Statement of taxable income for 2013

27 February 2014

On 10 March 2014, the tax authorities release statements of taxable income for 2013 unveiling to tax payers whether a tax refund can be expected or residual taxes are due. For many taxpayers, this will only be a preliminary statement. 

Some taxpayers may already have considered it but most probably live in blissful ignorance as to whether they can expect a tax refund or whether they have to pay residual taxes for 2013.

On 10 March 2014, the veil is lifted when the Danish tax authorities release statements of taxable income for 2013 for employees, retirees and other individuals receiving the most common kinds of income.

The statement is available in the individual taxpayer’s electronic tax file on the website of the Danish tax authorities,

You may be able to view the statement a few days ahead of the official release date, 10 March 2014. In previous years, the statements have been released a few days earlier than announced in order to even out the considerable web traffic occurring when the statements are released.

If you are among the few tax payers who still receive the statement of taxable income in print, you will have to wait until April when printed statements are issued.

Tax refunds are paid including a fixed interest compensation of 0.5 pct. equalling DKK 25 for every DKK 5,000 of tax refund. The amount is paid to your default bank account, “NemKonto”, on 4 April 2014 in most cases.

Tax refunds less than DKK 100 will not be paid but forwarded to next year.

Tax refunds exceeding DKK 100,000 are paid later as manual processing will take place before refunds are paid in order to minimize risk of errors.

If residual taxes are due, you are required to pay interest. The size of the applicable interest depends on whether the residual tax is paid before or after 1 July 2014. To some extent, payment of residual taxes may be postponed so that collection occurs together with preliminary taxes for 2015.

If you have income or deductions unknown to the Danish tax authorities, you will have to report them yourself. In that case, the statement of taxable income released on 10 March 2014 will later be replaced by a new statement. Generally, deductions cannot be reported before the statement of taxable income has been released on 10 March 2014.

The above article is taken from tax:watch, our electronic English newsletter on Danish Tax and VAT matters. tax:watch is issued on the last Friday of each month and is free of charge.