, etc.

§ 24. 4) Gain on debt as a result of compulsory settlement or agreement on an overall agreement between a debtor and its creditors on discontinuance or reduction of debts of debtor (voluntary chord) shall not be taken into account in determining taxable income. However, this does not apply to the extent that the debt is reduced to a lower amount than the value of the vendor at the time of the debt, unless the customer is tax free of subsidies granted by the vendor after Corporation Tax Act section 31 (D). With debt reduction equivalent full or partial conversion of debt into shares or convertible bonds.

(2). (1) 1. paragraph shall apply, mutatis mutandis, to gain on debt as a result of debt relief.

Chapter 5

Statement of gains and losses on receivables and Payables

§ 25. Gains and losses on receivables and debts to be included in determining the taxable income is taken into account in the income year in which the gain or loss realized (realisation principle), see. However, paragraphs 2 to 9, and section 22, paragraph 1, as well as sections 36 and 37.

(2). The taxpayer may, by statement of gains and losses on publicly traded bonds, as well as gains and losses on unlisted debts and debts arising from Exchange-rate changes, choose to use the inventory principle, see. section 33 (1), instead of the realisation principle. The choice taken overall respectively for publicly traded bonds (claims) and quoted on bond debt in Danish kroner and for receivables and debts in foreign currency. When the storage principle is selected, this statement can only be changed after permission from customs way-and the tax administration.

(3). 3) Notwithstanding the provisions of paragraphs 2 and 5, the taxpayer may elect to calculate gains and losses in accordance with paragraph 1, in respect of claims covered by § 4, as well as debts covered by article 7, paragraph 1, article 7, paragraph 2, article 7, paragraph 3, article 7, paragraph 4, article 19, paragraph 2, article 19, paragraph 3, article 19, paragraph 4, and section 19, paragraph 5. The choice taken collectively for claims covered by section 4 and total debt covered by, respectively, § 7, paragraph 1, article 7, paragraph 2, article 7, paragraph 3, article 7, paragraph 4, article 19, paragraph 2, article 19, paragraph 3, article 19, paragraph 4, and section 19, paragraph 5. When realisation principle is selected, this statement can only be changed after permission from customs way-and the tax administration.


(4). Mortgage companies, which are the subject of the financial business Act, Credit Association of municipalities and regions in Denmark and public limited-liability companies covered by the law on financial institutions, a ship shall use the warehouse principle for all claims and debts, see. However, paragraph 6. In addition, companies, etc., there is group associated with one of the in 1. paragraph mentioned institutions, see. financial business Act § 5 (1) (8). 7 use the inventory principle for all claims and debts. Institutions engaged in business through the same company, etc., shall be considered in relation to the financial business Act § 5 (1) (8). 7, to form one institution.

(5). Customs and tax administration may allow a different statement way used, see. However, paragraph 4. Is such a permission given hereby approved, it can be changed only after permission from statement way customs and tax administration.

(6). Financial institutions, mortgage companies, which are the subject of the financial business Act, Credit Association of municipalities and regions in Denmark and public limited-liability companies covered by the law on a ship's financial, in determining the taxable income to deduct amounts by the end of the year are written down on lending income and provision for loss on guarantees, etc. in accordance with the applicable accounting rules for the Foundation. For the present, branches of foreign credit institutions that are resident in a country within the EU/EEA, however, the amount is calculated according to the accounting rules that apply to similar credit institutions subject to FSA supervision. Write-downs and provisions amount can be deducted, but only in so far as they relate to losses that are deductible in accordance with tax legislation general rules. In determining the taxable income, should include the tax deductible depreciation and provisions amount to see. 1. paragraph, for the prior year.

(7). Instead of counting losses on loans and guarantees, etc., in determining the taxable income according to the rules laid down in paragraphs 1 to 3, the finance companies, which satisfies the conditions laid down in paragraph 9, to choose once and for all to apply the rules in paragraph 6 for all the loans and guarantees, etc., relating to the activities referred to in points (a) to (m) in paragraph 9, nr. 2. Communication on the application of the rules laid down in paragraph 6 must be submitted to the Customs and tax administration by 1. December in the income year in which the rules for the first time, as claimed in the notification shall be accompanied by a statement made by a State-authorized public accountant, thereby certifying that the condition set out in paragraph 9, nr. 2, are met. Exceeded the deadline of 3. paragraph, the rules in paragraph 6, first used in determining the taxable income from and with the subsequent income year.

(8). If a company, after the company has chosen to apply the rules laid down in paragraph 6, no longer meets the conditions laid down in paragraph 9, the right to apply the rules laid down in paragraph 6, once and for all. As regards the condition laid down in paragraph 9, nr. 2, implies a lack of compliance in one continuous period of a maximum of 3 years shall not apply to access to apply the rules laid down in paragraph 6 shall lapse. Customs and tax administration may authorise a company can apply the rules laid down in paragraph 6, after the expiry of the period specified in 2. paragraph, even if the condition set out in paragraph 9, nr. 2, still have not been met. The authorization may be limited in time.

(9). The application of the rules laid down in paragraph 7 shall be subject to





1) the company is a limited liability or anpartsselskab or a person present branch of a foreign financial company that is resident in a country within the EU/EEA,

2) company which main activity is acquiring participating interests or exercise one or more of the activities referred to in points (a) to (k) in the following list:





 



(a))





Lending business.





 



(b))





Financial leasing.





 



(c))





Payment processing.





 



(d))





Issuing and administering means of payment (credit card, travellers cheques, bank drafts)





 



(e))





Collateral and guarantees.





 



(f))





Transactions for own account or for clients ' expense relating to





 

 



1)





pengemarkedsinstrumenter (checks, veksler, indskudsbeviser m.v.),





 

 



2)





valutamarkedet,





 

 



3)





finansielle futures og options,





 

 



4)





valuta- og renteinstrumenter og





 

 



5)





værdipapirer.





 



(g))





Participation in emission of securities and services in connection therewith;





 



(h))





Advice to undertakings on capital structure, industrial strategy and related questions and advice and services relating to the Association and the purchase of undertakings.





 



in)





Monetary intermediation (money broking).





 



(j))





Portfolio management and advice.





