Visma News
Finance - Q4, 2014

This newsletter presents the recent changes, deadlines, information regarding VAT, tax, new regulations and many other financial aspects of interest to small entrepreneurs and up to large international groups. 

If you have any questions we are always ready for a consultation free of charge.



VAT deduction on losses on irrecoverable debts

SKAT has paraphrased the text in the Legal Instructions 2014-2, section D.A., so that it now appears that it is not a condition for adjusting for loss on claims in excess of DKK 3,000 outside bankruptcy and composition, etc. after a specific assessment that an independent debt collection agency has attempted to collect the claim.

This means that it is possible to adjust for losses on irrecoverable debts in excess of DKK 3,000, if the creditor has attempted to collect the claim according to an established dunning procedure. We can therefore recommend that the company takes care of having a written procedure for following-up on debtors and also can document that the procedures are followed.

Companies which have refrained from adjusting for losses on irrecoverable debts in excess of DKK 3,000 outside bankruptcy and composition, etc. can request for resumption of the tax liability for the tax periods in which the loss was noted.

The deadline for resumption is 16 March 2015. Resumption can take place for commenced tax periods, but which have not yet expired in June 2010. The company must be able to document calculation of the repayment claim by means of accounting records and other relevant supporting appendices, which in the company’s opinion can contribute to documenting the claim. In addition, the company must be able to document that the losses have gone through a dunning procedure, rendering probable that the loss has incurred. 

Possibility for a purely English annual report

In December 2013, it became possible for Danish companies to present their annual reports in English only. This option already existed for the company’s annual reports for 2014. Following this, Visma has resolved to prepare the annual reports in either Danish or English only in the future. The bilingual annual report may, however, be requested against an extra fee.

If the company wishes to prepare its annual report in English only, this will require that:

  • The company’s annual general meeting makes the decision
  • It is decided at either an ordinary or an extraordinary annual general meeting
  • The decision must be entered into the company’s articles of association
  • The change regarding the annual report for 2014 can be decided at the ordinary annual general meeting for 2015, as long as the item will be entered on the agenda prior to the approval of the annual report

If the company wishes to prepare the annual report in Danish again, the annual general meeting must decide so as well.

In addition to preparing the annual report, Visma can assist with the preparation of the minutes from the general meeting, as well as an amendment of the articles of association, and report them to the Danish Business Authority. 

Changed deadlines for A-skat [PAYE tax] and VAT

Please notice that the deadline for reporting and paying A-skat and VAT may be changed as of January 2015. If so, you will be notified by SKAT in your digital mailbox. Please also note that the message regarding A-skat and VAT may be included in the same e-mail from SKAT with two letters attached. If you do not have access to the digital mailbox, VISMA can assist with giving you and/or Visma access.  

Staggered deadline for reporting of tax return

It will be mandatory to report the tax return digitally for companies, funds and associations for the income year 2014. The deadline for reporting of tax return for the income year 2014 has been changed to 1 August 2015.

In the future, ”taxable income deficit” must be filed. All companies, including subsidiaries, must file “Taxable income deficit”.

Reporting of a company’s basic registrations at SKAT

On 1 October 2014, SKAT has opened up for reporting of important information about the company’s basic registrations. This i.a. means that companies, funds and associations must make a one-off reporting of unutilised losses from the income year 2002 to the income year 2013, as well as historic tax-free restructuring associated with this until the time of reporting.

Please note that the management company, which owns the subsidiary at the time of reporting, must report the deficit balance once at the end of the income year 2013.

A management company that adds a company to its joint return group in the income year 2014 will therefore fill in the deficit register for this company with the deficit balance at the end of the income year 2013.

It is crucial that the deficit is reported before the deadline, since the deficits will not apply otherwise.

Change of joint taxation groups

Please note that a change of joint taxation groups as of 1 October 2014 must be reported regularly and with a deadline of 1 month only. Changes of the joint taxation groups in the period 1 January – 30 September 2014 should be reported prior to 1 November 2014. The fine will probably be up to DKK 5,000, just as for late submission of the tax return. 

Public register of shareholders

The Danish Business Authority has on 15 December 2014 opened up for entries in the public register of shareholders at, and companies must therefore register so-called ”large shareholders”. This registration thus replaces the requirements of the Danish Financial Statements Act. We do currently not know when the repeal of the requirements in the Danish Financial Statements Act will become effective.

The preliminary registrations can be made in the period 15 December 2014 – 15 June 2015 for all existing joint-stock companies, limited liability companies, limited partnership companies and entrepreneurial companies.

For newly established companies, the owners must be registered no later than 2 weeks after the foundation.

The obligation to keep a shareholders register will continue unchanged. The companies can choose to keep the shareholders register by themselves, or e.g. choose the Danish Business Authority’s new online shareholders register, where selected details are automatically transferred to the shareholders register.

The public shareholders register opens for the public after 15 June 2015.

Ring mig op


We are always up for a chat

Download FAQ

Let's meet

I would like a meeting