how to have a happy and compliant year-end

2023 is almost over, but you still have time to implement or check up on your efforts to have a happy and compliant year-end.

Employers

  • Adjust new rates for tax free allowances for 2023, e.g., Per Diem allowances and Mileage allowance
  • Review if rates on tax free payouts have been followed throughout 2023
  • Make sure that unused holiday is agreed to be transferred or paid to the employee (maximum of five days)
  • Adjust for the new requirements of the salary for employees on the expat scheme (if necessary)
  • Apply or re-apply for A1 certificates for cross-border employees
  • Review reports for payroll and align for potential changes no later than February 2024
  • Prepare reports for eKapital on stock incentive plans
  • If it has been a year of growth be mindful of deadlines changing on withholding tax and VAT

Individuals

  • Payment of outstanding tax for 2023 before 31st December to avoid day-to-day interest applied from 1st January 2024
  • Update your 2024 preliminary tax assessment (“Forskudsopgørelse”) so you are set for correct tax withholding in 2024
  • Consider (extra) contributions to deductible pensions
  • Prepare for changes to year-end statement for 2023 when it becomes possible in February (so it will be included on the first edition)
  • Consider if you should opt for the extended information scheme with deadline for changes on July 1st rather than May 1st
  • Prepare an overview of shares/stocks which have been traded during the year, and which are not automatically reported to the Danish authorities
  • Secure documentation for foreign taxed income in order to seek relief of taxation in Denmark

In General

  • A new double tax treaty between Denmark and France enters into force from January 1st 2024

latest news

Iconographic illustration of the Øresund Bridge, symbolising the connection between Sweden and Denmark

Revised Øresund Agreement Simplifies Cross-Border Work

In a significant development for cross-border commuters, Denmark and Sweden have revised the Øresund Agreement, easing the process of working across the Øresund strait. The updated agreement, set to take effect from 2025, aims to enhance the already thriving labour market by reducing administrative burdens and simplifying tax regulations for both commuters and employers.

The image features an illustration related to the upcoming Time Registration Act, effective from July 2024. It depicts a person taking a stretch at their desk, which is equipped with a laptop and documents, symbolizing a break or relaxation moment in an office environment. A large stopwatch and a checklist are also present, highlighting the theme of time management. The overall message conveys the importance of tracking time in accordance with the new legislation.

Time Registration Act to come into force July 2024

On the 8th of November 2023, a legislative proposal was presented in the Danish parliament on mandatory registration of employees’ working hours. The legislative proposal has been adopted and will come into force on 1 July 2024.

A serene illustration of six wind turbines standing in the ocean under a sky with fluffy clouds and flying birds, depicting clean energy production.

Offshore Wind Farms Put Up For Tender

The Danish government has opened for the largest ever tender of offshore wind farms in the history of Denmark to support the ambition that Denmark is to be green power centre of Europe.

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