Implikationen af den danske udbyttebeskatning

Jesper Gram Hartlev & Frederik Bo Hansen

Studenteropgave: Kandidatafhandlinger


The scope of this thesis is to analyze if a broader Danish tax definition of dividend, compared to the definition given in OECD Model Convention and the implementation of the circumvention clause, could distort the inner market functionality. Furthermore, this thesis will analyze the consequences of protective provisions in the value estimate of companies by exemplifying through a specific case. It will be determined if the current interpretation of the general circumvention clause in Tax Assessment Act is EU-compatible. In extension to which degree the impact, the effects by the restrictive provisions negative value estimate on companies, has on the total welfare. The analysis is based on fundamental theories of Corporate Finance, general microeconomic theories and finally various legal discussions with general focus on the Tax Assessment Act (TAA) specified § 16 A-B re. dividend definition, how to circumvent the safe guard of Danish tax law and § 3 of TAA. The anterior discussion analyzed if the broad interpretation of the dividend definition potentially led to unconstitutional behavior from a European perspective and in addition led to an interpretation of the general circumvention which could be deemed noncompatible with EU-law. The conclusion of this analysis was that the definition itself could not be deemed unconstitutional. However, the interpretation from the Danish Tax Authorities regarding the provision 3 of TAA was concluded to be non-compatible with EU-law due to jurisprudence by the EU court of law. The thesis included an analysis of the effects of restrictive outbound dividend taxation and impact on the value estimate by the concerned firm of the thesis. This was done by one of the fundamental methods of Corporate Finance; The discounted-cash flow method. It was shown that the estimated value of a firm was inverse correlated with the Danish tax legislation on outbound dividend. This further showed the assumption that Danish tax legislation was unconstitutional re. EU-constitution. Finally, the integrated section included a discussion in which the effects of strict tax legislation and lesser-valued companies has on the total Danish welfare, in which it was concluded that the total welfare of the state was affected negatively by the restrictive nature of outbound dividend taxation. Hence the distortion of foreign investors decision making, in extension, the strain of the functionality of the inner market

UddannelserCand.merc.fir Finansiering og Regnskab, (Kandidatuddannelse) Afsluttende afhandlingCand.merc.jur Erhvervsøkonomi og Jura, (Kandidatuddannelse) Afsluttende afhandling
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