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Accounting Denmark

Accounting in Denmark - introduction Important legislation Act on Financial Reporting Financial statements Audit of Danish companies Accounting for a sole proprietorship (Enkeltmandszirksmhed) Accounting for companies Chart of Danish accounting accounts Taxes in Denmark Assets in a Danish company Denmark - imports and exports The implications of the new Danish Bookkeeping Act Penalties for non-compliance with data privacy and security laws in Denmark FAQ
Accounting in Denmark - introduction
Accounting in Denmark applies to all legal forms of business. However, it should be borne in mind that the accounting of a sole proprietorship may differ from the accounting of a company or other enterprise, e.g. in terms of the level of difficulty, deadlines to be observed, required documentation, applicable taxes and danish laws. Therefore, an entrepreneur who wants to set up a business in Denmark should familiarize himself/herself reliably with all issues. However, it is worth noting that there are two possible solutions: to do the accounting yourself and to use the help of accountants.

Danish bookkeeping covers a wide range of issues, including reporting obligations, company accounts, the Danish bookkeeping chart of accounts, company audits, deadlines, documentation, costs and rates applicable to different types of business, registration of business in Denmark, taxes, insurance, benefits, registration and permits, settlements and corrections of documents submitted to SKAT, obligations of a Danish employer, as well as Nemkonto, Tastselv, Pension, CPR, A-kasse, health card. Importantly, their ignorance and consequent failure to comply with their obligations can result in heavy fines. Therefore, as already mentioned, it is advisable to familiarize yourself with all the issues even before setting up your own business in Denmark. Accounting Denmark - registration
Important legislation
On this page, you will find a lot of relevant information regarding accounting practices in Denmark. However, if you need to expand your knowledge, you may wish to consult the legislation listed below.

1. An entrepreneur who wishes to set up his/her own business in Denmark should familiarize himself/herself with the laws on Danish accounting:
2. From the entrepreneur's viewpoint, the following acts are also important:
3. Employers who wish to post their employees to work here, you must comply with the rules in Denmark contained in the following documents:
4. The Danish Business Authority (formerly known as the Danish Trade and Companies Agency until 2012) operates within the jurisdiction of the Ministry of Economic Affairs and Development. It is responsible for supervising the financial accounting of underfunded business entities. However, in practical terms, since 2007, the authority to establish Danish accounting standards has been entrusted to the Danish Accounting Standards Committee (DASC), which is owned by the Danish Auditors' Committee (FSR). Starting from 2004, the primary function of the DASC has been to analyse and produce comments on exposure drafts, discussion papers, and draft comment letters issued by EFRAG and the IASB Board. Although the DASC lacks legal authority, its recommendations and technical manuals serve as a benchmark for Danish bookkeeping, providing comprehensive guidelines for small, medium, and large Danish companies falling under Class B and C. In line with EU requirements, as transposed into the Danish Financial Statements Act of 2002 (as amended in 2014), isted companies in Denmark are mandated to implement European Union-endorsed International Financial Reporting Standards (IFRS) in their consolidated financial statements or the Danish Accounting Standards formulated by the IFRS or the Danish Accounting Standards Committee (DASC). As of now, the Danish Ministry of Finance, tasked with the adoption of accounting standards for the public sector, has not implemented the International Public Sector Accounting Standards (IPSAS) in Denmark, and there is no set schedule for their adoption at present.

5. According to Executive Order No. 1406 dated December 11, 2013, concerning Continuing Professional Development (CPD) for Statutory Public Accountants (SPAs), danish auditors engaged in statutory audits for financial institutions in Denmark must complete a minimum of 180 CPD hours within a span of three years. Additionally, they are obligated to undertake 60 extra hours of CPD focusing on auditing services and accounting services in Denmark particular to such institutions.