 



k)





Safekeeping and administration of securities.





 



l)





Credit information





 



m)





Box rental















3) the company uses the calendar year as the fiscal year and

4) company at the preparation of the annual report uses the rules laid down in title V of the Act, the annual accounts, and that the annual report is audited by a chartered accountant.





section 26. Gains or losses on receivables is calculated as the difference between the acquisition cost and the transfer sum. Market capitalisation at the time of acquisition are used as acquisition, unless the taxpayer can show that they have acquired the claim for a higher amount.

(2). By the sale of bonds, which are registered in a central securities depository, used the average acquisition cost for all bonds within the same stock code.

(3). If a taxpayer owns claims in foreign currency which is issued on the same terms of the same issuer and acquired at different times, used the average acquisition cost for all claims. Similarly for debt denominated in foreign currency.

(4). Gain or loss on the debt is calculated as the difference between the debt value by påtagelsen of debt and the value of liberation or redemption. Happens to the fulfilment through installments, account shall be taken of such a large share, which corresponds to the relationship between, on the one hand, the redemption sum after deduction of acquisition cost and on the other hand, the redemption sum.

(5). If the claim or debt is acquired or formed before tax chargeable event, see rules in § 36 of the date of acquisition and the acquisition cost apply. Upon the termination of liability to tax or fiscal domicile in this country will find the rules in section 37 shall apply in the context of the statement of gains and losses on receivables and Payables in accordance with paragraph 1 ‑ 4.

section 26 (A). Shall prepare or have taxable prepared financial statements for tax purposes in a foreign currency, see. tax kontrollovens section 3 (C), paragraphs 3 to 14, paragraphs 2 and 3 shall apply.

(2). It is not fradragsberettigede loss, see. section 4, paragraph 1, and section 16, 3.-5. paragraph shall be determined on the basis of the original acquisition respectively the transfer sum converted to the exchange rate at the time of the acquisition. It then ascertained damage converted with the exchange rate at the time of cut-off, see. tax kontrollovens section 3 (C), paragraphs 8, 9, 11 and 13, for each shift in the tax accounting currency from the acquisition to claim abandonment.


(3). By statements under section 26, paragraph 4, of fradragsberettigede loss, it does not see. section 7, paragraph 2, and section 19, paragraph 3, used the debt value in Danish kroner at påtagelsen respectively the debt value in Danish kroner by Liberation converted to the exchange rate at påtagelsen. It then ascertained damage converted with the exchange rate at the time of cut-off, see. tax kontrollovens section 3 (C), paragraphs 8, 9, 11 and 13, for each shift in the tax accounting currency from påtagelsen of the debt to the liberation.

§ 27. Mortgage companies, which are the subject of the financial business Act, Credit Association of municipalities and regions in Denmark and public limited-liability companies covered by the law on a ship, the valuation of financial claims, which are included in the Department's lending business, for the amount by which the claim can be met. For callable loans must, however, be achieved without taking into account the valuation that the customer can always settle for debt redemption rate.

(2). By refinancing or partial or total repayment of claims as referred to in paragraph 1, the part of the Institute's debt, which correspond to the fulfilment or refinancing by the end of the year income valued at debt redemption rate respectively of the debt on the daily exchange rate, in the event of annulment.

(3). 3) paragraphs 1 and 2 shall apply mutatis mutandis, with regard to lending with security as referred to in section 7, paragraph 3, and section 19, paragraph 4, provided by companies other than those referred to in paragraph 1, or a person or estate that drives the nutrition business by financing if the company, person or estate have chosen to calculate gains and losses on receivables and debts after the inventory principle.

section 28. 7) companies benefiting from pension yield taxation Act § 1, paragraph 1 shall apply without prejudice to the principle of storage. section 33, paragraph 1, by the statement of gains and losses on receivables.

Chapter 6

Financial contracts

section 29. Taxpayers covered by section 2 of the basic regulation. § 9, or § 12 shall include gains and losses on forward contracts and agreements on buying tickets and selling dishes in determining taxable income. Gains and losses are included in accordance with the rules specified in this chapter and in Chapter 7.

(2). Forward contracts do not include agreements, where the settlement date is later than the time when settlement takes place within the settlement period in the area considered to be usual.

(3). This chapter and Chapter 7 also applies to gains and losses on claims not covered by sections 4 and 5, if the claim is regulated in whole or in part in relation to the evolution of prices and other securities, goods and other assets, etc., as long as the development is of a nature that can be used in a financial contract referred to in article 6. However, section 10. This chapter and Chapter 7 does not apply, if any gain in persons covered by section 16 or the claim alone is regulated in relation to the evolution of the consumer price index calculated by Statistics Denmark or net price indices. This chapter and Chapter 7 also does not apply if the claim alone is regulated in relation to the development of the corresponding official consumer price index or the net price indices in the European Union or its Member States. This chapter and Chapter 7 applies always for claims which certainly fulfils the conditions set out in 2. and (3). item not to be included, but which furthermore is regulated in whole or in part in relation to the development of a different basis, see. 1. paragraph and for the claims, which are regulated on the basis of currency and price index as mentioned in 2. and (3). articles that do not relate to the same area. Issuance of foreign currency on a par with the regulation on the basis of that currency. Price index in a country participating in the euro, and the euro is assumed to relate to the same area.

section 30. section 29 shall not apply to





1) agreements on real estate,

2) warrants to shares, etc. covered by the stock profit tax Act,

3) 3) hedging by recording, refinancing, interest rate adjustment or repayment of the secured loan as stated in section 7, paragraph 3, and section 19, paragraph 4, provided by a company or by a person or an estate, who operates the nutrition business by financing,

4) conversion dishes attached to bonds, mortgages, debt securities and other money-claims

5) agreements for the purchase and sale of shares,

6) currency contracts in connection with the purchase and sale of securities, when currency contract corresponds to the usual settlement for trading in the securities, as the currency contract relates,

7) usual contracts for the supply of goods and other assets as well as services for private use or for use in the recipient's business, or as a product of their own businesses, as well as currency contracts concluded in connection therewith, when contracts are not listed on the stock exchange, and

8) agreements on full or partial disposal of the company and the shares of a company.





