Coronavirus - Government measures in key jurisdictions - Flipbook - Page 35
Denmark
(ii) a temporary increase to DKK 10 million of the amount that companies are allowed
to keep on a so-called “tax account”,
(iii) possibility for some companies to apply for an exemption to pay interest and fees
incurred for late payment of specific taxes in March 2020, and
(iv) extension of deadline for submission of tax return for 2019 to the Danish Tax
Authorities to 1 September 2020. The deadline extension applies to everyone.
8
Company
law matters
•
A political agreement has been reached regarding implementation of further
measures within the tax area, however, these have not yet been implemented. One
of the measures comprised by the political agreement relates to item (ii) above as a
temporary suspension of the upper limit of the amount that companies are allowed to
keep on the “tax-account” has been introduced.
•
For additional information about the postponement of payment of VAT and specific
taxes for the months April, May and June, please view here.
•
For additional information about the exemption to pay interest and fees incurred for
late payment of specific taxes in March 2002 see (in Danish), please view here.
•
For additional information about the extension of deadline for submission of tax return
for 2019 see (in Danish), please view here.
•
The Danish government currently maintains restrictions on large gatherings, and on 13
March 2020 a temporary ban was imposed on holding or participating in events, activities
or the like where more than 10 people are gathered. This ban will most likely be upheld
until 11 May 2020, however, after 11 May 2020, the ban may be amended and gatherings of
more than 10 people may be allowed although that is still uncertain at this stage.
Have any measures
been put in place
to accommodate
•
social distancing
(such as remote
general meetings)?
As a consequence hereof, the Danish government has implemented an Executive
Order whereby the deadline for submitting the annual report to the Danish Business
Authority has been postponed. The deadline has been postponed by three months,
which means that the annual report must be submitted on 31 July 2020 for listed
companies with the calendar year as fiscal year and on 31 August 2020 for other
companies with the calendar year as fiscal year.
•
If the restrictions on large gatherings continue to remain in force, the deadline for
submitting annual reports to the Danish Business Authority will be postponed further.
In that case, companies must submit their annual report to the Danish Business
Authority no later than 8 weeks after the restrictions on large gatherings have been
revoked. The extension requires that (i) the restrictions on large gatherings still exist at
the end of the extended deadline for submitting the annual report (i.e. 31 July 2020 or
31 August 2020, respectively), and (ii) the companies have not been able to hold the
general meeting whereby the annual report is approved before the deadline.
•
The Executive Order furthermore introduces a possibility for general meetings,
which are held no later than 8 weeks after the termination of the restrictions on large
gatherings, to be held completely electronically, irrespective of the fact that the
company’s articles of association may not provide for this.
•
For additional information about the company law related measures put in place to
accommodate social distancing see (in Danish), please view here.
Government measures in key jurisdictions
35