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Generic Tax Name Capital tax - Tax on yield of pension scheme assets
Tax name in the national language Pensionsafkastskat
Tax name in English Tax on yield of pension scheme assets
Member State DK-Denmark
Tax in force since 1998/06/26
If abolished, date on which the tax ceases to apply
Business version date 2015/01/01
Version date 2015/02/17
This file was last updated on

Type of tax
Direct taxes Personal income tax
Corporate income tax
Other

Indirect taxes VAT
Excise duty (EU harmonised)
Alcoholic beverages
Energy products and electricity
Manufactured tobacco
Other

Social security contribution Employers
Employees
Other
 
Legal base

Legal notice No. 1126 of 10nd October 2014 (Pensionsafkastbeskatningsloven).

 
Who sets
The tax rate is set by




The tax base is set by




The reliefs are set by




Comments
 
Beneficiary





Comments

 
Geographical Scope

 
Taxpayers

For pension schemes in banking institutions the pension yield tax is levied on the individual owner of the pension account. For pension schemes in life insurance companies, pension funds and the like, the institutions are liable to the pension yield tax.

 
Tax object and basis of assessment

The tax base comprises all forms of capital yields. The taxable yield consists of interest and dividend yield, unrealised and realised changes in market value (ACCRUAL).

 
Deductions, Allowances, Credits, Exemptions

Exemptions:

When determining the tax base, special account is taken of pension savings made before 1 January 1983. A proportion of the yield corresponding to the ratio between the value of the scheme on 31 December 1982 and the value of the scheme at the end of the income year is exempt from tax.

 
Rate(s) Structure

From 2012 and in the future all forms of capital yields: 15.3 %. The tax is computed as a percentage of the taxable part of the base.

 
Tax due date

For pension schemes in both banking institutions, life insurance companies etc. the pension yield tax is levied on the individual owner of the pension account. The tax due date is then January 22 after the year of assessment for banking institutions and May 31 after the year of assessment for life insurance companies, pensions funds and the like.

 
Tax collector

For pension schemes in financial institutions, the institutions are themselves required to calculate, report, withhold and pay the tax on yield of pension scheme assets.

For pension schemes in life insurance companies, pension funds and the like, the institutions are themselves required to calculate, report, withhold and pay the tax on yield of pension scheme assets.

The described rules apply to all Danish institutions and individuals with pension schemes in Danish banking institutions until 2009.

From 2010 different rules apply concerning both tax subject and due dates. The rules already applied as of 2008 for persons with pension schemes in foreign institutions.

 
Special features
 
Economic function







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Environmental taxes



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Tax revenue
ESA95 code d59aa

Year
Annual tax revenue (millions)
Currency
Tax revenue as % of GDP
Tax revenue as % of total tax revenue
2012 43,551.94 DKK 2.31
2011 38,075.83 DKK 2.08
2010 36,535.13 DKK 2.03
2009 8,783.82 DKK 0.51
2008 9,185.27 DKK 0.51
2007 4,465.22 DKK 0.26
2006 12,452.04 DKK 0.74
2005 37,037.87 DKK 2.33
2004 23,499.40 DKK 1.56
2003 6,007.20 DKK 0.42
2002 1,068.10 DKK 0.08
2001 903.20 DKK 0.07
2000 12,385.00 DKK 0.93

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