6. The implementation of the EU audit reform, stemming from the 2014 regulation and directive, which holds paramount significance in governing the audit profession in Denmark, was integrated into the Danish Act on Approved Auditors and Audit Firms in June 2016. The latest consolidated act on approved auditors and audit firms, known as Consolidated Act No. 1287, was issued on November 20, 2018, encompassing the latest updates and provisions in this regard. This Act assigns the Danish Business Authority (DBA) the responsibility for public oversight of the audit profession, within the Ministry of Industry, Business, and Financial Affairs, ultimately under the supervision of the Danish Parliament.

7. According to the provisions outlined in Act No. 617 dated June 12, 2013, the designation of State Authorized Public Accountant (SPA) is exclusively designated for auditors. The responsibility for developing and administering the Initial Professional Development (IPD) for SPAs in Denmark is shared among the Danish Business Authority (DBA), the Danish Financial Supervisory Authority (DSFA), and universities.

Danish employers are also required to comply with danish labor laws and health and safety regulations, accessible on the website of the Danish Working Environment Authority (Arbejdstilsynet).
Act on Financial Reporting
It is crucial for every entrepreneur, regardless of whether they are establishing a business in Denmark or not, to be knowledgeable about the Financial Reporting Act 2001 (Amendments - 2015), which is a legislation that governs financial reporting. This act provides essential information on the preparation of financial statements, the classification of companies into categories (A, B, C, and D), and the auditing of Danish companies.

The Financial Reporting Act 2001 (Amendments - 2015) in Denmark underwent significant changes to align with international accounting standards, particularly with the adoption of the EU Accounting Directive. This directive aims to harmonize financial reporting practices across European Union member states. Additionally, the act introduced stricter regulations regarding the disclosure of non-financial information, promoting transparency and sustainability reporting by companies.

The legislation also empowers the Danish Business Authority to oversee and enforce compliance with financial reporting requirements. It outlines penalties for non-compliance and establishes a framework for collaboration with other regulatory bodies to ensure the integrity of financial reporting in the country.

The Financial Reporting Act emphasizes the importance of adhering to Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) when preparing financial statements. This reflects Denmark's commitment to maintaining high accounting standards and facilitating comparability of financial information on a global scale.

In terms of company classification, the act provides specific criteria for determining whether a company falls into categories A, B, C, or D. Each category is subject to different reporting and auditing requirements, tailored to the size and complexity of the business. This tiered approach enables a more targeted and efficient regulatory framework for businesses of varying scales.

The Financial Reporting Act encourages the use of electronic reporting systems, promoting efficiency and reducing the administrative burden associated with traditional paper-based reporting. The adoption of digital platforms facilitates quicker and more accessible dissemination of financial information, benefiting both companies and stakeholders in the reporting process.
Financial statements
According to the Financial Reporting Act, the basis of company accounting in Denmark is the preparation of financial statements. In this document, one can also find the applicable Danish division of companies into four classes.

Class A
Class B
Class C
Class D
Consistent with the guidelines of the European Union, as incorporated into the Danish Financial Statements Act of 2002 (amended in 2014), Danish listed companies must adhere to EU-endorsed International Financial Reporting Standards (IFRS) when preparing their consolidated financial statements. This requirement extends to separate financial statements for listed non-group companies that do not compile consolidated statements. All financial reporting requirements for Danish companies are outlined in European Union regulations and directives. These regulations are incorporated into Danish legislation, as evidenced by the transposition of the EU Accounting Directive 2015 into the Danish Financial Reporting Act.

Danish companies categorized as Class B have the option to utilize the over-plan directives issued by the DASC (Danish Accounting Standards Committee) in 2013 or to adopt International Financial Reporting Standards (IFRS). Moreover, certain guidelines concerning measurement, disclosure, and recognition are discretionary for Class B companies, while they are obligatory for companies falling under Class C.
Audit of Danish companies
The Financial Reporting Act also contains information on the audit of financial statements. It talks about internal auditing, which must be a mandatory part of the planning and modification of Danish companies' accounting systems, but also about auditing, which is carried out by independent auditors. Accounting Denmark - audit It is worth noting that the audit of Danish Class A and B companies is not mandatory and depends on their annual turnover.

