- Præsentationerne anvendt af oplægsholderne ved møderne i OECD september 2010.

Størrelse: px
Starte visningen fra side:

Download "- Præsentationerne anvendt af oplægsholderne ved møderne i OECD 8.-9. september 2010."

Transkript

1 Skatteudvalget Til: Dato: Udvalgets medlemmer og stedfortrædere 21. september 2010 Præsentationer og baggrundsnotater fra udvalgets studierejse til OECD i Paris september 2010 Vedlagt er følgende: - Præsentationerne anvendt af oplægsholderne ved møderne i OECD september Baggrundsnotater udarbejdet af Skatteministeriet til brug for studierejsen. Med venlig hilsen Thea Halse, udvalgssekretær 1/1

2 The OECD For a stronger, cleaner, fairer world economy Jennifer Bisping Senior Public Affairs Manager Public Affairs and Communications Directorate

3 What is the OECD? The Organisation for Economic Co- Operation and Development A group of 33 like-minded countries working toward a more harmonious functioning of the world economy "Fitness Club for governments

4 A Brief History The Marshall Plan was created after WWII to aid European reconstruction OEEC formed with 17 member Marshall aid countries (Organization for European Economic Co-operation) In 1961, the OEEC officially became the OECD

5 Fast facts Established 1961 Headquarters: Paris OECD Centres: Berlin, Mexico City, Tokyo, Washington Members: 33 Secretary-General: Angel Gurría Secretariat staff: Annual budget: 320 million (2009) Official languages: English and French Nearly 300 expert committees and working groups

6 More than just rich countries 32 member countries AUSTRALIA AUSTRIA BELGIUM CANADA CHILE (2010) CZECH REPUBLIC DENMARK FINLAND FRANCE GERMANY GREECE HUNGARY ICELAND IRELAND ISRAEL (2010) ITALY JAPAN KOREA LUXEMBOURG MEXICO NETHERLANDS NEW ZEALAND NORWAY POLAND PORTUGAL SLOVAK REPUBLIC SLOVENIA (2010) SPAIN SWEDEN SWITZERLAND TURKEY UNITED KINGDOM UNITED STATES Invited to join: ESTONIA Invited to membership talks: RUSSIA Enhanced engagement BRAZIL CHINA INDIA INDONESIA SOUTH AFRICA

7 More than just numbers Measurement Analysis and forecasts Setting and raising global standards

8 More than just numbers Measurement Thorough research Proven methods Comparable data across time and countries

9 More than just numbers Analysis and forecasts Including recommended policy actions

10 More than just numbers Setting global standards, for example: OECD Anti-bribery Convention OECD Model Tax Convention OECD Guidelines for: Corporate Governance Multi-national Enterprises Consumer protection

11 More than just the economy Fairer Development assistance Migration Pensions Employment Competition Education Healthcare Corruption Trade Entrepreneurship Governance Tax evasion Fiscal policy Finance Innovation Climate change Stronger Agriculture Energy Cleaner

12 Who does what? Council Oversight and Strategic Direction Committees Discussion, Monitoring and Peer Review Secretariat Research, Analysis and Policy Recommendations

13 OECD Process Data Collection Analysis Discussion Peer Reviews & Multilateral Surveillance Decisions by Consensus Implementation

14 OECD Process: Example Economic Development and Review Committee Initial analysis and assessment undertaken by Secretariat and draft Economic Survey is produced with recommendations EDRC meets; two lead examiners and member countries question country under reviewed Examinee defends policies Draft is revised with recommendations and agreed upon by committee

15 Communications and outreach Publications (over 250 titles per year) Website OECD Observer Radio and TV studios Annual OECD Forum OECD Centres in Berlin, Mexico City, Tokyo and Washington

16 Communications and outreach Civil Society - Policy Dialogue and consultations with: BIAC: Business and Industry Advisory Committee TUAC: Trade Union Advisory Committee NGOs, think tanks, etc.

17 Communications and outreach Parliamentary relations: Formal relations with Council of Europe Parliamentary Assembly Co-operation with NATO Parliamentary Assembly and other parliamentary organisations; currently strengthening relations with European Parliament National Initiatives: U.S. Congressional Leadership Group and agreement with the French Senate Two High-level Parliamentary Seminars a year on themes related to recent OECD analysis Possible direction: OECD Parliamentary Network

18 To find out more

19 The climate change challenge and fossil fuel subsidies reform Helen Mountford Climate, Biodiversity & Development Division OECD Environment Directorate 1

20 Presentation Outline The Copenhagen Accord pledges: what do they add up to? How much will they cost? What are the potential revenues? The G20 fossil fuel subsidies initiative IEA, OPEC, OECD & World Bank Joint Report on fossil fuel subsidies Measuring fossil fuel subsidies: OECD & IEA analysis & the challenges The effects of fossil fuel subsidy removal Lessons learned from subsidy reform efforts IEA & OECD further work 2

21 3 CPH Accord targets & actions Declared targets and actions Model assumptions 1 Australia & NZ AUS -5% to -25% from 2000; NZ -10% to - 20% from % offsets. Canada -17% from % offsets. EU27 & EFTA EU27, Lichtenstein, Switzerland -20% to -30%; Norway -30% to -40%; Iceland -30%; Monaco -30%; all from % offsets. Japan -25% from % offsets. Non-EU E Europe Ukraine -20%; Belarus -5% to -10%; Croatia -5%; all from 1990 Russia -15% to -25% from % offsets. lower bound = no offsets; upper bound = 20%. US -17% from % offsets. Brazil -36% to -39% from BAU China Carbon intensity of -40% to -45% from 2005 India Carbon intensity of -20% to -25% from 2005 Oil Exporters & Middle East ROW Indonesia -26% from BAU; Israel -20% from BAU Korea -30% from BAU; Mexico -30% from BAU; many other pledges (incl. Costa Rica, Maldives, South Africa) 1. Emissions from IEA and US-EPA; reductions are excluding LULUCF; offset assumptions in line with OECD (2009); many countries have specified pre-conditions for their targets.

22 4 How do Annex I emission targets in the Copenhagen Accord add up? GHG emissions (GtCO2e) Panel A: Annex I Baseline Low & Fragmented 16 High & Linked Trajectory to 2 o C according to IPCC(2007) Low & Fragmented scenario : lower end of pledges; no linking; 20% offsets; High & Linked scenario: higher end of pledges; Annex I linking; 20% offsets

23 5 How do all targets and actions in the Copenhagen Accord add up globally? GHG emissions (GtCO2e) Panel C: World Baseline Consistent with about 3 o C Low & Fragmented High & Linked Trajectory to 2 o C according to IPCC(2007) Low & Fragmented scenario : lower end of pledges; no linking; 20% offsets; High & Linked scenario: higher end of pledges; Annex I linking; 20% offsets

24 6 Ambitious scenario (High & Linked): what costs & revenues? Emissions target GDP in revenues (change in 2020 from 1990) (change from baseline) (if taxes/auctioned permits) Australia & NZ -11.5% -0.6% 1.9% of GDP Canada 3% -0.3% 1.3% of GDP EU27 & EFTA -30% -0.3% 0.9% of GDP Japan -25% -0.1% 0.6% of GDP Non-EU E Europe -16.5% -1.5% 6.0% of GDP Russia -25% -1.9% 7.4% of GDP US -3.5% -0.2% 1.0% of GDP Brazil China India Oil Exporting ROW -39% from BAU -8.5% from BAU -0.3% 0.3% of GDP +36% from BAU -8.5% from BAU -6% from BAU -1.9% 9.9% of GDP 0.0% 0% of GDP -0.9% 1.8% of GDP -0.1% 0.3% of GDP Annex I -17% -0.3% 1.1% of GDP non Annex I World +42% from 2005 (-7% from baseline) +13% from 2005 (-14% from baseline) Source: OECD, 2010; Dellink et al., OECD ENV Working Paper % 0.9% of GDP -0.3% 1.0% of GDP

25 G20 Fossil Fuel Subsidy Initiative G20 Leaders Summit September 2009, Pittsburgh Agreed to rationalize and phase out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption. Asked their Energy and Finance Ministers to develop implementation strategies and timeframes, and report back to Leaders at the next Summit. Requested that relevant institutions, such as the IEA, OPEC, OECD, and World Bank, provide an analysis of the scope of energy subsidies and suggestions for the implementation of this initiative and report back at the next summit. G20 Finance Ministers November, St Andrews; April, DC; June, Busan G20 Energy Expert Group to work on implementation strategies & timeframes. Asked that the 4 tasked IOs produce a joint report. G20 Leaders Summit June 2010, Toronto Received reports from G20 Energy Experts Group & Joint Report from the 4 IOs Para 42. Welcomed reports and We also encourage continued and full implementation of country-specific strategies and will continue to review progress towards this commitment at upcoming summits. 7

