Denmark To Make Foreign Owners Register With Tax Agency

Law360 (May 18, 2020, 4:14 PM EDT) -- Denmark will require foreign shareholders to register with the Danish tax authority to make sure the correct tax is paid when dividends are distributed, the country's tax ministry said Monday.

The measure, along with another putting banks on the hook for unpaid tax, is designed to prevent a costly dividend tax scandal, known generally as cum-ex, from happening again, the government said in a statement.

In a cum-ex transaction, shares of a company are sold or swapped just before a dividend payout and are followed by claims for refunds or rebates of capital gains taxes that were never paid. Cum-ex deals typically...

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