The Danish Financial Supervisory Authority, as the regulator of the financial sector, possesses the power to define supplementary educational requirements for auditors. In accordance with Executive Order No. 1406 issued on December 11, 2013, concerning Continuing Professional Development (CPD) for State Authorized Public Accountants (SPAs), auditors engaged in statutory audits for financial institutions are mandated to obtain a minimum of 180 CPD hours within a three-year timeframe. Additionally, they must complete an obligatory 60 hours of supplementary CPD tailored to the execution of accounting and auditing services within such institutions.

The auditing of Danish companies categorized as Class A and B is discretionary and contingent upon their annual turnover meeting certain thresholds. Such companies have the freedom to select the type of audit they prefer and to negotiate with auditors to determine which of the available attestation services (including accounting assistance, financial statement audits, or other audits) would best serve their business interests.

Beginning in 2010, Danish auditing standards have essentially been aligned with the International Standards on Auditing (ISA) as promulgated by the IAASB and translated standards by the Danish Financial Supervisory Authority (FSR). According to reports translated by the FSR, the standards are implemented with the same effective dates in Denmark as stipulated by the International Auditing and Assurance Standards Board (IAASB).
Accounting for a sole proprietorship (Enkeltmandszirksmhed)
In the context of accounting for a sole proprietorship (Enkeltmandsvirksomhed) in Denmark, the classification of this business type into Class A brings about notable implications for financial reporting and taxation. Class A categorization exempts sole proprietorships from the mandatory preparation of annual accounts, relieving them of certain regulatory burdens associated with more extensive financial disclosures. Instead, sole proprietors in this category are only required to submit reports for tax purposes, streamlining the accounting process and focusing primarily on compliance with the Danish Tax Authority, known as SKAT.

The accounting procedures for a sole proprietorship are designed to be transparent and uncomplicated. The taxation framework follows a single tax return model, where income is declared only once. This approach applies to both income tax and Value Added Tax (VAT), with the latter becoming applicable if the annual income surpasses DKK 50,000. The threshold for VAT registration marks a key point for businesses, as it determines when they become obligated to report and remit VAT.

Sole proprietors engaged in such businesses are required to file their tax returns at regular intervals, typically every three or six months. This periodicity provides a balance between ensuring compliance with tax obligations and minimizing administrative burdens on business owners.

It is essential to underscore that the Danish system extends social benefits to sole proprietors who fulfill their tax and contribution responsibilities. This inclusivity ensures that sole proprietors enjoy the same pension and health benefits as traditional employees in Denmark. This equal treatment aligns with Denmark's commitment to a robust social welfare system, promoting a supportive environment for entrepreneurship while safeguarding the well-being of individuals engaged in sole proprietorships. Overall, the accounting framework for sole proprietorships in Denmark reflects a pragmatic and inclusive approach, encouraging entrepreneurial ventures and facilitating ease of compliance within the regulatory landscape.
Accounting for companies
While accounting for sole proprietorships is straightforward, accounting for Danish companies is much more complex. We are referring to Class B, C and D companies, which are required to prepare financial statements containing a profit and loss account, a description of management's activities, a flow statement, a statement of changes in equity, a balance sheet and notes.

All companies whose securities are traded on a market regulated in Denmark are required to apply IFRS standards, as adopted by the European Union. Accounting Denmark - reporting It is worth recalling that Danish companies are subject to CIT, which is 22 per cent, and if the company earns more than DKK 50,000 in a year, it must also pay 25 per cent VAT.

Firms are obligated to generate reports encompassing a detailed depiction of management's activities, a profit and loss account, a cash flow statement, a statement of changes in equity, a balance sheet, and supplementary data. Given the potential intricacy of such reports depending on the nature of the business, it is advisable to consider outsourcing this responsibility to a proficient accounting firm. Entrusting this task to a capable accounting firm ensures meticulous oversight of clients' financial matters.

