Financial Business Act.pdf

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.”