26 Joint report by OECD, IEA, I. Introduction World Bank, OPEC II. III. Identifying and quantifying subsidies a. Taxonomy of energy subsidies b. Summary of measurement approaches and challenges c. Review of subsidy estimates Reforming and phasing-out energy subsidies a. Impact of subsidies and reform on sustainable development b. Modelling the reform of energy subsidies IV. Suggestions for implementation a. Political economy of energy subsidies reform b. Policy tools to address distributional issues c. Operational initiatives to reach the poor d. Lessons learned from country experiences 8

27 Statutory or Formal Incidence (to whom and what a transfer is first given) Direct consumption Unit cost of consumption Household or enterprise income Output returns Enterprise income Cost of intermediate inputs Costs of Production Factors 1 Direct transfer of funds Unit subsidy Governmentsubsidized lifeline electricity rate Per-tonne subsidy for metallurgical coal Operating grant to coalmining company Input subsidy for electricity used in mining Capital grant linked to acquisition of mining-related capital Transfer Mechanism (how a transfer is created) Transfer of risk to government Tax revenue foregone Other government revenue foregone Price-triggered subsidy Excise-tax concession on fuel Under-pricing of access to a natural resource harvested by final consumer Means-tested cold-weather grant Tax deduction related to energy purchases that exceed given share of income Government expenditure on coal buffer stock Production tax credit for making liquid fuels from coal Reduced royalty payments on access to coal deposits Government limit on producer liability for mining accidents Reduced rate of income tax on coal-mining companies Security guarantee for coal trains Reduction in excise tax on fuel used by mining machines Under-pricing of a good, government service or access to a natural resource Credit guarantee linked to acquisition of mining-related capital Tax credit for investment in mining equipment Under-pricing of access to government land used for storage of coal Induced transfers Regulated price; cross subsidy Mandated lifeline electricity rate Import tariff or export subsidy on coal Monopoly concession to coal company Export restriction on domestically 9 produced coal Wage controls on mining labour 1. Labour, land, capital, knowledge.

28 Examples of OECD tax expenditures: consumption Low tax rates or exemptions on diesel for agriculture & fisheries: US$ 8 billion for agriculture sector in OECD countries US$ 1.1 billion for fisheries sector in OECD countries Reduced VAT rates and VAT exemptions, eg for heating fuels: e.g. Italy, Korea, UK Automatic tax cuts and subsidies when fuel prices rise: in Mexico with low oil prices, leads to net revenues, but with high oil prices in 2008 led to subsidies amounting to 1.8% of GDP. Tax exemptions to fuel used by public sector: e.g. France had excise duty exemptions for natural gas used for heating by public agencies and fuel used by military, but recently been stopped. 10

29 Examples of OECD tax expenditures: production Tax deductions for depletion of oil and gas fields and coal deposits: e.g. producers in US can deduct a fixed percentage of gross revenue; amounted to US$ 0.6 billion. Termination proposed in 2011 budget. Accelerated tax depreciation allowances for capital equipment: depending on the royalty and tax regime for fossil fuel production, tax deduction of depreciation at a faster rate than that at which equipment becomes economically obsolete can represent an indirect subsidy. e.g. for oil sands in Canada annual cost of tax advantage is 0.02% of GDP. Phased-out by Tax exemption for fossil fuel producers own energy use: common in most OECD countries for coal mining, oil extraction, refineries, etc. e.g. in Germany estimated to be worth 0.01% of GDP. 11

30 Some challenges with measuring fossil fuel subsidies Subsidies provided through market transfers: Identifying domestic prices Identifying (and agreeing on) appropriate reference prices Adjusting for quality differences Adjusting for transport margins Adjusting for taxes Accounting for theft and under-payments Obtaining information on affected volumes Direct financial transfers and risk transfers: Identifying programmes and actual expenditure Estimating risk-related transfers Establishing market value of transfers for use of government assets Allocating transfers made to upstream activities to downstream products (e.g., oil products and natural gas) 12

31 Environmental impact of fossil fuel subsidies removal % change in GHG emissions w.r.t BAU: Gradual (to 2020) phasing-out of ff subsidies in 37 countries combined with caps on emissions in developed countries & Brazil 5% 0% -5% 2050 % deviation from baseline -10% -15% -20% -25% -30% -35% -40% Oil-exporting countries (2) Russia Non-EU East Europe (1) India China Rest of the World Australia and New Zealand Canada United States Brazil Source: OECD ENV-Linkages, based on IEA subsidies data. EU27 plus EFTA Japan World 13

32 Unilateral removals of energy subsidies bring real income gains Impact on real income of unilateral fossil fuel subsidy removal, relative to the baseline in 2050 % deviation relative to the baseline 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% % Oil-exporting countries (2) India China Russia Rest of the World Non-EU Eastern European countries (1) 1.This region includes Croatia and the Rest of Soviet Union (integrated by the following countries: Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan) according to the data aggregation in the GTAP database. 2. The region includes the Middle East, Algeria-Lybia-Egypt, Indonesia, and Venezuela. Source: OECD ENV-Linkages model based on IEA data. 14

33 with multilateral reform (central scenario) there may be losses, but small compared with projected GDP growth (% deviation relative to 2005 levels) Projected GDP growth 1500% 1400% 1300% 1200% 1100% 1000% 900% 800% 700% 600% 500% 400% 300% 200% 100% 0% 2.6% 0.8% 0.7% 0.6% 0.2% % Baseline Multilateral subsidy removal and cap and trade in OECD -1.8% 0.2% -4.7% 0.0% -0.7% -4.4% India EU27 plus EFTA Japan China United States Rest of the World Brazil Australia and New Zealand Canada Oil-exporting countries (2) Russia Non-EU Eastern European countries (1) 1.This region includes Croatia and the Rest of Soviet Union (integrated by the following countries: Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan) according to the data aggregation in the GTAP database. 2. The region includes the Middle East, Algeria-Lybia-Egypt, Indonesia, and Venezuela. Source: OECD ENV-Linkages model based on IEA data. 15

34 Energy subsidy reforms have not been extensive There is a limited pool of successful energy subsidy reforms from which to draw insights for future reform efforts: Primarily focused on hard coal mining sector Case studies have examined lessons from the reform of: Poland s reduced VAT for energy products Direct subsidies for petroleum products and for electricity prices in Indonesia Caps on prices for electricity and petroleum products in Malaysia Consumer price subsidy for natural gas in the US Partial exemptions from ecotaxes in Germany Subsidies to coal mining in Germany, Poland, UK, Spain and France 16

35 Some key insights from subsidy reform experience Need good quality information on subsidies, their economic and environmental impacts, and distributional outcomes: Transparency is essential to build support for reform Build the arguments for reform, and challenge those against it: Competitiveness, employment, social equity, energy security impacts Build the case for reform: Strong leadership is needed, broad support across government (finance, industry, energy, environment), engage the opposition Well-targeted, time-limited compensation is a key ingredient: To help address distributional concerns Buy support for reform and reduce opposition Package subsidy reform within broader structural reforms: Flanking policies can address underlying distortions in competition, pricing, property rights, externalities, etc. 17

36 Further OECD work: Framework for identifying subsidies according to their incidence & transfer mechanism (based on PSE-CSE approach in AGR). As described in OECD Background Paper to the Joint Report. Expert meeting planned for Nov 2010 to make further progress. Regularly collecting data on subsidies and tax expenditures to fossil fuel use and production in OECD countries. To ensure transparency and work towards more harmonised subsidies data. Expert meeting planned for Nov 2010 to make further progress. Country-tailored advice on subsidy reform via country reviews OECD Economic Surveys of Indonesia & South Africa include sections on fossil fuel subsidy reform. Some OECD Environmental Performance Reviews also discuss. Other work proposed in PWB: Further modelling-based analysis of the impacts of subsidy reform on GDP, trade, GHG impacts, working together with IEA. Continued analysis of the political economy of making subsidy reform happen. 18

37

38

39

40

41

42

43

44

45

46

47

48 Green taxes Presentation to Danish Parliamentarians Paris, 9 September 2010 Jeffrey Owens Director of the Centre for Tax Policy and Administration Organisation for Economic Co-operation and Development Jens Lundsgaard