In today's contemporary business landscape, accounting software has emerged as an integral component, serving a crucial role. This is understandable due to its widespread adoption across both large and small businesses in Denmark. Online accounting software streamlines and automates essential accounting procedures, thereby minimizing errors in bookkeeping. Furthermore, it facilitates data-based decision-making, enabling businesses to allocate company resources more efficiently. It is worth considering implementing this solution in your company.
Chart of Danish accounting accounts
The Danish chart of accounts is a specific layout of accounts that has been adopted to make the company's business record-keeping more transparent. Such a plan, through a detailed list, shows the order of the individual accounts in the ledger.

The layout of the account classes relating to the profit and loss account structure

1. Account group: net revenue from sale of goods; account number: 1100; account name: sales of goods.
2. account group: sales; account number: 2100; account name: sales.
3. account group: external costs: 4. Account group: process costs: 5. account group: depreciation: 6. account group: interest; account number: 6100; account name: interest (income).
7. account group: interest; account no: 7100; account name: interest (expenses).
8. account group: extraordinary items: 9. account group: taxes; account number: 9000; account name: corporate income tax.

Arrangement of account classes relating to the balance sheet

1. account group: fixed assets: 2. account group: current assets: 3. account group: capitals: 4. account group: liabilities:
Write-offs:

Taxes in Denmark
Denmark employs a progressive tax system, where the income tax rate increases as your earnings rise.

The tax comprises:
- a labor market contribution of 8%, deducted from your income prior to calculating other taxes,
- basic tax,
- top tax,
- municipal tax, the rate of which varies among municipalities,
- church tax, applicable if you are a member of the Evangelical Lutheran Church in Denmark,
- property tax and property value tax, applicable to homeowners.

In Denmark, the tax authorities classify income into two distinct categories:
1. A-Income
A-Income encompasses earnings such as salary, unemployment benefits, pensions, fees, holiday allowances, and state educational grants. When receiving A-Income, the applicable A-tax is deducted at the source by your employer or the relevant public authority.

As a regular wage earner, you are also subject to income tax on personal income, which includes maintenance payments and capital income, such as interest and rental income

2. B-Income
B-Income includes earnings from fees or self-employed activities. When you receive B-Income, you obtain the full untaxed amount, and it is your responsibility to declare this income in your tax return.

The tax calculation takes into account both personal and capital income, along with assessed deductions. Deductible expenses comprise items like:
- Trade union fees and unemployment insurance
- Transportation costs to and from your workplace
- The employment allowance, automatically calculated by the National Tax Agency

Personal income covers a range of sources, including salaries, unemployment benefits, pensions, state education grants, fees, scholarships, maintenance payments, and the estimated value of provided housing, telephone services, company cars, and other fringe benefits.

You can subtract a personal allowance from your personal income. Contributions to pension schemes managed by your employer are already deducted from the salary stated on your income statement. You will receive an annual income statement from your employer or the public institution dispersing your funds.

Capital income consists of both revenue and expenses, and taxes are levied on the income. Examples of such income include:
- interest earned on bank deposits,
- interest income from bonds and mortgage bonds,
- rental income from properties,
- income from renting holiday homes or rooms,
- distributions from investment funds.

Expenses entail interest payments on debts to mortgage credit institutions, banks, mortgage deeds, student loans, and other debts, which can be deducted from your taxes. Your interest expenses will be detailed in your annual tax statement.

Your annual tax statement is compiled by the tax authorities using information from your employer, banks, mortgage credit institutions, and details you provide if you choose to report via 'Early reporting' in TastSelv between February 1 and February 18. If you need to modify the information in your annual tax statement, it is essential to notify the Danish Tax Agency. Upon your request for adjustments, a revised annual statement will be issued to you.

