Minister wants to stop country from being used as a tax haven – The Post

Minister wants to stop country from being used as a tax haven

Government intends to crack down on misuse of Danish companies

November 6th, 2014 7:19 am| by admin
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The minister for business and growth, Henrik Sass Larsen, announced yesterday a new set of law proposals designed to stop Denmark being used as a tax haven.

The move comes in the wake of a wave of media attention around the issue.

In recent weeks, Børsen has published a number of articles about eastern Europeans using Danish structures for tax evasion, fraud and money-laundering.

And last week, DR’s P1 broadcast a documentary programme about foreigners using Danish companies for shady dealings.

READ MORE: Danish companies being misused for international economic crime

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Larsen told Børsen that this has directly contributed to the new proposals.

“We need to react to it. And that’s what we’re doing now,” he said.

According to the new proposals, the Danish business authority Erhvervsstyrelsen will get an extra 4 million kroner annually to strengthen its efforts to conduct inspections of so-called ‘company manufacturers’ – firms that set up corporate structures on a commercial basis.

For some time it has been planned to set up a public register of all Danish companies with details of their ultimate beneficial owner.

Larsen announced yesterday that this register will also include limited partnerships (kommanditselskaber), which had previously been exempted.

“It should be noted that there are people who misuse exactly limited partnerships,” Larsen said. “We want to stop that.”