49 Examples of tax expenditures: production Tax deductions for depletion of oil and gas fields and coal deposits: e.g. producers in US can deduct a fixed percentage of gross revenue; amounted to US$ 0.6 billion. Termination proposed in 2011 budget. Accelerated tax depreciation allowances for capital equipment: depending on the royalty and tax regime for fossil fuel production, tax deduction of depreciation at a faster rate than that at which equipment becomes economically obsolete can represent an indirect subsidy. e.g. for oil sands in Canada annual cost of tax advantage is 0.02% of GDP. Phased-out by Tax exemption for fossil fuel producers own energy use: common in most OECD countries for coal mining, oil extraction, refineries, etc. e.g. in Germany estimated to be worth 0.01% of GDP. 2

50 Examples of tax expenditures: consumption Low tax rates or exemptions on diesel for agriculture & fisheries: US$ 8 billion for agriculture sector in OECD countries US$ 1.1 billion for fisheries sector in OECD countries Reduced VAT rates and VAT exemptions, eg for heating fuels: e.g. Italy, Korea, UK Automatic tax cuts and subsidies when fuel prices rise: in Mexico with low oil prices, leads to net revenues, but with high oil prices in 2008 led to subsidies amounting to 1.8% of GDP. Tax exemptions to fuel used by public sector: e.g. France had excise duty exemptions for natural gas used for heating by public agencies and fuel used by military, but recently been stopped. 3

51 High Danish revenues from environmentally related taxes

52 but most is due to high taxes on motor vehicles

53 Tax rates on petrol and diesel similar to neighbouring countries

54 Total tax on CO 2 emissions from explicit CO 2 taxes and from CO 2 taxes and excise duties combined per tonne CO Petrol Diesel Heating oil Natural gas Coal Only carbon tax 0 Germany Norway Belgium Sweden Denmark Japan U.S.

55 The Post-Copenhagen Tax Agenda A renewed interest in CO 2 Taxes Tax implications of Tradable Permits Using tax measures to promote environmentally friendly innovation Reviewing fossil fuel subsidies GREEN and GROWTH can be COMPATIBLE

56 Examples of tax expenditures: production Tax deductions for depletion of oil and gas fields and coal deposits: e.g. producers in US can deduct a fixed percentage of gross revenue; amounted to US$ 0.6 billion. Termination proposed in 2011 budget. Accelerated tax depreciation allowances for capital equipment: depending on the royalty and tax regime for fossil fuel production, tax deduction of depreciation at a faster rate than that at which equipment becomes economically obsolete can represent an indirect subsidy. e.g. for oil sands in Canada annual cost of tax advantage is 0.02% of GDP. Phased-out by Tax exemption for fossil fuel producers own energy use: common in most OECD countries for coal mining, oil extraction, refineries, etc. e.g. in Germany estimated to be worth 0.01% of GDP. 1

57 Examples of tax expenditures: consumption Low tax rates or exemptions on diesel for agriculture & fisheries: US$ 8 billion for agriculture sector in OECD countries US$ 1.1 billion for fisheries sector in OECD countries Reduced VAT rates and VAT exemptions, eg for heating fuels: e.g. Italy, Korea, UK Automatic tax cuts and subsidies when fuel prices rise: in Mexico with low oil prices, leads to net revenues, but with high oil prices in 2008 led to subsidies amounting to 1.8% of GDP. Tax exemptions to fuel used by public sector: e.g. France had excise duty exemptions for natural gas used for heating by public agencies and fuel used by military, but recently been stopped. 2

58 High Danish revenues from environmentally related taxes

59 but most is due to high taxes on motor vehicles

60 Tax rates on petrol and diesel similar to neighbouring countries

61 Total tax on CO 2 emissions from explicit CO 2 taxes and from CO 2 taxes and excise duties combined per tonne CO Petrol Diesel Heating oil Natural gas Coal Only carbon tax 0 Germany Norway Belgium Sweden Denmark Japan U.S.

62 The Post-Copenhagen Tax Agenda A renewed interest in CO 2 Taxes Tax implications of Tradable Permits Using tax measures to promote environmentally friendly innovation Reviewing fossil fuel subsidies GREEN and GROWTH can be COMPATIBLE

63 Skatteudvalget SAU alm. del Bilag 291 Offentligt Carbon Markets Update Danish Parliament Tax Committee 8 September 2010, Paris Christa Clapp OECD Environment Directorate 1

64 Emission trading schemes Majority of OECD countries are participating in an ETS (EU ETS or others), or are engaged in the discussion/planning phase...but face considerable challenges. Country ETS Planned/Discussions EU EU ETS (2005) Norway ETS (2005, linked to EU ETS 2008) New Zealand National forestry sector (2008), Energy, Fishing, Industry, Liquid Fossil Fuels (2010) Other sectors planned: synthetic gas, waste (2013) and agriculture (2015) Malta, Cyprus, Slovenia, Estonia, Latvia, Lithuania, Bulgaria, Romania Liechtenstein Participation in EU ETS (2005; 2007 for Bulgaria & Romania) Linked to EU ETS through EFTA (2008), also linked to Swiss trading system US Regional: RGGI (2009) Voluntary: CCX (2003) Japan Voluntary: JVETS (2005) Regional: Tokyo ETS(2010) California (2012, but potential delays), WCI ( ), Midwest Regional GHG Reduction Accord, National discussions (delayed) National discussions (delayed) Switzerland Voluntary: emissions trading (2008) Linking with EU ETS Australia Regional: NSW (2003) National discussions (delayed) UK National scheme in addition to EU ETS (delayed) Canada Regional: Alberta offset market (2007) National discussions (delayed), Linking with WCI ( ) Mexico Korea Six states observers to WCI Discussions of how to acheive 2020 target 2

65 Existing carbon market Existing carbon market in 2009: Total value = 144 billion USD Total volume = 8.7 GtCO2e (44% of 2005 Annex I emissions) Share of carbon market volume in 2009 Spot & secondary Kyoto offsets 12.1% JI AAUs 1.8% 0.3% CDM 2.4% NSW 0.4% CCX 0.5% RGGI 9.3% Voluntary market 0.5% EU ETS 72.7% Source: World Bank, State and Trends of the Carbon Market

66 Carbon markets outlook Role of carbon markets in negotiations is unclear Copenhagen Accord: We decide to pursue various approaches, including opportunities to use markets, to enhance the cost-effectiveness of, and to promote mitigation actions. To what extent will countries emission targets be met with market-based instruments? And with offsets? A number of countries that were considering cap-and-trade have recently backed off (Australia, US) Definitely not a perfect, global market initially Looking at how to gradually build-up the carbon market 4

67 OECD work Recent Environment Working Papers (www.oecd.org/env/cc): Costs, revenues and effectiveness of the Copenhagen Accord emission pledges for 2020 (R. Dellink, G. Briner, and C. Clapp, OECD) Towards global carbon pricing: direct and indirect linking to carbon markets (R. Dellink, S. Jamet, J. Chateau and R. Duval, OECD) Voluntary carbon markets: how can they serve climate policies? (P. Guigon, BlueNext) Buying and cancelling allowances as an alternative to offsets for the voluntary market: a preliminary review of issues and options (A. Kollmus and M. Lazarus, Stockholm Environment Institute) Considering holding a carbon markets workshop in spring 2011 to explore: First stages of setting up a carbon market Linking emission trading systems Offset markets Scaling up emission reductions 5

68 6 Linking reduces the costs of mitigation 0.0 year relativetobaseline,in%) Mitigationcost(incomequivalentvariation Without linking With linking Australia & New Zealand Canada EU27 & EFTA Japan Non-EU Eastern European countries Russia United States Annex I but may not be beneficial to all sectors in all countries

69 7 A well-functioning offset crediting mechanism can cut mitigation costs for Annex I Mitigation policy costs under a 50% emission cut by 2050 in each Annex I region separately, with and without crediting mechanisms (2020) baseline,in%) -5.0 Without crediting mechanism -6.0 With crediting mechanism, 20% cap on use of offset credits With crediting mechanism, 50% cap on use of offset credits Mitigationcost(incomequivalentvariationrelativeto -7.0 Canada Australia and New Zealand Non-EU Eastern European countries(1) Russia United States Annex 1 Japan EU27+EFTA and provides a means for financial transfers to non-annex I countries

70 CO 2 -differentiation in motor vehicle taxes Presentation for the Danish Parliament s Tax Committee Nils Axel Braathen OECD, Environment Directorate 1

