2nd November 2018
As we mentioned in our country guide not too long ago, Denmark holds huge potential for contract professionals. Known for having the best work-life balance in the world and a country that is noting impressive economic growth, it’s no wonder that so many expat professionals look to this location for their next opportunity.
However, according to recent reports, the country is facing a number of compliance scandals that could impact future legislation.
Denmark’s ‘corruption-free’ image tarnished
News in October revealed a number of huge scandals across Denmark that have the potential to impact the country’s reputation as one of the least corrupt nations across the world. In amongst these allegations are reports of money laundering and embezzlement with brands such as Danske Bank facing public backlash.
The extent of these claims is vast, with billions of dollars apparently lost through tax evasion or dividend fraud. Even the government has faced accusations, with a social ministry employee alleged to have disappeared with around $17 million.
And the list goes on. A misuse of EU subsidies has been suggested, with Denmark facing the possibility of returning $136 million intended to supplement the fishing industry. The country has also been added to a list of states that the Council of Europe anti-corruption experts (or Greco) feel haven’t done enough to prevent corruption in parliament.
While this news highlights that even the most well-thought-of destinations faces compliance challenges, more importantly, it opens up the possibility of greater legislation being introduced to prevent such scandals happening again.
For contractors looking to Denmark for their next opportunity, staying abreast of any compliance and regulation changes is certainly crucial. For now, though, our country guide blog outlines some of the most important issues to be aware of.
However, given the global clampdown on fraud and the increasing complexity of international tax compliance, it’s advisable to leave this to the experts. Get in touch today to find out how our team of specialists can help keep you on the right side of the law no matter where in the world you choose to operate.