In Denmark, investigations linked to the Panama Papers have revealed almost DKK1bn (USD145m) in undisclosed income, according to a report from the Danish Tax Agency.

The Panama Papers leak concerned more than 11.5m internal documents belonging to Panamanian law firm Mossack Fonseca. The data included emails, financial spreadsheets, passports, and corporate records relating to the ownership of bank accounts and companies in 21 offshore jurisdictions. It covered a nearly 40-year period, through to the end of 2015.

The Danish tax authority paid DKK6.4m for access to information in the Panama Papers linked to Danish citizens in September 2016.

On April 23, 2020, the Danish Tax Ministry announced that as a result of the Tax Agency’s investigations, tax demands totalling DKK411m had been issued to 78 companies and 104 individuals.

The Tax Ministry also revealed a substantial increase in tax data acquired through automatic exchange of information agreements, with the Tax Agency receiving more than 600,000 reports in 2019, a five-fold increase from 2017.

For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look

Denmark