71 One-off taxes on motor vehicles per vehicle per vehicle 70,000 60,000 50,000 40,000 30,000 20,000 Petrol-driven vehicles France Norway Portugal Canada Spain -- 10,000 Spain -- 25,000 Finland -- 10,000 Finland -- 25,000 Austria -- 10,000 Austria -- 25,000 Ireland -- 10,000 Ireland -- 25,000 Netherlands Denmark Belgium -- Wallonia USA 10, , gram CO 2 emitted per km driven 2-20,000

72 Annual taxes on motor vehicles per year 5,000 4,500 Petrol-driven vehicles per year 4,000 3,500 3,000 2,500 2,000 1,500 Denmark Germany Ireland Luxembourg Portugal Sweden UK France (big polluters) France (company cars) 1, gram CO 2 emitted per km

73 Calculating tax per tonne CO 2 emitted over the lifetime of the vehicle If one assumes that all vehicles are driven 200,000 km during their lifetime the lifetime of a vehicle is 15 years (for the annual taxes) one can calculate the taxes expressed per tonne CO 2 that the vehicle will emit during its lifetime. 4

74 Calculating tax per tonne CO 2 emitted over the lifetime of the vehicle II Example 1: The Danish one-off tax for petrol-driven vehicles is reduced 4000 DKK per km the vehicle can be driven per litre petrol, over and beyond 16 km per litre and it is increased by 1000 DKK per km less than km per litre ~ 6.25 litre per 100 km ~ 146 gram CO 2 per km A car that goes 20 km per litre (5 litre per 100 km, ~117 gram CO 2 per km), gets a subsidy of 4*4000 DKK ~ ,000 * 117 = 23,400,000 gram = 23.4 tonne 2,150 / 23.4 ~ 92 in subsidy per tonne CO 2 this vehicle will emit over its lifetime. This car will emit 5.8 tonne CO 2 less than a car that goes 16 km/l. 2,150 / 5.8 = 371 per tonne CO 2 saved. 5

75 One-off taxes on motor vehicles per tonne CO 2 emitted over the lifetime of the vehicle per tonne CO 2 emitted during the vehicle's lifetime 1, The calculations assume that each vehicle is driven km over its lifetime Petrol-driven vehicles gram CO 2 emitted per km France Norway Portugal Canada Spain -- 10,000 Spain -- 25,000 Finland -- 10,000 Finland -- 25,000 Austria -- 10,000 Austria -- 25,000 Ireland -- 10,000 Ireland ,000 Netherlands Denmark Belgium -- Wallonia USA

76 Calculating tax per tonne CO 2 emitted over the lifetime of the vehicle III Example 2: A petrol-driven passenger car able to go between 9.1 and 10.0 km per litre petrol is in Denmark taxed 6480 DKK per year ~ 870 per year. 870 * 15 = 13,050 in tax payments over the lifetime. Assuming it goes exactly 10 km per litre, it emits ~234 gram CO 2 per km driven. 200,000 km * 234 g CO 2 /km ~ 46.8 tonne CO 2 emitted over the lifetime. 13,0510 / 46.8 = 279 per tonne CO 2 emitted over the lifetime. 7

77 Annual taxes on motor vehicles per tonne CO 2 emitted over the lifetime of the vehicle per tonne CO 2 emitted over the vehicle's lifetime 1, France (big polluters) France (company cars) Denmark Germany Ireland Luxembourg Portugal UK Sweden Petrol-driven vehicles The calculations assume that each vehicle is driven km over a lifetime of 15 years gram CO 2 emitted per km

78 Total tax per tonne CO 2 emitted over a vehicle s lifetime per tonne CO 2 emitted over the vehicle lifetime 1, gram CO 2 per km per tonne CO 2 emitted over the vehicle lifetime 1, gram CO 2 per km per tonne CO 2 emitted over the vehicle lifetime 1, gram CO 2 per km per tonne CO 2 emitted over the vehicle lifetime 1, gram CO 2 per km One-off Recurrent 9

79 Potential growth and fiscal consolidation in the medium term Visit of the Danish Parliament s Tax Committee, 8 September 2010 Sven Blondal Macroeconomic Policy Divison Economics Department OECD

80 Organisation of presentation How are potential growth rates likely to evolve in the medium term? Can policy influence future potential growth rates? How will fiscal consolidation affect future potential growth? 2

81 Potential growth rates will fall in the medium term Average annual growth rate (%) Potential growth prospects 3

82 because employment growth is likely to fall Potential employment, average annual growth rate (%) Potential growth prospects 4

83 while labour productivity growth could increase in some countries/areas Output per employed person, average annual rates Potential growth prospects 5

84 Can structural policies influence potential growth rates? Policy and potential growth Can structural policies affect potential employment growth? Working-age population Participation rates Structural unemployment rates Average hours worked Can such policies affect productivity growth? Investment and capital intensity Underlying productivity growth 6

85 Policy cannot affect growth of the working-age population in the medium term Working-age population, annual average growth rate (%) Policy and potential growth 7

86 Policy can influence structural unemployment rates % of the labour force, 2009 Policy and potential growth 8

87 labour-force participation rates % of working-age population, 2008 Policy and potential growth 9

88 and average hours worked per person Average annual hours worked per employed person, 2008 Policy and potential growth 10

89 Policies to raise productivity growth in the medium term Policy and potential growth Easing of competition-restraining regulations in product markets. Reform of education policies can strengthen human capital accumulation. Tax policies can influence the cost of capital and entrepreneurship. 11

90 Going for Growth recommendations for Denmark Policy and potential growth Reduce marginal taxes on labour income. Reform sickness leave and disability benefit schemes. Enhance the competition framework. Improve the efficiency of the education system. Reduce housing subsidies and abolish rent regulation 12

91 Consolidation and potential growth Budget consolidation requirements Cumulative budget tightening to stabilise debt ratios by 2025, per cent of potential GDP 13

92 Slow consolidation may raise interest rates Consolidation and potential growth Stabilising public debt ratios only very gradually would imply additional increases in debt levels and possibly higher interest rates could in turn depress private investment and productivity growth. Bringing debt ratios back to pre-crisis levels would imply very strong consolidation in the short term and could lower interest rates, and thus raise investment and productivity growth, but at the cost of a weaker economy in the short run. 14

93 The composition of consolidation Consolidation and potential growth Spending cuts or tax increase? There are practical and fundamental reasons for relying on spending cuts, but tax increases may also have a role to play. Composition of spending cuts: Public consumption: Cuts will be necessary. However, avoid reducing outputs of growth-friendly public services by exploiting scope for efficiency improvements. Public transfers: Remove subsidies to businesses unless they are efficiency improving and exploit scope to reduce social benefit spending without compromising equity objectives. Public investment: Avoid reducing investment that is profitable on the basis of cost-benefit analysis. Composition of tax increases: Next presentation. 15

94 Thank you! For further queries please contact: 16

95 Taxation and Economic Growth Study for WP1, March 2008 Joint work between the Economics Department and the Centre for Tax Policy and Administration, OECD 1

96 Aims of the OECD study Does the tax structure, as opposed to the level of taxes, matter for GDP per capita? - Overall tax levels reflect societal choices about the level and structure of public spending. - Investigating which tax structures are likely to be least costly for growth is a key issue for tax policy making. To what extent do different tax provisions affect investment and productivity (TFP)? Does the industry/firm structure matter for the impact of taxes? 2 2

97 Increase in tax to GDP ratio 3

98 3 main sources of tax revenues: income taxes, SSC and consumption taxes, but large variation. 4

99 Do differences in tax structures matter for growth? Why is it important to get the mix and the design of taxes right? 1. The distortionary effects of collecting revenue from different sources can be very different. 2. Re-designing taxation within the broad categories could in some cases also ensure sizeable efficiency gains. Empirical strategy: 1. Cross-country analysis of the effect of tax structure on growth 2. Closer look at underlying mechanisms by using firm and industry data and analyse the effects of taxes on productivity and investment. 5

100 Cross-country findings: Broad tax structure The evidence suggests a tax and growth ranking with property taxes (particularly recurrent taxes on residential property) being the least harmful tax in terms of reducing long-run GDP per capita, followed by consumption taxes, personal income taxes and corporate income taxes. Progressivity in personal income taxes seems to reduce GDP per capita. 6 6

101 Taxes and productivity Corporate (statutory/effective) taxes tend to impact productivity negatively and seem to matter more in highly profitable/risky industries. Statutory corporate taxes seem to have a smaller negative impact on productivity growth in firms that are both young and small. - large share of start-ups with zero/low profits for which corporate taxes doesn t matter much. Statutory corporate taxes seem to have a stronger negative impact on productivity growth in dynamic /fast-growing firms, that are profitable and experiencing rapid productivity growth. 7 7

102 Taxes and productivity R&D tax incentives seem to increase productivity and seem to matter more in R&D intensive industries, although the effect is moderate. High top marginal personal income tax rates reduce productivity growth, especially in industries characterised by high entry rates of new firms/entrepreneurial activity 8 8

103 Taxes and investment Corporate (statutory/effective) taxes affect investment negatively by decreasing the after-tax return to investment projects. The effect of corporate taxes on reducing investment seems to be stronger in older firms. - younger firms are less profitable than older; young firms benefit form targeted exemptions or reduced rates. 9 9

104 Policy implications of the findings: Broad structure Broad simplistic implication for the tax structure: Revenue neutral shift towards more use of consumption and property taxes (particularly residential) and less income taxes, needs to be put into perspective of each country s tax system. Distributional concerns can be an obstacle: consumption taxes less progressive than income. Reducing income tax progressivity: Trade off between enhancing GDP per capita and increasing net wage inequality 10 10

105 Policy implications of the results: Corporate taxes Cutting corporate taxes could positively affect investment. It is possible that product market regulations and large administrative burdens on firms can make investment decisions less responsive to taxes. Cutting corporate taxes may also promote productivity growth. Exemptions for small/young firms may not be efficient in raising investment and productivity. Effect on equity is hard to assess

106 Policy implications of the results: Personal income taxes Countries with a large share of industries with high entrepreneurial activity/turnover rates (or wishing to move in this direction) may gain from reforming their top marginal tax schedule. However, this could increase inequality

107 Key policy issues from the literature Broadening the base of consumption taxes is better for growth than increasing the rate. There is limited scope to improve growth by using multiple consumption tax rates, and their equity effects are best achieved by other means. Lower average labour taxes could help raise participation rates while lower marginal tax rates may be preferable for increasing hours worked. In-work tax credits can promote growth by increasing participation rates, but care is needed to contain costs and minimise adverse effects on hours worked. 13

108 Conclusions GDP per capita can be increased, by shifting away from income taxes Recurrent taxes on immovable property are the least harmful to growth It is necessary to design individual taxes well in order to benefit most from any tax shift There is likely to be a trade-off between growth and equity. 14

109 Full report: Tax and Economic Growth, Economics Department Working paper No Overview chapter in Going for Growth,

110 Organisation for Economic Co-operation and Development Challenges in business taxation and tax havens Presentation to Danish Parliamentarians Paris, 9 September 2010 Jeffrey Owens Director of the Centre for Tax Policy and Administration Organisation for Economic Co-operation and Development Centre for Tax Policy and Administration

111 TRACE Project Treaty Relief and Compliance Enhancement New phase of work ongoing since 2006 to develop streamlined procedures for treaty relief on investment income, coupled with enhanced compliance through robust information reporting and automatic exchange of information. Discussion drafts in 2009 and 2010 on best practices, documentation recommendations Key focus international harmonisation and workability. Strong CFA support, coordination with parallel EU work. Win-win-win for investors, financial intermediaries, governments. 2

112 Tax and Development Monterrey:We reduce debt and increase aid; you mobilise domestic resources. OECD approach: Give LDC access to TIEAs/TDA. Get real consensus on transfer pricing. Improve transparency of MNEs. strengthen tax administration, increase state building and governance and reduce aid dependency. 3

113 Moving from Tax Co-operation to Tax Coordination between Tax Administrations Progress on the "Enhanced Relationship" Joint Audits Voluntary Compliance Initiatives Improving Taxpayer Service Putting Tax Compliance into the Boardroom 4

114 2009: A YEAR OF UNPRECEDENTED PROGRESS On 2 April 2009 the G20 agreed to take action against non-cooperative jurisdictions, including tax havens. OECD Secretariat publishes Progress Report on implementing internationally agreed tax standard. OECD principles on transparency and exchange of information now universally accepted. As stated by the G20 leaders The era of bank secrecy (for tax purposes) is over. A new era of transparency begins. 5

115 6

116 7

117 A PROGRESS REPORT ON THE JURISDICTIONS SURVEYED BY THE OECD GLOBAL FORUM IN IMPLEMENTING THE INTERNATIONALLY AGREED TAX STANDARD 1 Progress made as at 2 nd July 2010 (Original Progress Report 2 nd April 2009) Jurisdictions that have substantially implemented the internationally agreed tax standard Andorra Anguilla Antigua and Barbuda Argentina Aruba Australia Austria The Bahamas Bahrain Barbados Belgium Bermuda Brazil British Virgin Islands Canada Cayman Islands Chile China 2 Cyprus Czech Republic Denmark Dominica Estonia Finland France Germany Gibraltar Greece Grenada Guernsey Hungary Iceland India Indonesia Ireland Isle of Man Israel Italy Japan Jersey Korea Liechtenstein Luxembourg Malaysia Malta Mauritius Mexico Monaco Netherlands Netherlands Antilles New Zealand Norway Poland Portugal Russian Federation St Kitts and Nevis St Lucia St Vincent and the Grenadines Samoa San Marino Seychelles Singapore Slovak Republic Slovenia South Africa Spain Sweden Switzerland Turkey Turks and Caicos Islands United Arab Emirates United Kingdom United States US Virgin Islands Jurisdictions that have committed to the internationally agreed tax standard, but have not yet substantially implemented Jurisdiction Year of Number of Jurisdiction Year of Number of Commitment Agreements Commitment Agreements Tax Havens 3 Belize 2002 (4) Nauru 2003 (0) Cook Islands 2002 (11) Niue 2002 (0) Liberia 2007 (1) Panama 2002 (2) Marshall Islands 2007 (3) Vanuatu 2003 (2) Montserrat 2002 (3) Brunei Costa Rica Guatemala Other Financial Centres (9) Philippines (1) Uruguay (0) Jurisdictions that have not committed to the internationally agreed tax standard Jurisdiction Number of Agreements Jurisdiction Number of Agreements All jurisdictions surveyed by the Global Forum have now committed to the internationally agreed tax standard (0) (5) 8 1. The internationally agreed tax standard, which was developed by the OECD in co-operation with non-oecd countries and which was endorsed by G20 Finance Ministers at their Berlin Meeting in 2004 and by the UN Committee of Experts on International Cooperation in Tax Matters at its October 2008 Meeting, requires exchange of information on request in all tax matters for the administration and enforcement of domestic tax law without regard to a domestic tax interest requirement or bank secrecy for tax purposes. It also provides for extensive safeguards to protect the confidentiality of the information exchanged. 2. Excluding the Special Administrative Regions, which have committed to implement the internationally agreed tax standard. 3. These jurisdictions were identified in 2000 as meeting the tax haven criteria as described in the 1998 OECD report.

118 NEW CARDS, NEW GAME, NEW GLOBAL FORUM! Mexico, September 2009, more than 70 delegations agreed to: Restructure and expand the OECD Global Forum: Now comprises 90+ countries including all OECD and G20 members. Establish an in-depth peer review process to monitor progress towards full and effective exchange of information: peer reviews commenced in March Identify mechanisms to speed-up the negotiation of agreements and enable developing countries to benefit from the new, more cooperative tax environment: multilateral negotiations, updated COE/OECD Convention. 9

119 Convention on Mutual Administrative Assistance in Tax Matters upgraded The exchange covered by the 1988 Convention was subject to limitations existing in domestic laws of the signatories. Response to G20 calls: upgrade the Convention to bring it in line with the standard on exchange of information and open it up for signature to non-members. OECD and CoE Secretariat worked together in a cooperative spirit, at times recognizing difference in approach and perspective. Role of PACE, and of PACE Rapporteur, instrumental in finding consensus on thorny issues. 10

120 Tax information exchange agreements: the international standard The international standard on EOI is set out in: othe 2002 OECD Model Agreement on Exchange of Information on tax matters, and its Commentary. o Article 26 of the OECD Model Tax Convention on Income and on Capital, and its 2005 Commentary. The standard requires : oexchange of information on request where forseeably relevant to administration or enforcement of all tax matters. owithout regard to a domestic tax interest, bank secrecy, or dual criminality. owith safeguards to protect taxpayers rights and confidentiality. 11

121 Future development: from signing to implementation: PEER REVIEW Will shift focus from signing agreements to actual implementation. Will take account of quality of agreements and relevance of partners (not a numbers game). Will identify impediments to effective exchange of information through robust, transparent and fair peer review mechanism. Peers reviews launched on 1 st March

