close
Share with your friends

Denmark: Transfer pricing documentation deadline, reminder

Denmark: Transfer pricing documentation deadline

The newly amended Danish Tax Control Act (skattekontrolloven) requires companies to prepare their transfer pricing documentation contemporaneously and no later than at the time for submission of the tax return. This means that the deadline for preparing the 2019 transfer pricing documentation is 30 June 2020 for companies with a financial year that follows the calendar year.

1000

Related content

The transfer pricing documentation for 2019 is the second year under the amended legislation requiring transfer pricing documentation to be prepared contemporaneously. For many companies, this means that the timing of the process for preparing the transfer pricing documentation—and tax return—must be tailored to meet the new compliance requirements. 

Companies having a financial year that follows the calendar year will have 100 days to prepare their transfer pricing documentation for 2019, and thus need to start the process for preparing their transfer pricing documentation in a timely manner.

If the Danish tax authorities request the transfer pricing documentation from a taxpayer, and the taxpayer does not comply because it is unable to submit its transfer pricing documentation, penalties can be imposed (up to DKK 250,000 per income year or approximately U.S. $37,000) or a discretionary assessment can be made.

Read a March 2020 report prepared by the KPMG member firm in Denmark

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal