New tax proposal could add major costs to Ørsted's offshore wind farms

Denmark's implementation of a new tax code could mean markedly larger costs for domestic companies' activities abroad, hitting a group like Ørsted hard.

Ørsted's British offshore wind farm, Walney Extension. Photo: Ørsted

BY VICTOR EMIL KRISTENSEN

Published: 18.11.20 at 08:51

A new tax law proposal in Denmark could result in major bills and lost competitiveness for domestic companies, several private sector lobbies tell Danish business daily Børsen.

The issue pertains to a new controlled foreign corporation (CFC) tax that Denmark, as the sole EU member state, is considering to levy. The proposal seeks to limit illegitimate tax deferral through the use of companies registered in offshore tax havens.