122 PEER REVIEW 2 Phases of peer review: ophase 1 will focus on legal framework; ophase 2 will focus on practical implementation. Phase 2 includes an on-site visit. All jurisdictions covered by 2009 assessment will be subject to peer review, as well as other relevant jurisdictions. 13

123 SCHEDULE OF PEER REVIEWS st Half 2 nd Half 1 st Half 2 nd Half Phase 1 Phase 1 Phase 1 Phase 1 Phase 1 Phase 1 Phase 1 Phase 1 Australia Canada Belgium Bahrain Anguilla Andorra Chile Cook Islands Barbados Denmark France Estonia Antigua and Barbuda Brazil China Czech Republic Bermuda Germany Isle of Man Guernsey Turks and Caicos Brunei Costa Rica Grenada Botswana India Italy Hungary Austria Hong Kong, China Cyprus Liberia Cayman Islands Jamaica Liechtenstein Japan British Virgin Islands Macao, China Gibraltar Malta Ghana Jersey New Zealand Philippines Indonesia Malaysia Greece Russian Federation Ireland Monaco San Marino Singapore Luxembourg Spain Guatemala Saint Lucia Mauritius Panama Saudi Arabia Switzerland Netherlands United Arab Emirates Korea Slovak Republic Norway Seychelles The Bahamas Aruba Netherlands Antilles Uruguay Mexico South Africa Qatar Trin. and Tobago United States United Kingdom Saint Kitts and Nevis Vanuatu Montserrat St. Vincent and the Gren st Half 2 nd Half 1 st Half 2 nd Half 1 st Half Phase 1 Phase 1 Phase 2 Phase 2 Phase 2 Phase 2 Phase 2 Phase 2 Phase 2 Phase 2 Samoa Turkey Belgium British Virgin Islands Bahrain, Kingdom of Malaysia Anguilla Andorra Belize Czech Republic Argentina Portugal Bermuda Austria Estonia Samoa Antigua and Barbuda Botswana Dominica Gibraltar Belize Finland Cayman Islands Hong Kong, China Jamaica Slovak Republic Chile Ghana Marshall Islands Hungary Dominica Sweden Cyprus India Philippines Slovenia China Grenada Nauru Netherlands Antilles Israel Iceland Guernsey Liechtenstein Argentina U. S. Virgin Islands Costa Rica Israel Niue Poland Marshall Islands Slovenia Malta Luxembourg Turks and Caicos Vanuatu Guatemala Liberia Saudi Arabia Nauru Qatar Monaco United Arab Emirates Indonesia Korea Russian Federation Cook Islands Niue Phase 2 San Marino Panama Barbados Mexico Saint Kitts and Nevis Portugal Poland Brazil Singapore Switzerland Brunei Montserrat Saint Lucia Uruguay US Virgin Islands Seychelles The Bahamas Macao, China Trinidad and Tobago St. Vincent and the Gren. Aruba 14

124 Want to know more? Visit the OECD stand at IFA Look at the CTPA Brochure Visit our website 15

125 Skatteudvalget SAU alm. del Bilag 291 Offentligt Organisation for Economic Co-operation and Development Tax Policy Trends in OECD countries Presentation to Danish Parliamentarians Paris, 9 September 2010 Jeffrey Owens Director of the Centre for Tax Policy and Administration Organisation for Economic Co-operation and Development Jens Lundsgaard Centre for Tax Policy and Administration

126 Top challenges following the crisis Public debt has risen strongly following the crisis The scale of fiscal consolidation required in some countries means that both spending cuts and tax increases are necessary Economic growth potential is weakened Tax reform might be part of the answer 2 2

127 3 Tax-to-GDP ratios

128 4 Source: Revenue Statistics (OECD)

129 5 Earliest data available MEX: 1980; HUN-POL: 91; CZE: 93; SVK: 98 Source: Revenue Statistics (OECD)

130 6 The tax mix

131 Revenue shares of major taxes in the OECD-area over time Personal income tax Corporate income tax Social security contributions (employee) ( 6) ( 7) ( 7) ( 8) ( 9) (employer) ( 10) ( 14) ( 13) ( 14) ( 15) Payroll taxes Property taxes General consumption taxes Specific consumption taxes Other taxes Total

132 8 Capital income taxation at corporate and personal level

133 Corporate income tax rate JPN US FRA BEL GER AUS MEX NZL SPA CAN LUX NOR UK ITA PRT SWE FIN NLD AUT DNK KOR GRC SWI TUR CZE HUN POL SVK CHL ICL IRL 9

134 Corporate tax rates and GDP across the OECD Large-sized OECD countries US-JPN-GER-UK-FRA-ITA Medium-sized OECD countries CAN-SPA-KOR-MEX-AUS-NLD Small-sized OECD countries BEL-SWI-TUR-SWE-AUT-POL NOR-GRC-DNK-IRL-FIN-PRT CZE-HUN-NZL-SVK-LUX-ICL Statutory corporate income tax rate OECD Total

135 Taxes on corporate income as % of total tax revenue OECD Total Medium-sized OECD countries Large-sized OECD countries Small-sized OECD countries Source: Revenue Statistics 11

136 Top statutory marginal tax rates on dividend income Part of CIT in overall tax rate on dividends Part of PIT in overall tax rate on dividends Overall statutory tax rate on dividend income in 2000 and 2010; CIT part in 2000 and DNK FRA UK US GER SWE IRL CAN NOR KOR AUS JPN NLD BEL AUT SPA LUX PRT FIN CHL HUN NZL SWI ITA POL TUR GRC CZE MEX ICL SVK Source: OECD Tax Database: 12

137 Trend towards more R&D tax incentives large firms 1990 large firms 2008 SMEs 2008 GER NZL SWE LUX MEX ICL FIN SVK SWI CHL GRC POL US NLD AUT BEL UK IRL JPN AUS ITA DNK HUN CAN KOR NOR TUR CZE PRT SPA FRA 13

138 14 Labour income taxation

139 Top statutory personal income tax rates SWE BEL NLD DNK AUT JPN FIN FRA GER AUS CAN ITA SPA PRT US SWI IRL GRC NOR UK CHL LUX KOR NZL ICL HUN TUR POL MEX SVK CZE 15

140 Average tax wedge for single workers without children in Denmark (income from % of the AW) in % 60% 50% 40% 30% 20% 10% 0% 70% 60% 50% 40% 30% 20% 10% 0% em ployer SSC as % of total labour costs average local income tax as % of total labour costs family benefits as % of total labour costs net personal average tax rate as % of gross wage earnings employee SSC as % of total labour costs average central income tax as % of total labour costs average tax wedge (sum of the components) 16

141 17 Consumption taxes

142 VAT revenues (2007) and rates (2009) VAT revenue as % of total tax revenues (2007) VAT standard rate (2009) OECD average VAT revenue as % of total tax revenue (net of US) in 2007: 18.6% ICL PRT IRL NZL POL SVK GRC DNK TUR MEX HUN NLD FIN GER SWE NOR AUT UK CZE FRA SPA BEL KOR LUX ITA SWI AUS JPN CAN US Source: Revenue Statistics (OECD) OECD Tax Database: 18

143 Property taxes 2.5% recurrent taxes on immovable property estate, inheritance and gift taxes recurrent taxes on net wealth taxes on financial and capital transactions 2.0% 1.5% 1.0% 0.5% 0.0%

144 How does Denmark compare to other OECD countries: overview TAX / GDP 2008 provisional % OF TOTAL TAX REVENUES Top Top Average Top Rate Standard Personal Social Statutory Corporate Effective Tax Corporate Consumption on VAT Income Security Personal Income Corporate Wedge Tax Taxes Dividends Rate Tax Contrib. Income Tax Rate Tax Rate Tax Rate Belgium Canada Denmark Finland France (#) (#) 19.6 Germany Ireland Italy Japan 28.3 (**) Netherlands 37.5 (**) (#) (#) 19.0 Norway Spain Sweden Switzerland United Kingdom (*) 28.0 (**) (***) United States OECD average 35.8 (**) (#) (#) 17.6 G7 average 35.1 (**) (#) (#) 13.9 EU15 average 39.7 (**) (#) (#)

145 Organisation for Economic Co-operation and Development Taxation and the financial crisis Presentation to Danish Parliamentarians Paris, 9 September 2010 Jeffrey Owens Director of the Centre for Tax Policy and Administration Organisation for Economic Co-operation and Development Centre for Tax Policy and Administration

146 Tax role in financial instability? Bias in favour of debt (leverage)? Tax and bank capital adequacy? Capital gains versus income (risky debt)? Tax havens and SPVs? Mortgage interest deductibility and below-neutral housing taxation? Arbitrage opportunities from derivatives? Tax was not a primary driver of the business model which led to the crisis... but may have reinforced it in various ways 2 2