(2). (1). 3, does not apply to mortgage lenders and other credit institutions, etc., if the contract is part of that institution's nutrition business by financing.

(3). 3) It is a condition referred to in paragraph 1, no. 3, 5, 6 and 8, to the contract or the agreement can only be fulfilled by delivery. In addition, for each of the parties, it is a condition that the contract or agreement is not abandoned. The rules in the 1. and 2. paragraph shall not apply to buy tickets for the shares covered by the assessment Act § 7 H or equation § 28. In the case of hedging by the finance adaptation, include (1). 3, regardless of 1. and 2. point, contracts and agreements relating to secured loan as stated in section 7, paragraph 3, and section 19, paragraph 4, provided by a company or by a person or an estate, who operates the nutrition business by financing in connection with the transfer of real estate is taken over by another customer, terminated on terms as referred to in article 22, paragraph 3, 2.-4. paragraph, or terminated in the cases referred to in section 22, paragraph 4.

(4). Regardless of the rules laid down in paragraph 1, no. 5, 6 and 7, the provisions of section 29 shall apply, if entered into oncoming contracts or transactions. Has been entered into oncoming contracts or business dealings in relation to the buyer for the shares, which are covered by section 7 H or equation equation § 28 section 29 shall, however, apply only for the oncoming contracts or businesses that are not covered by section 7 H or equation equation § 28. As the oncoming contracts or business is also regarded oncoming contracts or transactions entered into by the taxpayer's spouse or of a consolidated company, see. section 4, paragraph 2, and oncoming contracts or transactions entered into by a company, etc., in which the taxpayer is the main shareholder of the basic regulation. stock profit taxation Act § 4, or vice versa.

(5). Regardless of the rules laid down in paragraph 1, no. 7, see section 29 shall apply for taxpayers engaged in nourishment by the purchase and sale of receivables and financial contracts or driver of the nutrition business by financing.

(6). Contracts in accordance with paragraph 1 ‑ 5 not covered by section 29, are treated in accordance with the tax legislation general rules.

section 31. Taxpayers covered by section 2 of the basic regulation. § 9, can deduct losses on contracts that contain the right or duty to cede shares to the extent specified in paragraphs 2 to 4. 1. paragraph shall not, however, companies, etc., which are covered by the stock profit tax law § 17. 1. paragraph also applies not for life-insurance companies subject to Corporation Tax Act section 13, paragraphs 8-13.

(2). Loss on a contract as referred to in paragraph 1. point, can be deducted to the extent that the loss does not exceed the prior indkomstårs taxable net gains on the contract, which is not in the winnings are deducted losses on other contracts as referred to in paragraph 1 shall not, however, an earlier income year than 2002.

(3). Further loss that cannot be deducted in accordance with paragraph 2, may be deducted from the income of the year and the following indkomstårs net gains on all contracts subject to section 29, which contains the right or duty to refrain or to acquire shares. Deductions for losses can be carried forward to a later income year only, if it cannot be accommodated in the taxable net gain in a previous income year.

(4). Paragraph 1 ‑ 3 applies mutatis mutandis to contracts that are based on a stock index.

section 32. Taxable subject to § 12 can deduct losses on contracts to the extent specified in paragraphs 2 and 3. 1. paragraph does not apply to losses on contracts that contain the right or duty to refrain or to acquire shares, when the taxpayer is subject to stock profit tax law § 17, and losses on contracts that are related to professional activities.

(2). Loss on a contract as referred to in paragraph 1. point, can be deducted to the extent that the loss does not exceed the prior indkomstårs taxable net gains on the contracts, however, not a previous income year than 2002.


(3). Further loss that cannot be deducted in accordance with paragraph 2, may be deducted from the income of the year and the following indkomstårs net gains on the contracts. Deductions for losses can be carried forward to a later income year only, if it cannot be accommodated in the taxable net gain in a previous income year. Loss that cannot be deducted in accordance with paragraph 2 and cannot be deducted from the income of the year net gains after 1. paragraph may be carried over for deduction in any spouse's net gains in the income year on contracts. However, it is a condition that the spouses are cohabiting at the income of the year, see. withholding tax Act § 4. The loss may also within each of the following income year transferred to deductions in the other spouse's net gains on the contracts, if the loss cannot be deducted from the taxpayer's net gains on the contracts in that income year.

Statement of gains and losses on contracts

section 33. Gain or loss on a contract is calculated as the difference between the value of the contract by the end of the year and the value of income by income year (inventory basis). Is the contract acquired in the tax year, the gain or loss is calculated as the difference between the value at the end of the year and contract income acquisition. If the contract is acquired before tax chargeable event, see rules of the Corporation Tax Act, Fund tax law and kildeskatteloven on the date of acquisition and the acquisition cost application, see. § 36. The contract is realized in the income year, gain or loss is calculated as the difference between the contract when the transfer value and the value of the contract at the beginning of the year income. The contract is acquired in the same year, and realized gain or loss is calculated as the difference between the transfer value and the acquisition cost. Executes the contract on delivery, shall be deemed to be the transferred asset or liability for acquired respectively ceded at the settlement date and at market value on the settlement date.

(2). Customs and tax administration may in exceptional cases authorise the gains and losses are included after the realisation principle, see. Article 25, paragraph 1. It is a condition for this exemption that the contract in question is concluded as part of the company's main operation in order to ensure deliveries to or from the company, and that taxation referred to in paragraph 1 will be of significant economic disadvantage for the company.

Chapter 7

Other provisions

§ 34. Acquisition and disposal of a claim or a contract by gift, bequest or inheritance advance equated the Act of buying sales respectively. As acquisition or compensation be considered in these cases, the amount that is taken into account in the calculation of gift tax, estate tax or income tax on the acquisition in question. Has this not been afgifts‑ or income, considered acquisition or compensation the claimant (s) concerned or the market value of the contract at the time of the transfer. Rules in 1. ‑ 3. paragraph shall not apply to the extent the transferee in accordance with tax legislation rules arises in the transferor's tax position.

