11  Before the tax reform in the mid-1980s (effective from 1987) the tax value of interest rate deductions were up to 73 per cent. After the maximum tax value of interest rate deductions was lowered to 51 per cent. A further reduction of the tax deductibility of interest payments was implemented during the 1990s.
The tax value of interest rate deductions reached the current level of 33 per cent in 2001. 12  Cf. Gaard, S. and Kieler, M. (2004), Two decades of structural reform in Denmark: a review, Oesterreichische Nationalbank 32nd Economic Conference, May 27 and 28, Vienna. 4  BIS Review 40/2006