147 What s special about taxation of the financial sector? Difficulty in identifying financial income and categorising transactions for tax purposes Compromise nature of taxing capital income Accounting / regulatory / tax tensions High mobility of tax base Tax neutrality benchmark versus widespread financial market failures 3 3

148 Lessons for taxing financial sector in the future Take opportunities to address non-neutralities Response to market failures primary tool is regulation, but tax may have a role, e.g. in addressing linkages between tax and risk-taking, and opportunities for tax and regulation to be mutually reinforcing Fiscal consolidation gives opportunity to reduce distortions, reduce tax driven-arbitrage, reduce tax compliance risk Whether or not tax was part of the problem.. it should be part of the solution 4 4

149 Taxing the financial sector a repair agenda Better access to and use of 3rd party information Building tax transparent tax compliance by banks Exploring potential for multilateral approaches to achieving better compliance Tackling international tax arbitrage Plenty of debate on new taxes levies.. but also scope for repairing the current tax system alongside repair of the banking system 5 5

150 The Financial Crisis: Tax & Regulatory Arbitrage Adrian Blundell-Wignall Special Advisor to the OECD Secretary- General for Financial Markets Friday 10 th September

151 The Titanic Speeding to fast. A badly made ship, with no fully watertight compartments. Not enough life boats. Too big to sink

152 Hallmarks of the Crisis Its what banks do not how big they are. Contagion risk. Counterparty risk.

153 Observed Rate Fig. 1: The Arbitrage Process In Complete Markets For Credit Promises Aren t Treated the Same INTEREST RATE Excess leverage & risk taken as high profit Borrower BANK opportunities are CSO/CDO are squeezed out. Agent Spread o/heads;fees;regulation; equity; tax wedges Observed Rate Investor SMALL LARGE Source: Ironbridge Capital/OECD TRANSACTION SIZE

154 Fig. 2: Tax Issues: Causal Tax deductibility of interest favours mortgages and corporate leverage. A key part of the private equity boom (gearing, taxing carried interest, etc). A key part of the growth in structured products. Structuring as capital gains. Structuring in a complete markets framework. Pass through (entity not taxed) to mortgage and other conduits (1986 reform in the US); synthetic leases. Infrastructure funds.

155 Fig. 3: TAX Arbitrage TAX STATUS % YIELD % FACE VALUE BOND H BOND L BOND H INVESTOR A exempt exempt BOND L INVESTOR B INVESTOR A Short Bond L Long Bond H 1000 Net postion 0 Income Pick Up 20 Return on investment INVESTOR B Long Bond L 1000 Short Bond H Income Pick Up 10 Return on investment Source: Thomson, Federal Reserve, OECD

156 Fig. 4: Tax Leveraging & De-leveraging The tax-led boom in leverage led to deequitisation in the 2000 s; and now that process is being reversed with issuance and dilution of shareholders. Equity crash and overshoot. The crisis is leading to deleveraging balance sheet reductions and asset sales. Debt deflation dynamics which is killing the economy.

157 Fig. 5: Shifting the Promises

158 Fig. 6: Basel Capital Adequacy vs Leverage Ratio & Losses---Basel is Perverse Writedowns & losses/total assets (%) Capital Adequacy Ratio (Tier 1) vs. writedowns & losses/total assets United Kingdom Ireland Australia Spain Italy France Norway Japan Germany Belgium Canada Switzerland Tier 1 ratio Writedowns & losses/total assets (%) Common equity/assets (lev. ratio) vs. writedowns & losses/assets Germany Switzerland Belgium France Japan United Kingdom Canada Ireland Norway Spain Australia Italy Common equity/total assets (%) Source:, OECD; Thomson Reuters; Bloomberg, Worldscope, Datastream. Cum. Losses Jan 2007 to mid Regulatory ratios averages.

159 Fig. 7: Tax Issues: Paying For the Crisis Conservatively trillions of dollars are being spent and budget deficits have soared to levels thought unthinkable (10%+??). Taxes are going to have to rise to pay for it. But what forms of tax rises will best suit recovery and the type of investment we would like to see?

160 %GDP Fig. 8:Primary Budget Cuts Debt Projections Spain (-7% prim bal, 8yrs) Greece (-14% prim bal, 13 yrs) Portugal(-11% prim bal, 8 yrs) Ireland (-17% prim bal, 13yrs) Jan-00 Jan-03 Jan-06 Jan-09 Jan-12 Jan-15 Jan-18 Jan-21 Jan-24 Jan-27 Jan-30 Source:, OECD, Datastream..

161 Notat 2. september 2010 J.nr Støtte til fossil energi og CO 2 markeder (Fossil fuels subsidies and carbon markets) I EU og Danmark er der stor interesse i at bruge afgifter og kvoter til at reducere forbrug af energi. I runde tal koster fossil energi i Danmark svarende til ca kr./t CO2 eller 150 kr./gj. Heraf vedrører omkring 1/3 prisen på selve energien ved import og produktion, ca. 1/3 omkostninger i Danmark til at gøre energien brugbare og transportere den til kunderne (i elværker, fjernvarmeværker og ledninger mv.) og ca. 1/3 i afgifter. Danmark har de højeste afgiftssatser i gennemsnit på energi i EU. Alle EU lande har høje afgifter på benzin og dieselolie. Disse afgifter er klart de dominerende. Omkring ¾ af provenuerne kommer fra afgifter på benzin og dieselolie. I de fleste lande over 90 pct. Men Danmark har også høje afgifter på anden energi. Det gælder særligt brændsel og el til husholdninger, hvor satserne er meget høje. Satserne for erhverv er væsentlig lavere, men fortsat ofte flere gange større end i andre EU lande. I følgende tabel er vist de grønne afgifter i 2008 i EU og Danmark. Pct. af BNP EU 27 vægtet gennemsnit 2008 Danmark 2008 Grønne afgifter i alt 2,4 5,7 - heraf energi 1,7 2,1 -- heraf til brændsel transport - heraf andet end brændsel transport 1,4 1,0 0,6 1,9 - forurening og ressourcer 0,1 1,8 * Danmark bruger forholdsvis lidt energi pr. BNP sammenlignet med EU. Side 1 af 3

162 I 2008 udgjorde afgifterne på energi i EU omkring 1,7 pct. af BNP. Det svarer til hen ved mia. kr. Går man udenfor Vesteuropa er billedet noget anderledes. Andre OECD-lande som USA har afgifter på benzin mv., men de er små. Og i hovedparten af resten af verdens lande gives der snarere tilskud end opkræves afgifter. På mødet blandt G 20 landenes ledere i Pittsburgh i september 2009 var der enighed om på mellemlangt sigt at udfase og rationalisere ineffektive tilskud til fossile brændsler (punkt 24). Der skulle udarbejdes en rapport af IEA, OECD og verdensbanken om sådanne tilskud. Tilskuddene på globalt plan steg fra ca. 342 mia. $ i 2007 til 557 mia. $ i Tilskuddene var således på godt mia. kr. eller omkring 70 pct. over EU afgifterne. Tilskuddene faldt dog i Tilskuddene er ofte i form af, at staterne garanterer en højeste pris. Forskellen mellem denne pris og markedsprisen udgør tilskud. Tilskuddene steg i 2008 da energipriserne steg kraftigt. Tilskuddene forventes derfor at falde i Hovedparten af tilskuddene gives til olie herunder særligt vedrørende transport. Iran gav de største tilskud for over 500 mia. kr. Tilskuddene udgjorde omkring 1/3 af det offentlige budget eller mellem 10 og 15 pct. af BNP. Andre store tilskudslande er Rusland, Saudi Arabien, Indien og Kina. Tilskuddene i Usbekistan udgjorde over 20 pct. af BNP Det er særligt de olieeksporterende lande, der giver store tilskud. Herudover gives der store tilskud i mange udviklingslande i vækst såsom Kina og Indien. Men sjældent store tilskud i de allerfattigste lande. Her mangler der dog tal. Ifølge IEA vil en gradvis udfasning af tilskuddene til 2020 give en reduktion i udledningerne i 2020 på 6,9 pct. eller mio. tons CO2. I 2008 blev der udledt 50 mio. ton i Danmark fra energiforbrug. De mio. tons svarer til de samlede nuværende emissioner fra Frankrig, Tyskland, Italien, Spanien og UK. I EU gives der i almindelighed ikke tilskud til fossile brændsler. Men der gives ofte betydelige tilskud til forbrug af VE. Ligeledes kan der i visse lande være såkaldte skatteudgifter for forbrug af fossilt brændsel til særlige formål. Efter EU s energibeskatningsdirektiv må der således ikke opkræves afgifter af forbrug af egne produkter ved olie- og gasudvinding eller raffinering. I UK er der særlig lav moms på opvarmning. I Danmark gives der varmehjælp til pensionister, hvor det offentlige betaler en del af varmeregningen. De lavere afgifter på energi til brug i erhverv tæller med som en skatteudgift. Netto bliver energi brugt i erhvervslivet dog beskattet. Ligeledes tæller de lavere afgifter på diesel sammenlignet med benzin med i skatteudgiftsopgørelsen. Men igen gælder, at dieselolie i såvel Danmark som EU er hårdt beskattet, dog mindre end benzin. Side 2 af 3

