July 25, 2022, 5:00 AM
The Danish Customs and Tax Administration July 18 posted online Decision No. SKM2022.371.BR, explaining the taxation of bank transfers abroad. A taxpayer’s taxable income for the year 2014-2015 was increased by 1 million Danish kroner (US$136,620) on the basis of deposits into his bank accounts and transfers abroad. The majority of the deposits were made in cash via a money transfer company. The issue was the tax treatment of cash funds of 745,000 kroner (US$101,782) which the taxpayer used for cash transfers abroad via a foreign exchange agency. The court clarified that the Ministry of Taxation had rightly taxed the …