(2). In cases where a certificate issuing accumulating mutual fund regulation. Corporation Tax Act § 1 (1) (8). 5 (a), an investment company, see. stock profit taxation Act § 19 or a certificate issuing distributing mutual fund regulation. equation section 16 C, change the tax status, so that members are taxed as participants in a business partnership, association or company without dissolved, shall be deemed to be claims and debts and financial contracts for abandoned and then acquired again on the modification. They are considered abandoned and acquired for the fair market value at that time.

(3). For the members of a mutual fund that is taxed as participants in a business partnership, and which then passes to taxation as members of a certificate issuing accumulating mutual fund as mentioned in corporate tax Act § 1 (1) (8). 5 (a), or of an investment company as mentioned in the stock profit taxation § 19, treated the move as abandonment to the fair market value at that time. Of the Association dealt with the transition as acquisition.

(4). For taxpayers who are taxed as participants in a business partnership, and which are released for taxation as members of a certificate issuing distributing mutual fund or an account leading mutual fund as mentioned in corporate tax Act § 1 (1) (8). 6, is considered the transition not as abandonment of the stakeholder community's assets and liabilities. For investment assets and liabilities of the Association shall be deemed to be acquired on the original acquisition date and to the original acquisition cost.

section 35. Deposits of a claim or a contract in an installment savings in pension purposes in a savings in pension purposes, in a selvpensionerings scheme or in a construed scheme covered by the pension tax law, as well as deposits of a claim or a contract in a housing opsparingsordning, covered by the law on housing savings, equivalent to abstention. Which compensation shall be deemed to be the value at the time of deposit. The distribution of a claim or a contract from an installment savings in pension purposes, from a savings in pension purposes or a selvpensionerings mechanism, from a construed scheme or a housing opsparingsordning as mentioned in 1. paragraph equivalent to the acquisition. As the acquisition value at the time of the distribution is considered.

§ 36. A claim or debt, see. However, paragraph 2, as well as a contract, which will be subject to tax liability in this country, and who are not already covered by the liability to tax in this country, shall be considered as acquired or founded on the actual acquisition date to the market value at the time of the calendar, see. Corporation Tax Act section 4 (A) and withholding tax Act § 9. When a company, etc. or a person in accordance with the provisions of a double taxation agreement concluded between Denmark and a foreign State, the Faroe Islands or Greenland will be resident in Denmark, shall be treated for the purposes of this rule in the 1. point with the onset of tax liability in this country.

(2). By tax chargeable event shall be deemed to be debts that are founded in accordance with the conditions referred to in section 22, paragraph 1, for founded or taken over at the time of tax chargeable event. In these cases are assessed the taxable gain on tax chargeable event as the difference between the value of the debt at the time of tax chargeable event and the amount that the customer must fulfil.

section 37. Gains and losses on receivables and debts and contracts governed by the rules laid down in this law shall be considered as accomplished, if the gain or loss relating to a receivable, debt or contract, who are covered by the liability to tax in this country, and this tax liability ceases for any other reason than the taxpayer's death. 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, shall be treated for the purposes of this rule in the 1. point of termination of the tax liability.

(2). Gains and losses, which are considered realized in accordance with paragraph 1 shall be determined in accordance with the provisions of §§ 25 ‑ 28 and §§ 31-34, however, that the value of the realisation in lieu of afståelses‑ or redemption sum. If the taxpayer uses the storage principle and the value at the end of the income year in which the tax liability ceases, is lower than the value at the time of termination, or claim tax liability, debt or contract to be transferred or redeemed after the tax liability has been manufactured, but before the end of the income year in which the tax liability ceases, for an amount that is lower than the value at the time of termination, enters the value of income tax liability year expiration respectively desist or redemption sum instead of the value of the realisation (tax liability end) by statement of gains and losses in accordance with paragraph 1. To buy tickets for the shares covered by section 30, paragraph 1, no. 5, the taxpayer can choose to calculate the taxable gain under paragraph 1, without prejudice to article. paragraph 9, as the difference between the exercise price and the price of the stock at the time of tax liability in question has been manufactured, instead of following the rule of 1. PT.

(3). The rules laid down in paragraph 1 shall apply only to persons who have been subject to tax after withholding tax act sections 1 or 2 and for companies, etc., that have been subject to tax after Corporation Tax Act section 2, in one or more periods totalling at least 7 years within the last 10 years before the tax liability has been manufactured or relocation of Head Office for tax purposes. The rules laid down in paragraph 1 shall, however, also, if the claim or the contract is acquired by the taxpayer's spouse and this satisfies the conditions laid down in 1. paragraph rules laid down in paragraph 1 shall also apply to taxpayers who are joined in the transferor's tax position after withholding § 33 C.

(4). Individuals may, in accordance with the rules laid down in § 73 E get withholding tax deferment of payment of taxes calculated in accordance with paragraph 1, provided that the gain or loss on vacating the property, etc. must be calculated after realisation principle.


(5). By waiver or settlement of claims, debts and contracts or by the taxpayer's death, after which has joined tax liability in accordance with paragraph 1, the taxpayer can opt for these claims, etc. to determine the gain or loss on the basis of the transfer or redemption sum respectively the value at this point. Accessibility of recalculation after 1. item is conditional upon the gain or loss on vacating the property, etc. are calculated according to the realisation principle. Furthermore, access to the recalculation after 1. item subject to by vacating the property, etc., and by the later abandonment lodged a tax return to the tax and customs administration.

(6). Tax paid to a foreign State to the Faroe Islands or Greenland of gain on disposal or redemption, can be deducted from the calculated tax in accordance with paragraph 1 or paragraph 5 of this article in so far as it relates to tax paid winnings are taxed in this country. However, the deduction may not exceed an amount which corresponds to the Danish tax. If there is entered into a tax treaty with a foreign State, with the Faroe Islands or to Greenland, however, not be granted credit for a larger amount than that which this tax State, Faroe Islands or Greenland have an absolute requirement to obtain after the agreement. In the event of taxation upon the termination of liability for debts, debts or contracts that have been subject to the tax liability for withholding tax or corporate tax Act § 2 section 2, however, not be given credit for the tax paid in the State in which the person or company is domiciled.

