Law Amending The Pension Taxation Law And Corporation Tax Act (Fusion Between Pension Funds And Insurance Companies, Etc., Etc.)

Original Language Title: Lov om ændring af pensionsbeskatningsloven og selskabsskatteloven(Adgang til fusion mellem pensionskasser m.v. og forsikringsselskaber m.v.)

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Law on the amendment of the pension and corporate tax law

(Access to fusion between pension funds, etc. and insurance undertakings, etc.)

We, by God's grace, the Queen of the Danes, do our thing.

The parliament has adopted the following law, and we know that the following law has been approved by Parliament's consent :

§ 1

In the law on the taxation of pension schemes, etc. (pension tax bill), cf. Law Order no. 1246 of 15. In October 2010, as amended, inter alia, section 2 of Law No 2. 1561 of 21. In December 2010 and section 2 of the Law No 1365 of 28. December 2011 and at the latest at Section 3 of Act 3. 398 of 9. In May 2012, the following change is made :

1. I § 41, paragraph. 1, no. 8, ' or as part of a parental transfer, in accordance with the Act of financial activities, section 233-235 ` shall be replaced by : `, as part of a stock exchange in accordance with the Act of section 204 to 206 or as part of a concentration, as referred to in " corporate tax havens ", section 13 H `.

§ 2

In the law on income taxation of limited liability companies, etc. (company tax law), cf. Law Order no. 1376 of 7. In December 2010, as last amended by Section 2 of Law No 591 of 18. June 2012 is hereby amended as follows :

1. The following section 13 G is inserted :

" § 13 H. Receiving a life assurance undertaking covered by Section 1 (1). 1, no. 1, at a concentration with a pension fund covered by section 3 (3). 1, no. 9, or with a labor-related life insurance company subject to section 3 (3). 1, no. Eighteen, self-capital of the pension fund or occupational life-insurance company, own funds shall not be counted in the calculation of the life assurance undertaking ' s tax-taxable income. 1. Act. shall apply by analogous to the concentration of a non-resident life insurance undertaking if the assets and liabilities etc. are linked to the firm operating premises of the company or the property of the company in this country.

Paragraph 2. The merger has fiscal effect from the cutting date of the opening balance of the receiving company drawn up in the concentration. The opening date of the receiving company ' s opening balance must be coincided with the date of the receiving company ' s financial year. § 8 A, paragraph 1 Paraguate 2 and 3 shall apply mutatis mutis. 1.

Paragraph 3. The equity capital referred to in paragraph 1. Paragraph 1 shall not be included in the calculation of the life assurance undertaking's taxable income, re-taxed in accordance with the rules of the second-4 basis. pkton, to the extent that the amount is not taxed according to section 13 C. ls the self-assurance of life assurance by the end of an income reduced to the own funds in the opening balance of the receiving company, cf. paragraph 1, the amount corresponding to the downward calculation of the taxable income of the company shall be subject to retaxing the total amount of the sellers received. The amount of the income of the income tax shall be as the amount of positive difference between own funds in the second year of the year. Act. the indicated opening balance, with deduction of retaxed amount and sellers ' own funds at the end of the income year. Received own funds that are not included in the income statement after 2. and 3. PC shall be taken into account when the income of the taxable income for the income in which the company ceamates the life assurance business. Where the undertaking ' s life assurance undertaking is in full or in part as part of a merger, fission or transfer of assets by the rules of the Merger Tax Act, it shall enter or the recipient companies in the retaxing obligation on the basis of the rules on which it is subject ; the share of the deposited company ' s own funds received. 5. Act. it shall apply only if the assets and liabilities etc. are associated with a receiving party belonging to the country or the permanent operating premises of the country or any permanent property in this country. ` ;

§ 3

Paragraph 1. The law shall enter into force on 1. January 2013.

Paragraph 2. The law shall have effect on mergers with the Merger Date of 1. January 2012 or later.

Givet on Amalienborg, the 18s. September 2012

Under Our Royal Hand and Segl

MARGRETHE R.

/ Thor Möger Pedersen