As regards taxation of interest rates, in February 2015 the Danish tax authorities, SKAT, issued guidelines describing the taxation and deductibility of negative interest: Interest income in the form of a negative rate of interest is taxable for the borrower, while interest costs in the form of a negative rate of interest are deductible for the lender.
In addition, the Danish parliament has adopted adjustments to a number of laws regarding the tax treatment of negative interest. Slide 29: Thank you! So let me conclude. Since the outbreak of the financial crisis a number of large central banks have resorted to unconventional monetary policies. This has substantially impacted the economic and financial conditions of Denmark and other small open economies.