(7). For receivables, debt and contracts where has joined tax liability under paragraph 1, but which fall within the scope of liability to tax in this country, abolished the obligation to pay tax on the gain of claims, etc., is not ceded or redeemed, provided that capital gains on vacating the property, etc. are calculated according to the realisation principle. Subsequent waiver or settlement gain or loss is calculated on the basis of the original acquisition cost, since the gain or loss will be treated in accordance with the General rules of the Act.

(8). Reduced the tax in accordance with paragraph 5 or 6 or repealed the obligation to pay tax in accordance with paragraph 7 shall be refunded any overpaid tax upon request with an interest rate subsidy of 6 per cent per year from the time of payment. Interest rate subsidy shall not be taken into account in determining taxable income.

(9). The rules laid down in paragraphs 1 to 8 of the basic regulation. section 29 shall apply mutatis mutandis in the case of contracts for the purchase and sale of shares, whether those agreements are covered by section 30, paragraph 1, no. 5, and thus otherwise should be treated in accordance with the tax legislation general rules, see. section 30, paragraph 6. However, the 1. paragraph not apply to buy tickets for the shares covered by the assessment Act section 28, paragraph 4 or 5.

Paragraph 10. The rules in section 26 (A) withholding tax, (2) and section 26 (B) does not apply to the transfer of claims and contracts covered by paragraph 1 and the provisions of paragraph 9 agreements between spouses, which according to the rules laid down in section 4 of the Act to the withholding tax is considered resident if one of the spouses is resident for tax purposes in a foreign State, the Faroe Islands or Greenland.

section 38. The minimum interest rate shall be fixed for half years January-June and July-december, see. However, paragraph 2. The minimum interest rate for the next half-year is calculated on the basis of a simple average calculated to two decimal places by one of the Copenhagen Stock Exchange a/s daily calculated effective coupon rate for the last 20 trading days prior to 15. December and 15. June. The effective coupon rate is calculated to two decimal places for fixed-rate bonds in the open series Crown, quoted on Copenhagen Stock Exchange a/s, with the exception of callable bonds listed above par, as well as index-linked bonds. The minimum interest rate constitutes the after 2. point average interest rate decreased by 7/8 multiplied and down to the nearest whole number of percentage points. The minimum interest rate shall be published no later than the fifth last trading day prior to the period for which the minimum interest rate shall apply.

(2). Is the effective bond yield, see. (1), (3). item, for 10 consecutive trading days in the period from and including 1. January 1, respectively. July and until the start of an extraordinary period of calculation pursuant to paragraph 1, more than two percentage points higher, or more than 1 percentage point lower than the average, which is the basis for the half year or the rest of the half year minimum interest rate, the minimum interest rate shall be calculated in accordance with paragraph 1, 4. paragraph, on the basis of a simple average of the effective bond yield in these 10 trading days, instead of the average interest rate in accordance with paragraph 1, 2. paragraph thus calculated minimum interest rate is applicable for the period from 10. trading day after the last of the 10 trading days. Increase of the minimum interest rate after 1. and 2. point given shall not take effect until the 20th century. After the last trading day prior amendment of the minimum interest rate. This increase shall not, however, place, if the remaining period is less than 20 trading days.

(3). The minimum interest rate is 2 ½ per cent of index-linked bonds issued by building societies, which are the subject of the financial business Act, Credit Association of municipalities and regions in Denmark, the Kingdom of Denmark's Fishing bank and financial institution for Industrial and craft a/s. This also applies to claims which are issued by financial institutions. 1. and 2. paragraph applies, however, only bonds and claims, which are adjusted fully after the evolution of the consumer price index calculated by Statistics Denmark or net price indices. For the purposes of section 14, paragraph 2, last paragraph, except for the communication planned adjustment after the mentioned index. 1. item also includes bonds issued by Danmarks skibskreditfond to finance ships, when the written agreement for the construction of a ship are concluded no later than 31 December. December 1993 with agreed delivery no later than 31 December. December 1996.

§ 39. (Repealed).

Chapter 8

Date of entry into force and transitional provisions

§ 40. The law shall enter into force on the day after publication in the Official Gazette.

(2). § § 1-28 and sections 34 to 38 shall take effect as from the income year 1998, see. However, sections 41 and 42.

(3). § § 29-33 and section 39 shall take effect from the 1. January 1997, see. However, § 43.

(4). Of the law on the tax treatment of gains and losses on receivables, debt and financial contracts (kursgevinstloven), see. lovbekendtgørelse nr. 660 by 4. July 1996, as amended by section 12 of Act No. 1219 by 27. December 1996 and section 22 of Act No. 1223 of 27. December 1996, repealed sections 1-8 (B) and sections 9-12 with effect as from the income year 1998, and § § 8 C-8 G with effect from 1 January. January 1997.

§ 41. § 4 have effect for receivables acquired on 29. May 1991 or later. For companies, etc. that did not meet the condition set out in section 2, 2. paragraph, as amended by lovbekendtgørelse nr. 627 of 29. September 1987, as amended by Act No. 255 of 25. April 1990 and Act No. 386 of 13. June 1990, IE. non-nutrient-tax companies, etc., however, the effect of loss on provision has debts and gain on debt, who realized the 27. December 1990 or later, in the case of claims and debts in Danish kroner, which is not the profession of taxable remuneration for delivered goods and other assets as well as services.

(2). The definition of affiliates, arising from section 4, paragraph 2, no. 1 and 3, shall take effect for receivables acquired on 19. February 1992 or later.

(3). section 4, paragraph 3, also includes claims which, incidentally, is acquired in connection with the business operation of the company, provided that the amount receivable is acquired before 13. March 1997.

(4). section 4, paragraph 4, shall take effect for losses on interest claims, who realised after the 16. June 1995.

(5). § 5 has effect for the loss relating to the period after 30 June. November 1994.

(6). For companies, etc. that did not meet the condition set out in section 2, 2. paragraph, as amended by lovbekendtgørelse nr. 627 of 29. September 1987, as amended by Act No. 255 of 25. April 1990 and Act No. 386 of 13. June 1990, IE. non-nutrient-tax corporations, etc., include § 6 and § 7 (1), no gains and losses on debt in Danish kroner, which was founded before the 27. December 1990. Customer switch shall not be regarded as the formation of new debt. For companies, etc., which were covered by section 4 of the Act, but as the equation did not fulfil the condition set out in section 2, 2. paragraph, as amended by Act No. 532 of 13. December 1985, include section 7 (1), however, gains and losses on loans obtained before 1 May 2004. January 1986.

