On 17 April 2020, the tax authority published a guide regarding the mandatory disclosure and exchange of cross-border tax arrangements (DAC6) and will enter into force as from 1 July 2020. The guidelines describe the scope of the reporting obligations, including the reporting arrangements and the person required to report. This also covers what must be reported and the associated deadlines, as well as the reporting procedures.
The penalties up to DKK 400,000 may apply for intermediaries and fines of up to DKK 200,000 may apply for taxpayers in case of incorrect or misleading information providing on the report. For violations of reporting deadlines will be subject to fines of at least DKK 50,000 apply for intermediaries and fines of at least DKK 25,000 apply for taxpayers.