For information on foreign tax conditions, refer to skat.dk. This is particularly relevant if you:
- relocate to or from Denmark,
- reside in Denmark but work in another country or have additional income from abroad,
- reside abroad but work in Denmark or have additional income from Denmark.
Assets in a Danish company
Costs, all accounts, balance sheets and assets are among the many issues dealt with by accounting in Denmark. The Danish balance sheet formula shows a breakdown of assets grouped into debt and equity (according to principles of increasing liquidity), from least liquid to most liquid (cash).

1. non-current assets
2. current assets:
Denmark - imports and exports
Denmark's most frequently imported products are cars and other motor vehicles, machinery, telephones, petroleum. In contrast, the most frequently exported products are medicines, chemicals, meat, generator sets, and cheese and curd.

It is worth knowing that:
- all food products (imported and exported) must have a composition sticker (in Danish) on the packaging and meet the criteria for the use of preservatives;
- products which may pose a risk to life and health (e.g. medicines or chemicals) must have an appropriate warning on their packaging;
- entrepreneurs who wish to import chemicals or products containing hazardous ingredients must check whether the substances in question appear on the EINECS list of hazardous substances, as the Ministry of the Environment must be informed of any chemical substance outside the list in order to allocate it to the appropriate group (for commercial or private use). Accounting Denmark - institutions
The implications of the new Danish Bookkeeping Act
How will the recently introduced bookkeeping regulations impact your company and its operations? If your business is among those yet to transition to digitalized accounting and financial management, it's time to prepare for a restructuring of your workflow. According to the newly enacted Danish Bookkeeping Act, the majority of processes related to a company's accounts must be digitized. Failure to comply with this legislation could result in fines of up to DKK 1.5 million.

This article explores the implications of the new Danish Bookkeeping Act for Danish companies and outlines the necessary work processes to meet the requirements of the legislation, assuming it is adopted in its current draft form. Additionally, we delve into the changes to the Danish Financial Statements Act, which, in conjunction with the new Danish Bookkeeping Act, constitutes part of a comprehensive reform package for the Danish economy. These changes are expected to take effect from the financial year starting on January 1, 2023, and thereafter.

The introduction of new rules stems from a comprehensive political consensus reached in 2021 regarding a reform package for the Danish economy. The primary objectives of this reform package are twofold: intensifying efforts to combat fraud and simultaneously facilitating greater ease of compliance for companies with their bookkeeping responsibilities.

In essence, the reform package encompasses two significant initiatives that demand particular attention from companies:
1. A novel Danish Bookkeeping Act
2. Amendments to the Danish Financial Statements Act, involving alterations to the auditing requirements

Commencing from January 1, 2023, companies falling within this revenue bracket will be mandated to digitally store their accounting records. A number of companies have already implemented digital systems for handling accounting records, and for them the transition will be easier. However, it is expected that a significant proportion of the country’s 300,000+ companies will now have to start digitalising their processes, or check that their systems and processes are in compliance with the upcoming rules.

The forthcoming changes under the new Danish Bookkeeping Act will bring about substantial adjustments to your daily operational procedures, particularly if you presently do not manage receipts, vouchers, and accounting records in a digital format. Here are the key modifications:
1. Digital storage requirement: All accounting records must be digitally stored. Compliance with GDPR rules is mandatory for the storage, and companies are obligated to maintain a backup copy of the records. The frequency of updating the backup copy varies based on the complexity of the business, the volume of transactions, and their scale. For companies with numerous daily transactions, a daily backup copy is stipulated by the legislation.
2. Expanded definition of accounting records: The scope of accounting records is broadened to encompass documentation of factual information provided in the management’s report within the company's annual report.
3. Simplified requirements for transaction recording: There are simplified requirements for the company's description of its procedure for recording transactions and storing accounting records.
4. Bookkeeping audits by Danish Business Authority: The Danish Business Authority has the authority to conduct bookkeeping audits for companies that haven't submitted their initial annual report and for those that have chosen to opt out of auditing.
5. Higher fines: Introduction of substantially increased fines for non-compliance.