(7). section 7, paragraph 2, includes debt denominated in foreign currency, which was founded before the 27. December 1990, with the exception of debt denominated in foreign currencies by companies, etc. that did not meet the condition set out in section 2, 2. paragraph, as amended by lovbekendtgørelse nr. 627 of 29. September 1987, as amended by Act No. 255 of 25. April 1990 and Act No. 386 of 13. June 1990, IE. non-nutrient-tax companies etc. Customer switch shall not be regarded as the formation of new debt. For companies, etc., which were covered by section 4 of the Act, but as the equation did not fulfil the condition set out in section 2, 2. paragraph, as amended by Act No. 532 of 13. December 1985, include section 7 (2), however, gains and losses on loans denominated in foreign currency are recorded before the 1. January 1986.


(8). section 7, paragraph 2, includes debt in Danish kroner, regardless of whether the debt was founded by customer or taken over by the customer by a customer change. For companies, etc. that did not meet the condition set out in section 2, 2. paragraph, as amended by lovbekendtgørelse nr. 627 of 29. September 1987, as amended by Act No. 255 of 25. April 1990 and Act No. 386 of 13. June 1990, IE. non-nutrient-tax companies, etc., have determination effect of debt that is taken on the 27. December 1990 or later. For companies, etc., which were covered by section 4 of the Act, but as the equation did not fulfil the condition set out in section 2, 2. paragraph, as amended by Act No. 532 of 13. December 1985, include section 7 (2), however, gains and losses on loans in Danish kroner, which is recorded before the 1. January 1986. For nutrient-tax corporations, etc., IE. companies, etc., which were covered by § 2, 2. paragraph, as amended by lovbekendtgørelse nr. 627 of 29. September 1987, as amended by Act No. 255 of 25. April 1990 and Act No. 386 of 13. June 1990, rule that the loss deduction limitation also applies in relation to the debts taken over by customer switching, alone effect of debt in Danish kroner, which is taken on the 29th. May 1991 or later.

(9). For mortgage companies, etc., see rules in section 10 apply to loans and the corresponding bonds when the loan is based on the bonds in the Fund codes, which are closed at the latest by the end of 1999. For public limited-liability companies covered by the law on a ship's financial rules in section 10 shall apply to loans and the corresponding bonds when the loan is granted before 1. January 1999. Mortgage lenders, etc., as well as limited-liability companies covered by the law on financial institutions, can a ship from the tax year 1998 or later choose to loan and the corresponding bonds covered by section 10, except loans covered by section 10, paragraph 1, no. 5, instead should be included in section 9. The election must be made in total for all the loans and bonds as a whole and with effect from an income year. At the transition from the application of the rules in section 10 for the application of the rules in section 9, the Institute shall apply without prejudice to market capitalisation of bonds and loans. § 27, per 1. January of the first year of application of the rules in section 9 shall apply, as the value of this first income year beginning when the transition must have effect from.

Paragraph 10. Companies, etc., as for tax year 1998 or later are switching from stock to principle principle of realisation in accordance with § 25, must apply the closing value for the claims and debts for the last year before the change of accounting method as, respectively, the acquisition of the claim or the value of the debt by a later statement of gains and losses on those claims and debts. When changing from the realisation principle for stock principle used the acquisition or the value at the Foundation, see. However, paragraph 14 ‑ 17, as the value for the first income year beginning in which the change has effect from.

Paragraph 11. Public limited-liability companies covered by the law on financial institutions, can a ship regardless of the rules in section 25 (4), choose to apply principle on loans in foreign currency of realisation and the bonds in Danish kroner with a nominal interest rate, which is equal to or higher than the minimum interest rate pursuant to section 38 of the basic regulation. § 14, issued to finance it. Access to select realizable principle is subject to the condition that the loan has been granted in accordance with the governmental interest support scheme relating to shipbuilding on Danish shipyards on the basis of a contract concluded before 1 January 2002. January 1998, and to public limited-liability companies covered by the law on financial institutions, also uses a ship realizable principle on the signed swap agreements, see. section 43 (4).

Paragraph 12. Companies m. v, which after the previously applicable rules have been given permission to use a different statement than realisable principle by the statement of gains and losses on receivables and Payables, preserves this permission. 1. paragraph shall not, however, apply to companies, etc., which are covered by article 25, paragraph 4, or section 28.

Paragraph 13. By statement of taxable gains and losses in the tax year 1998 on claims as referred to in section 28, who was present at the beginning of the year, enters income value at acquisition rather than the value of the claim under section 28 at the beginning of the tax year 1998, in the case of claims, where the company has so far used by realisation principle statement of taxable gains and losses. The company has not used by realisation principle statement of taxable gains and losses Enter the tax value used by the company at the end of the tax year 1997 instead of value pursuant to section 28 at the beginning of the tax year 1998.

Paragraph 14. By the statement of gains and losses on receivables and Payables relating to property acquired, respectively, taken before the tax year 1998, companies, etc. which are taxable after Corporation Tax Act § 2, paragraph 1, point (b), i.e. foreign companies that own real estate here in the country, for the purposes of the rules in section 26, paragraphs 1 and 4, instead of original acquisition cost, respectively, the value of the obligation assumption use value per 31. December 1997. Companies, etc. with offset income year can also make use of the value at the beginning of the tax year 1998.

Paragraph 15. By the statement of gains and losses on receivables in Danish kroner, which is acquired before the 27. December 1990, companies etc. who did not fulfil the condition set out in section 2, 2. paragraph, as amended by lovbekendtgørelse nr. 627 of 29. September 1987, as amended by Act No. 255 of 25. April 1990 and Act No. 386 of 13. June 1990, IE. non-nutrient-tax corporations, etc., by applying the rules in section 26, paragraphs 1 and 4, instead of original acquisition cost using the value per 31. December 1990. Companies, etc. with offset income year can also make use of the value at the beginning of the income year 1991. The election must be made in total for all the claims as a whole.

