Denmark in brief
Least corrupt country in the world
For the third time in a row, Denmark occupies the top spot in Transparency International’s study of corruption worldwide. Denmark takes first place with New Zealand, Finland, Sweden and Norway rounding out the top 5. Denmark is highlighted as a good place to do business because of the safe business environment with no bribery and a very wellfunctioning public sector.
New Danish tender act
Expected to come into force on 1 October 2015, a new Danish tender act has been proposed by the Danish Government in a new bill. The bill includes a number of amendments to the current rules of the Tender Directive having implications for tenderers. The main amendments introduced by the bill include, among others, abolition of the distinction between A and B services, an obligation implying earlier publication of tender documents, repeal of the statutory advertising requirement for certain contracts as well as changes to suitability requirements of financial capability.
The Danish Central Bank takes interest rates even lower
The Danish Central Bank has cut interest rates again in an effort to keep the Danish krone pegged to the euro. It is the fourth time in three weeks during January and February that the Central Bank has cut its key policy rate, dropping it to -0.75% from -0.5%. The Central Bank has also intervened in the foreign exchange markets to the tune of USD 16bn to weaken the krone. The Bank said that it would continue its interventions with the aim of keeping the krone in a tight trading range against the euro.
Chinese investments in Denmark
Denmark has just now been topranked coming in as number 12 of the most attractive countries for Chinese investments. The top ranking has been achieved in the China Going Global Investment Index Report published by the Economist.
New amendments to the Aliens Act
The Danish Government has passed a new bill introducing a series of amendments to the Aliens Act. The amendments intend to make it easier for enterprises to employ highly qualified employees from non-EU countries. The bill will provide certified enterprises with the possibility of using fast-track schemes, and the green card scheme will be streamlined.
Danish bill to introduce general anti-abuse rule
On 25 January, the Danish tax authorities issued a draft bill to amend the Danish Tax Assessment Act with a view to adopting the international general anti-abuse rule under consideration at EU and OECD levels and to dealing with potential domestic abuses. The draft bill is to introduce a new international antiabuse rule denying benefits from tax treaties or from the EU Savings Tax Directive in cases of deemed tax abuse; a new controlled-foreigncorporation-type rule for trusts; and limits on the duration of exit tax rulings for post-exit asset or business transfers.
New public register of shareholders
As part of the company law reform, a public register of shareholders has been established under the auspices of the Danish Business Authority implying that companies now need to register shareholders holding 5% or more of the company shares. In addition, people not holding any shares in the form of direct ownership, but having influence in other ways, are required to be registered in the register of shareholders. The purpose of a public register of shareholders is to create greater transparency and openness about ownership of Danish companies to counter money laundering and create greater confidence in such companies.
New minimum data security requirements
As from January 2015, the Danish Data Protection Agency has introduced new minimum data security requirements in personnel administration. These include, among others, specific guidelines included in companies’ extensive safety rules: PCs connected to the Internet must be provided with an updated firewall and virus control as well as a system for registration of unsuccessful attempts to gain access to IT systems with sensitive personnel information. The purpose of the new minimum requirements is to ensure that companies take the precautions necessary to protect personnel information from being accidentally or unlawfully destroyed, lost or damaged.
Time to submit information to SKAT’s tax loss register
According to the rules laid down by the Danish tax authorities, companies, foundations and other entities liable to pay tax subject to the Danish Corporation Tax Act or the Danish Foundation Tax Act must submit information on their unused tax loss carryforwards by 1 August 2015 at the latest. If they fail to submit correct information on or before this date, they forfeit their rights to use these carryforwards.
New food labelling rules to be amended
The new labelling rules are amended before even taking effect. This applies to the labelling ”bedst før” (best before) on all packaging. As of 14 December 2014, all food labels must be designed in accordance with the new labelling rules provided for in EU Regulation 1169/2011 on the provision of food information to consumers