DEN Tax opened consultation re amendment of executive order on tax reporting.
Main Points
The amendment consists of a new wording of § 6 of the executive order on reporting regarding accounts, custody accounts and loans with multiple owners or obligees.
The proposed changes imply that all owners/obligors will have to be reported.
Regardless of whether the joint property is organized as a partnership or similar.
It is proposed that if an asset is jointly owned by two or more persons, a report is made on each of these with an indication of the joint ownership relationship.
The tax administration distributes the amounts by an equal distribution between the owners, unless otherwise stated in the report; the same goes for loan liable parties.
The executive order is planned to enter into force on Jan. 1, 2025.
Effectiveness
Comments on the draft can be submitted via email until Jun. 11, 2024.
Jun. 2024 Order Published
On Jun. 29, 2024, DEN GVT published order BEK 885 of Jun. 26, 2024 amending the order on tax reporting etc; in force on Jan. 1, 2025; effective for year 2025 and later.