Paragraph 16. By the statement of gains and losses on receivables and debt acquired, respectively, taken before the income year 1986, companies, etc., which corresponded to the condition set out in section 2, 2. paragraph, as amended by Act No. 532 of 13. December 1985, but which were not covered by the assessment Act § 4, IE. certain food tax, companies, etc., by applying the rules in section 26, paragraphs 1 and 4, instead of original acquisition cost value respectively by the way use the value at the beginning of the year in 1986 or the value per 31. December 1985. Taxpayers subject to the tax law can in the Fund of 1. in the cases referred to in paragraphs rather than acquisition cost value respectively by the way use the value at the beginning of the income year 1987 or the value per 31. December 1986.

Paragraph 17. By the statement of gains and losses on receivables and debts in foreign currency that are acquired, respectively, taken before the income year 1986, companies, etc., that were not subject to taxation of such gains and losses prior to the implementation of Act No. 532 of 13. December 1985, for the purposes of applying the rules in section 26, paragraphs 1 and 4, instead of original acquisition cost value respectively by the way use the value at the beginning of the income the year 1986, or the value per 31. December 1985. Taxpayers subject to the tax law can in the Fund of 1. in the cases referred to in paragraphs rather than acquisition cost value respectively by the way use the value at the beginning of the income year 1987 or the value per 31. December 1986.

Paragraph 18. 8) companies as referred to in section 28, as for income years 2000 and 2001 using the assessment principles laid down in section 4, paragraphs 3 and 4, in the realrenteafgifts Act by the statement of gains and losses on fixed-income claims, must apply the same principles in determining the taxable income. In cases where the realized gains are included fully in the pension return base after pension return tax article 35, paragraph 4, nr. 2, the same realized gains included fully in determining the taxable income without to be included on the balance.

Paragraph 19. 8) a company referred to in section 28, in determining the taxable income for a given income year switches to the storage principle by the statement of gains and losses on financial assets, including the closing value for the relevant claims in the tax year prior to the year in which the change is, as primoværdi in the income year in which the change is. The closing value for the tax year prior to the year in which the changeover is effected shall be determined in accordance with the income tax rules that apply to the company for the year in question. Any remaining balance of those claims by the end of the year preceding the year in which the changeover happens, be included in the taxable income in the year in which the shift happens.

§ 42. Claims that are issued before the 2. October 1985 shall be deemed issued with a nominal interest rate, which is equal to or higher than the minimum interest rate pursuant to section 38 of the basic regulation. § 14.

(2). § 16, 3. and 6. paragraph, has effect for claims which are acquired on the basis of surety obligations accepted on 27 November. June 1992 or later.

(3). § 16, 4. ‑ 6. paragraph, shall take effect for receivables acquired on 6. April 1994 or later. For recourse claims acquired the 6. April 1994 or later, however, only if they are acquired on the basis of surety obligations accepted on 27 November. June 1992 or later.

(4). § 18 shall take effect for the loss relating to the period after 30 June. November 1994.


(5). section 19 (2) shall have effect for the losses recorded in the income year 1998 or later.

(6). section 22, paragraph 1, does not include any debt that is formed before 11 September. December 1985.

(7). section 22 (2) shall have effect for debts that are founded or taken over the 1. February 1995 or later. It does not however apply to debts that are formed before 11 September. December 1985.

(8). section 22 (3) has effect for cash loans, in whole or in part redeemed extraordinary the 1. January 1996 or later, when the loan is founded on 1. January 1996 or later or the loan is taken over the 1. January 1996 or later, however, only if the loan has been paid out to the first customer on the 27th. June 1993 or later.

(9). Persons and estates, which for tax year 1998 or later are switching from stock to principle principle of realisation in accordance with § 25, must apply the closing value for the claims and debts for the last year before the change of accounting method as, respectively, the acquisition of the claim or the value of the debt by a later statement of gains and losses on those claims and debts. When changing from the realisation principle for stock principle used the acquisition or the value at the Foundation, see. However, paragraph 11 ‑ 15, as the value for the first income year beginning in which the change has effect from.

Paragraph 10. Persons and estates, which after the previously applicable rules have been given permission to use a different statement than realisable principle by the statement of gains and losses on receivables and Payables, preserves this permission.

Paragraph 11. By the statement of gains and losses on receivables and Payables relating to property acquired, respectively, taken before the tax year 1998, individuals and estates that are subject to tax withholding tax Act § 2, respectively (1). 5, and estate tax Act § 1, paragraph 3, of the basic regulation. withholding tax Act § 2 (1) (8). 5, for the purposes of the rules in section 26, paragraphs 1 and 4, instead of original acquisition cost value respectively by the way use the value at the beginning of the tax year 1998 or the value per 31. December 1997.

Paragraph 12. By statement of gains on receivables acquired for borrowed funds, see. § 15, before the 16. June 1992, individuals and estates that are not taxable, see nutrient. section 13, for the purposes of applying the rules in section 26, paragraph 1, instead of original acquisition cost using the value 16. June 1992. The election must be made in total for all the claims as a whole. In cases where the link between acquisition and borrowing is not clear from the circumstances of the acquisition, see. section 15 (2) of section 15, however, only apply to claims acquired the 16. June 1992 or later.

Paragraph 13. By the statement of gains and losses on receivables and debts in foreign currency that are acquired, respectively, taken before the 27. December 1990, and who had not linked to commercial activities, persons and estates for the purpose of applying the rules in section 26, paragraphs 1 and 4, instead of original acquisition cost, respectively, the value of the obligation assumption use value of 27. December 1990. The election must be made in total for all debts and obligations as a whole.

Paragraph 14. By the statement of gains and losses on claims acquired before the income year 1986, individuals and estates subject to section 13, IE. money traders, by applying the rules in section 26, paragraph 1, instead of original acquisition cost using the value at the beginning of the income the year 1986, or the value per 31. December 1985.