It is crucial for companies to be aware of and prepare for these changes to ensure compliance with the new regulatory framework.

As of January 1, 2023, the new Danish Bookkeeping Act mandates the digital storage of various elements pertaining to a company's financial records. The following items are required to be stored digitally:
- vouchers/receipts,
- transaction trail records: this includes documentation of the transaction trail,
- description of company's bookkeeping procedures,
- information essential to the audit trail: all information crucial to maintaining an audit trail must be stored digitally,
- documentation for annual report: this involves the documentation for information presented in the notes and management's report in the annual report, as well as for estimates and assessments made during the preparation of the company’s annual report,
- legislatively required accounts: accounts that are mandated to be prepared in accordance with legislation,
- auditor’s records or equivalent reporting: any records from auditors or equivalent reporting entities must be stored in a digital format.

Ensuring the digital storage of these elements is not only a legal requirement but also serves the broader objective of enhancing transparency, efficiency, and compliance within the framework of the new regulatory measures.

The upcoming Danish Bookkeeping Act introduces more stringent regulations accompanied by significantly increased fines for non-compliance. The Danish Business Authority is empowered to request access to records and conduct inspections of companies that either haven't submitted their initial annual report or have chosen to forego auditing. In instances where a company is unable to produce the original digital accounting records or provide the digital backup copy to the authorities, the fines for non-compliance escalate. Violations of these regulations can result in fines of up to DKK 1.5 million, underscoring the seriousness of adherence to the new requirements. Companies are urged to ensure full compliance to avoid potential financial penalties.

The amendments to the Danish Financial Statements Act, as part of the broader legislative package, introduce several noteworthy changes, particularly affecting high-risk sectors. Here are the key modifications:
1. Auditing requirement for high-risk sectors: Companies in 11 high-risk sectors with annual net revenue exceeding DKK 5 million in two consecutive years are now subject to an auditing requirement. The 11 high-risk industries include road freight transport, removal services, restaurants, pizzerias, take-away outlets, ice cream parlors, event catering, other catering businesses, cafes, pubs, nightclubs, data processing, web hosting, and similar services, web portals, wholesale trade of cars, vans, and minibuses, and retail trade of cars, vans, and minibuses.
2. Auditing requirement based on balance sheet total: Companies with a balance sheet total exceeding DKK 50 million in two consecutive years, regardless of net revenue, now have an auditing requirement. Options include an audit report or an extended audit report.
3. Inclusion of money laundering legislation: Money laundering legislation is now explicitly included in the provision that prevents opting out of auditing if decision-makers accept fines or are convicted of violations of company legislation, accounting legislation, or tax and excise legislation. Additionally, opting out is prohibited if a member of the management team has been entered in the bankruptcy quarantine register within the past two years.
4. Employee reporting: The number of employees must be stated, even if there are no employees.
5. Extended deadline for annual reports: The deadline for submitting annual reports is extended from five to six months for companies in class B and C, while it remains four months for class D.
6. Administrative order for audit: The legislation introduces the possibility to administratively order an audit if significant errors or deficiencies are found in the company’s bookkeeping.

Companies are advised to carefully review and prepare for these amendments to ensure compliance with the revised regulatory framework.
Penalties for non-compliance with data privacy and security laws in Denmark
Non-compliance with key data privacy and security laws in Denmark may result in various penalties and remedies:
1. Administrative remedies/civil penalties - Regulators and law enforcement may impose fines of up to EUR 20 million or 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher.
2. Criminal penalties - Pursuant to Sec. 41 of the Danish Data Protection Act, certain data protection infringements may lead to fines or imprisonment for a term not exceeding six months. This applies to violations of specific GDPR provisions, including obligations of controllers and processors, certification bodies, supervisory bodies, fundamental processing principles, data subject rights, and international data transfers.
3. Private remedies - Individuals have the following avenues for private remedies:
- File complaints with the Danish Data Protection Agency.
- Claim damages for material or non-material damages, commonly referred to as "injury to feelings”.
4. Other remedies - The Danish Data Protection Agency can compel controllers to take necessary actions for compliance. This might involve ordering the deletion of incorrect information or halting processing activities without a lawful purpose.

