Denmark at a glance – Winter 2022

These emails are designed for those investing into Denmark and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

Winter 2022

  1. Denmark has climbed to the top spot on the sixth edition of the IMD World Digital Competiveness Ranking 2022. The top ranking is in large part due to an outstanding performance on preparedness to exploit digital transformation.
  2. Christmas is fast approaching and that means gifts! Danish employees can receive gifts and minor employee benefits for a value of up to DKK 1,200 (approx. EUR 160) per year without the gifts being deemed taxable. The value of Christmas presents must be included in the amount of DKK 1,200, but Christmas presents up to DKK 900 (approx. EUR 120) are not taxable.
  3. MitID, Denmark’s new security solution for log-in and signing on the Internet, allows authorities such as the tax authorities to contact the company in a secure way in the mandatory digital mailbox.
  4. Denmark has one of the most stable economies in the world, which includes business-friendly tax rules.
  5. As of 15 November 2022, the 2023 preliminary income assessment for individuals is available. Individuals are expected to update their assessment if their personal or financial situation has changed.
  6. The Nobel prize in Chemistry 2022 was awarded to Professor Morten Meldal of the University of Copenhagen. The award was given for his work with what is known as click chemistry. The method is an extraordinarily useful tool, particularly in pharmaceutical research.
  7. Denmark is a democracy. It has a constitutional monarchy, meaning that the monarch cannot independently perform political acts. Although the monarch is Head of State, and signs all Acts of Parliament, these only come into force when they have been countersigned by a cabinet minister.
  8. Launched at COP27, Denmark is once again top of the Climate Change Performance Index (CCPI). Denmark’s role as a progressive climate policy player and a global force within renewable energy production has been a catalyst in securing the consecutive spot as a global green frontrunner.
  9. Withholding tax for individuals was introduced in 1970. This meant an increased individualisation of the tax system. Income tax was now deducted directly from the salary before the employer’s (source) payment, and a personal allowance was granted.
  10. Denmark’s biggest win in international football was a 17-1 demolition of the French national team, played on 22 October 1908.

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice. 

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