Paragraph 15. By the statement of gains and losses on receivables and debts in foreign currency that are acquired, respectively, taken before the income year 1986 and had ties to professional activities, persons and estates for the purpose of applying the rules in section 26, paragraphs 1 and 4, instead of original acquisition cost value respectively by the way use the value at the beginning of the income the year 1986, or the value per 31. December 1985.

section 43. section 29 have effect for contracts acquired the 1. July 1991 or later. section 29, paragraph 3, does not apply to claims where the first vendor in accordance with the claim has acquired the following issue and this acquisition has happened before the 4. May 2005.

(2). For financial contracts, which were covered by paragraph 8 (C), as amended by lovbekendtgørelse nr. 660 by 4. July 1996, but as with effect from 1. January 1997 covered by the rules in section 30, made a statement of gains and losses as at 31 December 2003. December 1996, with value the 31. December 1996 in lieu of the value at the end of the year income. For assets that are at the root of financial contracts subject to 1. item, used asset value on 31 December. December 1996 or the agreed price, if this is higher (acquisition) or lower (abstention), as acquisition respectively compensation by a later calculation of gain or loss on that asset in accordance with tax legislation general rules.

(3). Losses on financial contracts, there are identified before 1. January 1997 and transferred to the tax year 1997 or later, are treated in accordance with the conditions specified in this law.

(4). Taxable, as according to the existing rules have been given permission to use the realizable principle instead of stock principle by the statement of gains and losses on contracts, it retains this permission. 1. paragraph does not apply to the institutions referred to in article 9, as limited-liability companies covered by the law on a ship's financial, however, can choose to maintain the Fund's previous authorisation of the use of the realisation principle on swap agreements concluded in connection with loans in foreign currency and the bonds in Danish kroner with a nominal interest rate, which is equal to or higher than the minimum interest rate under section 38 without prejudice to article. § 14, issued to finance it. Access to select realizable principle is subject to the condition that the loan has been granted in accordance with the governmental interest support scheme relating to shipbuilding on Danish shipyards on the basis of a contract concluded before 1 January 2002. January 1998, and to public limited-liability companies covered by the law on financial institutions, also uses a ship realizable principle on the related loans and bonds, see. section 41, paragraph 11.

(5). Taxable, as from the 1. January 1997 or later change from realizable principle for stock principle, must use contract acquisition as the value for the first income year beginning where the change should take effect.

§ 44. The law does not apply to the Faroe Islands and Greenland.
The Danish Ministry of taxation, the 5. February 2008 P. M. V, Peter Ceiling/Lise Bo Nielsen Official notes 1) This legislative decree contains comments on the date of entry into force and transitional provisions of laws adopted by the Folketing year 2006-2007. Legislative Decree does not contain the changes imposed by section 6 of the law No. 1534 of 19. December 2007, when these changes take effect only as from the income year 2010, see. also note 5-8.

2) the insertion of the provision in section 4 (1), (2). point, and the drafting of the provisions referred to in section 8, 1. points and 3. point, entered into force on 20. April 2007, see. section 7, paragraph 1, of the lov nr. 344 of 18. April 2007. The insertion of the provision in section 4 (1), (2). item, and the changes in section 8, 1. points and 3. paragraph, has effect for gains and losses realized on 13. December 2006 or later, see. section 7, paragraph 2, of the said amending legislation.

3) the insertion of the provisions of section 7, paragraphs 3 and 4, article 19, paragraphs 4 and 5, and article 27, paragraph 3, and the drafting of the provisions referred to in section 9, section 14, paragraph 2, article 14, paragraph 3, 2. paragraph, section 22 (1), 5. and 6. paragraph, article 22, paragraph 2 2. paragraph, article 22, paragraph 3, 1. paragraph, article 22, paragraph 4, 1. paragraph, article 25, paragraph 3, 1. and 2. paragraph, section 30, paragraph 1, no. 3, and section 30, paragraph 3, 4. point, entered into force on 1 January. July 2007, see. section 12, paragraph 1, of the lov nr. 577 of 6. June 2007. The changes shall apply to bonds and securities issued, and loans granted or taken over, the 1. July 2007 or later, see. section 17 of the amending legislation.

4) the provisions of § 8, 2. section, and section 24 (1), (2). point, in the above wording came into effect on 20 December. April 2007, see. section 16, paragraph 1, of the lov nr. 343 of 18. April 2007. The provisions have effect for income year, beginning 1 January. January 2007 or later, see. section 16 (6) of the said amending legislation.

5) the provision of section 8, 1. item is by section 6, nr. 1 of law No. 1534 of 19. December 2007 (right of deduction for payments to foreign pension plans) worded as follows: "Gain on debt to affiliates, see. section 4, paragraph 2, and jointly taxed companies, see. Corporation Tax Act §§ 31 and 31 (A), shall not be taken into account, provided that the vendor under section 4 (1), or after the pension yield tax law § § 6 or 7, cannot deduct the corresponding loss on claim. " The amended version shall take effect as from the income year 2010, see. § 11 (4) of the said amending legislation.


6) the provision of section 8, 3. item is by section 6, nr. 1 of law No. 1534 of 19. December 2007 (right of deduction for payments to foreign pension plans) worded as follows: "1. and 2. paragraph shall apply mutatis mutandis by gain on debts to foreign affiliates, see. section 4, paragraph 2, and jointly taxed companies and companies that will be able to sambeskattes, see. Corporation Tax Act section 31 (A), if the vendor under section 4 (1), or after the pension yield tax law § § 6 or 7, would not be able to deduct the corresponding loss on claim if the vendor was taxable to Denmark, and it is established that the loss of the species concerned are not deductible. " The amended version shall take effect as from the income year 2010, see. § 11 (4) of the said amending legislation.

7) Provision in section 28 is by section 6, nr. 2 of law No. 1534 of 19. December 2007 (right of deduction for payments to foreign pension plans) worded as follows: "section 28. Life insurance companies must use the inventory principle, see. section 33, paragraph 1, by the statement of gains and losses on claims. " The amended version shall take effect as from the income year 2010, see. § 11 (4) of the said amending legislation.

8) the provisions of § 41, paragraphs 18 and 19, is repealed, without prejudice to article. § 6, nr. 3 of law No. 1534 of 19. December 2007 (right of deduction for payments to foreign pension plans). The repeal of the provisions is done with effect as from the income year 2010, see. § 11 (4) of the said amending legislation.