The purpose of this blog is to provide a reliable source of business, tax, and accounting information. English is chosen language to ensure coverage for Danish and non-Danish readers.
March, 2020.
At least there is something positive coming out of the corona pandemic: the economic incentives, which has been hurriedly passed by the government on the 17th of March 2020.
The purpose of the “express law” is to ease short-term cash flow burden on businesses, namely payments for personal tax (A and B-skat), labour market contribution, VAT payment, and preliminary corporation tax (acontoskat).
Personal tax and labour market contribution payments
All companies get a prolonged period up to 4 months for payments of personal tax on income and labour market contribution in April, May, and June. The registration of personal tax on income and labour market contribution should be made as usual.
For SME companies:
For large companies:
VAT payments
SME companies can postpone the VAT payments (3 months or 6 months) to the next payment deadline.
Large companies have VAT payment extended one month later than the usual deadline.
Preliminary corporation tax (acontoskat)
If the company experiences a significant reduced corporate income of the year 2020, then the preliminary corporation tax can be adjusted by going on Skat’s website: TastSelv Erhverv > Selskaber > Acontoskat.
Although companies have payment deadlines prolonged, the registration of tax on personal income, labour market contribution, and VAT should be done as usual. The registration of VAT is especially important if the company has VAT credit, which is used to receive the tax credit pay out.
Taxation is only one method in several possible economic relief measures. There are talks about labour cost subsidy and compensation for loss of business, among others, in the government.
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