Expanded use of payment information in tax audits

Following successful VAT audits, the Danish Tax Agency seeks to continue obtaining payment information from Danish financial intermediaries to initiate VAT and other tax audits on companies selling to Danish private customers not registered for VAT. The Agency plans to use this data to combat the “black economy.” The payment data is obtained through a license granted by the Danish National Tax Board, typically limited to one or two income years. This allows the Agency to identify companies from which Danish customers have purchased goods or services online, and use this data to calculate potential VAT due if the audited company does not provide sales data.

Source KPMG

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