Financial Business Act.pdf

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While this translation was carried out by a professional translation agency, the text is to be regarded as an unofficial translation based on the latest official Consolidated Act no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations 1. In section 4(1) 2nd clause, ”section 6a(1)-(4) of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”section 30(1), (4), (5), (9) and (10) of the Financial Business Act”. 430. In the "lov om fusion, spaltning og tilførsel af aktiver m.v." (tax on mergers, demergers and investment of assets, etc.), cf. Consolidated Act no. 944 of 22 November 2002, the following amendments shall be made: 1. Section 6(5) shall be worded as follows: ”(5) In cases of mergers between banks, savings banks, cooperative savings banks and affiliations of cooperative savings banks under sections 89-96 of the Financial Business Act, the documents and information mentioned in subsections (1)-(3) shall be submitted to the Central Customs and Tax Administration no later than one month after the date of approval by the Minister for Economic Affairs of the merger in pursuance of section 204 of the Financial Business Act.” 2. In section 14(1), no. 3 ”part 4D of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”sections 89-96 of the Financial Business Act”. 3. In section 14a(1) ”part 12b of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”sections 208-214 of the Financial Business Act”. 4. In section 14a(3) ”section 52h of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”section 212 of the Financial Business Act”. 5. In section 14a(4) ”section 52c of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”section 208 of the Financial Business Act”. 6. Section 14b shall be repealed. 7. In section 14g(1) ”part 12c of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”section 215-217 of the Financial Business Act”. 8. In section 14g(3) and (4) ”section 52k of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”section 215 of the Financial Business Act”. 431. In the "lov om påligningen af indkomst- og formueskat til staten" (act on the imposition of income and property tax to the state), cf. Consolidated Act no. 791 of 17 September 2002 as amended by section 2 in Act no. 232 of 2 April 2003, the following amendments shall be made: 1. Section 5(4) shall be worded as follows: ”(4) The following companies etc. shall distribute interest expenses and interest income in the manner mentioned in subsection (5): EXCLUDING MINOR AMENDMENTS 1) companies covered by the Act on Commercial Enterprises' Presentation of Financial Statements, etc., 2) banks, 3) savings banks, 4) insurance companies covered by the Financial Business Act,
While this translation was carried out by a professional translation agency, the text is to be regarded as an unofficial translation based on the latest official Consolidated Act no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations 5) investment associations liable to pay taxes in pursuance of the regulations in section 1(1), no. 5a of the Corporation Tax Act, 6) funds covered by the ”lov om erhvervsdrivende fonde” (corporate funds act), 7) funds and associations etc., liable to pay taxes in pursuance of the regulations in section 1(1), no. 5b of the Corporation Tax Act, and 8) cooperative savings banks and affiliations of cooperative savings banks under sections 89-96 of the Financial Business Act. The same shall apply to persons who are principal shareholders in companies mentioned in nos. 1-8 having intercompany positions with said companies.” 2. Section 15(12) shall be worded as follows: ”(12) The limitation of subsection (7), 1st clause, according to which the loss may not reduce the taxable income to an amount smaller than the positive net capital income of said companies, shall not apply to losses pertaining to accounting periods in which the relevant company operated during the entire accounting period as a bank, insurance company, investment association or mortgage-credit institution, or in any other way operated by selling and buying claims or by financing.” 3. Section 17E(1) shall be worded as follows: ”17E.-(1) Banks, mortgage-credit institutions covered by the Financial Business Act, Kreditforeningen af Kommuner i Danmark (a mortgage-credit institute of local authorities) and Danish Ship Finance shall pay a tax to the Treasury on the basis of the balance of their provisions account as at 1 January of the tax year. The tax year shall be the year in which the tax falls due for payment.” 432. In the ”lov om skattemæssig behandling af gevinst og tab på fordringer, gæld og finansielle kontrakter” (act on taxation of gains and losses on claims and debt as well as financial contracts), cf. Consolidated Act no. 832 of 3 October 2002, the following amendments shall be made: 1. Section 9 shall be worded as follows: ”9. Mortgage-credit institutions covered by the Financial Business Act, Kreditforeningen af Kommuner i Danmark (a mortgage-credit institute of local authorities) and Danish Ship Finance shall include gains and losses on claims and debt in their calculation of taxable income in pursuance of the general regulations of this Act, except section 7(2), cf. however section 10.” 2. In section 10(1) 1st clause, ”Mortgage-credit institutions approved under the Mortgage Credit Act” shall be amended to: ”Mortgage-credit institutions licensed under the Financial Business Act”. 3. Section 38(3), 1st clause shall be worded as follows: EXCLUDING MINOR AMENDMENTS ”(3) The minimum interest rate shall be 2.5 per cent for index-linked bonds issued by mortgage-credit institutions covered by the Financial Business Act, Kreditforeningen af Kommuner i Danmark (a mortgage-credit institute of local authorities), Kongeriget Danmarks Fiskeribank and FIH - Finance for Danish Industry.”
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