Forms of private remedies for data subjects:
- individual personal actions,
- representative actions, which can be initiated by a consumer, data privacy body, or the supervisory authority,
- class actions are also recognized as a form of remedy.

It's crucial for entities operating in Denmark to be aware of and adhere to data privacy and security laws to avoid potential legal consequences and to promptly address any compliance issues.
FAQ
  1. What institutions control Danish companies?
    Control over Danish financial reporting, accounting and auditing is exercised by two government institutions:
    • The Danish Financial Supervisory Authority (DFSA);
    • or the Danish Business Authority (DBA).
  2. How long does an employer have to keep employee records?
    Danish employers keep their employees' records for 5 years (even after termination of the contract).
  3. What is a Selvangivelse?
    Selvangivelse is a tax return form that the Danish Tax Authority (SKAT) sends to the taxpayer's registered address (Danish or Polish).
  4. What is an Oplysningsseddel?
    Oplysningsseddel - a document that summarizes an employee's earnings. Every Danish employer is obliged to issue such a document to their employees after they have finished working.
  5. What are the criteria for dividing Danish companies into classes?
    Danish companies are divided into classes according to the following criteria:
    • organizational and legal form,
    • size of the company,
    • total assets,
    • annual turnover (net),
    • number of employees.
  6. What is a Forretningsplan?
    A forretningsplan is a description of a company that is usually drawn up by the entrepreneur (often in cooperation with an accountant). This plan includes the founder's vision and idea for his or her business, but also the scope of activities, financial possibilities and responsibilities.
  7. What is a NemKonto?
    A NemKonto is an employee bank account into which SKAT tax refunds and payments are transferred.
  8. Where can I find information to help Danish entrepreneurs?
    A lot of relevant information about registration, accounting, and the operation of companies in Denmark can be found on the website of the Danish Business Authority (www.erhvervsstyrelsen.dk). On this website, you can also find a lot of information about Danish companies, such as: name, address, contact, CVR number, i.e. company registration number, type of business, date of establishment and liquidation of the respective company, details of owners, partners, board of directors, number of employees, information regarding accounting, balance sheet, financial reporting and personal and company data (limited liability companies, joint stock companies), etc.
  9. What is the FSR?
    FSR is a Danish professional accounting organization, established in 2011, which deals with accounting audit, auditing, bookkeeping and taxation in Danish companies.
  10. What products should be CE marked?
    The following products should be CE marked:
    • toys,
    • machinery,
    • the efficiency of water-fired power boilers,
    • equipment used in potentially explosive atmospheres,
    • non-automatic weighing equipment,
    • gas appliances,
    • pressure vessels,
    • energy efficiency of freezers and refrigerators,
    • telecommunications terminal equipment,
    • recreational boats and yachts,
    • diagnostic equipment (in vitro),
    • cable systems for the transport of people,
    • construction products,
    • active medical implants,
    • lifts,
    • personal protective equipment.
  11. What is Årsopgørelsen?
    Årsopgørelsen are tax decisions that can be found on the website of the Danish Tax Administration.
  12. Is there a penalty for not settle up with the tax office in Denmark?
    The consequence of failing to settle up with tax office (or not submitting your return on time) is a fine of up to 5,000 kroner.
  13. Is there any permanent tax relief in Denmark?
    Yes, this relief is called Personfradrag. It is an allowance that is available to any Danish tax resident and to those who have worked in the country for at least one year.
  14. What do the phrases Skat til udbetaling and Restskat til betaling mean on the decision from the office?
    Skat til udbetaling - the amount of tax refund. Restskat til betaling - the amount of the surcharge to the Danish authorities.
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