As from 1 July 2023, the Danish Tax Agency can impose interest on corrections made to VAT returns where the corrections result in a VAT liability. The interest, which is expected to be at a rate of around 8.4% per annum, will be imposed retroactively from the date the original tax payment was due, thus giving rise to a substantial financial burden. Taxpayers that need to revise prior VAT returns should act quickly to avoid potential interest charges, particularly if the corrections will result in additional VAT liability.
Source: BDO
Latest Posts in "Denmark"
- CJEU to Rule on Danish VAT Group Ownership Law Compatibility with EU Directive
- National Tax Court Denies Input VAT Deductions for Pre-Formation Advisory Services in Denmark
- Property Not Exempt from Church Assessment Exception, Court Rules in Favor of Tax Ministry
- Tax Authority Rules Hair Transplant Services Subject to VAT, Not Exempt from Taxation
- Denial of VAT Deduction for Advisory Expenses Related to Subsidiary Share Acquisition
