Guide to m&a tax 2022

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TAXAND GLOBAL GUIDE TO M&A TAX 2022
Denmark
1. INTRODUCTION 
2
2. RECENT DEVELOPMENTS 
4
3. SHARE ACQUISITION 
7
4. ASSET ACQUISITION 
12
5. ACQUISITION VEHICLES 
17
6. ACQUISITION FINANCING 
19
7. DIVESTITURES 
23
8. FOREIGN OPERATIONS OF A DOMESTIC TARGET 
25
9. OTHER GENERAL INTERNATIONAL TAX CONSIDERATIONS 
27
10. TRANSFER PRICING 
28
11. POST-ACQUISITION INTEGRATION CONSIDERATIONS 
29
12. OECD BEPS CONSIDERATIONS 
31
13. ACCOUNTING CONSIDERATIONS 
31
14. OTHER TAX CONSIDERATIONS 
31
15. MAJOR NON-TAX CONSIDERATIONS 
31
16. APPENDIX I - TAX TREATY RATES 
32
17. APPENDIX II - GENERAL CORPORATE ENTITY TAX DUE 
DILIGENCE REQUESTS 
39
CONTACTS 42
1 

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TAXAND GLOBAL GUIDE TO M&A TAX 2022
1. INTRODUCTION
a. Forms of Legal entity
The main legal entities used in Denmark are public limited liability companies (aktieselskab, “A/S”), private limited liability companies (anpartsselskab, “ApS”), 
partnerships (interessentskab, “I/S”), limited partnerships (kommanditselskab, “K/S”), P/S partnerships (Kommanditaktieselskab/partnerselskab, “P/S”) and personal 
businesses/sole proprietorships (enkeltmandsvirksomheder).
The key difference is that companies adopted in a corporate form are considered separate legal persons. A separate legal person is characterised by the assets of the 
business being separate from its owners in such a way that it, in principle, independently of the owners, is possible for the corporation to acquire rights and assume 
obligations, be a party to litigation as a plaintiff or as a defendant, etc. As a general rule, companies adopted in a corporate form are the only type of entities that are 
subject to Danish corporate tax. Partnerships, limited partnerships and similar entities are generally treated as transparent for tax purposes and the tax implications 
therefore directly attach to the owners.
The key forms of non-transparent entities in Denmark are:
• 
Public limited companies (aktieselskab, “A/S”); and
• 
Private limited companies (anpartsselskab, “ApS”).