163 Hvis ambitiøse mål om mindre energiforbrug og udledning af drivhusgasser skal realiseres, vil der være behov for at gøre brug af fossil energi dyrere globalt. Et første og gevinstgivende skridt for mange lande vil være at udfase de forskellige tilskud. Side 3 af 3

164 Notat 2. september 2010 J.nr Green taxes/tradeable permits for climate change (Grønne afgifter/omsættelige kvoter og klimaforandringer) Som nævnt under punktet om subsidier til fossil energi er der betydelige afgifter på energi i EU. I procent af BNP er afgifterne dog vigende. I år 2000 udgjorde afgifterne 2,1 pct. af BNP, mod nu 1,7 pct. Det skyldes delvist, at energiforbruget stiger mindre kraftigt end realvæksten i almindelighed, men også, at satserne ikke i fulgt omfang bliver reguleret med inflationen. I EU er afgiftssystemet blevet suppleret med CO 2 -kvotesystemet. Kvotesystemet har fordyret brug af energi med 0,1-0,2 pct. af BNP i Kvotesystemet belaster særligt energi, der hvor afgifterne har været svære at indføre, og hvor prisen på råenergi er lav: - brændsel til fremstilling af el - brændsel til udvinding af olie og gas - brændsel til visse meget store og oftest energiintensive virksomheder Kvotesystemet dækker omkring halvdelen af de danske udledninger af CO 2 fra energianvendelse. I følgende tabel er vist udviklingen i de danske CO 2 udledninger fra energianvendelse Mio. tons CO Energiselskaber 18,293 26,043 21,335 19,320 19,448 Nordsø 2,206 2,144 2,139 2,024 1,818 Portland* 2,565 2,695 2,764 2,235 1,513 Andre industrier mv. end Portland 3,403 3,307 3,183 2,964 2,679 Udledninger omfattet af kvotesystem 26,468 34,191 29,422 26, I alt faktiske CO2 udledninger mio. t 49,4 57,3 52,5 49,6 Do korrigerede 51,0 52,4 52,6 51,5 Faktiske emissioner i alt (alle klimagasser) 63,6 70,2 65,5 *: Omkring halvdelen af udledningerne kommer fra at CO2 drives ud af kridtet ved brænding. Side 1 af 3

165 Udledningerne af CO 2 fra kvotesektoren er EU ansvar. Derimod er landene forpligtet til, at udledningerne udenfor kvotesektoren holdes indenfor det aftalte. Det sikres i vid udstrækning via afgifter. Det danske afgiftssystem består udover afgifter på NO x og SO 2 af en energiafgift og af en CO 2 -afgift. Hovedstrukturen i afgifterne i vist i følgende tabel: Kr./GJ CO 2 -afgift Energiafgift NO x -afgift Svovlafgift I alt Fossil benzin 11,3 118,2 0, ,6 Biobenzin 0 118,1 0, ,3 Fossil diesel 11,5 69,1 0,3 0 80,9 Biodiesel 0 69,1 0,3 0 69,4 Til rumvarme: Fyringsolie 11,5 57,3 0,3 0 69,1 Naturgas 8,9 57,3 0,2 0 66,4 Kul 14,8 57,3 0,5 2 74,6 Halm 0 0 0,5 1,7 2.2 El* 17,2 199, ,7 Til proces uden for CO 2 -kvotesektoren: Fyringsolie 11,5 4,5 0,3 0 16,0 Naturgas 8,9 4,5 0,2 0 13,4 Kul 14,8 4,5 0,5 2 21,8 Halm 0 0 0,5 1,7 2.2 El* 17,2 7, ,4 Til proces inden for CO 2 -kvotesektoren: Fyringsolie 0 4,5 0,3 0 16,0 Naturgas 0 4,5 0,2 0 13,4 Kul 0 4,5 0,5 2 21,8 Halm 0 0 0,5 1,7 2.2 El* 17,2 7, ,4 * Ca. 40 pct. heraf, når man sammenligner med forbrug af brændsel til fremstilling af el på kraftværker. Afgifterne på NO x - 5 kr./kg og SO 2 10 kr./kg er oftest forholdsvis lave. Der er dog en betydelig afgiftsbelastning ved visse brændsler. Afgifterne er sjældent reduceret for særlige anvendelser. CO 2 -afgiften er balanceret omkring 155,4 kr./t CO2 i Den opkræves af udledninger af CO 2 fra energianvendelse (kul, gas olie og plast i affald). Der er fritagelser for brændsel anvendt til fremstilling af el og til proces indenfor kvotesektoren. CO 2 -udledningerne er her belastet med omkostninger ved forbrug af CO 2 -kvoter. Der er generelt samme CO 2 -afgift på erhverv og husholdninger. Energiafgifterne på brændsel er balanceret omkring 57,3 kr./gj hvad enten der er tale om kul, olie eller gas. Der er højere satser for benzin og dieselolie mv. til vejtransport mv. Brændsel, der anvendes til proces i erhverv får godtgjort afgiften ned til 4,5 kr. pr. GJ. Der er dog fritagelse for denne afgift for brændsel til primær jordbrug samt metallurgiske og mineralogiske processer f.eks. jernstøberier og cementproduktion. Side 2 af 3

166 De danske afgifter afviger ikke ret meget fra afgifterne i de øvrige EU lande for så vidt angår benzin og diesel. De danske afgifter ligger dog i den øvre ende. Danmark afviger fra de andre lande ved meget høje afgifter på el og brændsel til rumvarme i husholdninger mv. Selv om afgifterne er væsentlig lavere på brændsel og el til proces, et de oftest noget større end i udlandet, hvor de oftest er tæt på 0. Hvis CO 2 -udledningerne skal reduceres mest omkostningseffektivt skal der være samme belastning på tværs af anvendelser. Det danske CO 2 -afgiftssystem kommer tættest på dette ideal. Dels er CO 2 - afgiften ens pr. ton CO 2 for de forskellige brændsler, dels er der ikke CO 2 -afgift på brændsel til proces indenfor kvotesektoren. Og endelig er CO 2 -afgiftssatsen tilstræbt at blive ens med CO 2 -kvoteprisen. I udkast til forslag til nyt energibeskatningsdirektiv fra EU, er det den danske model, der er valgt - CO 2 -afgift på udledninger, der ikke er omfattet af CO 2 -kvoter - CO 2 -sats = forventet kvotepris - Eventuel energiafgift herudover Provenumæssigt er det dog energiafgifterne herunder afgifterne på el, der vejer tungest. Afgifterne er med til at understøtte ambitiøse mål om mindre energiforbrug og mere VE. Skatter og CO2 kvoter CO 2 -kvoter beskattes ikke af værdien ved tildelingen, men ved salg af en tildelt CO 2 -kvote beskattes fortjenesten. De CO 2 -kvotebelagte virksomheder, som køber CO 2 -kvoter, kan fradrage købssummen, når de har brugt kvoten i produktionen. Hvis de derimod sælger en kvote videre uden at bruge den i produktionen, kan de ikke umiddelbart fradrage købssummen, men købssummen fragår ved opgørelsen af nettofortjenesten, som beskattes, når kvoten sælges. Det samme gælder for alle andre, der handler med CO 2 -kvoter. De kan heller ikke fradrage købssummen på købstidspunktet, men beskattes af nettofortjenesten ved salg. På momsområdet gælder den såkaldte omvendte betalingspligt. Det vil sige, at køberen skal indbetale momsen. Den omvendte betalingspligt er indført for at imødegå momssvig, idet forpligtelsen til at afregne moms er sammenfaldende med det tidspunkt, hvor momsen fradrages. Yderligere bevirker den omvendte betalingspligt, at det er en og samme virksomhed, der henholdsvis indbetaler og fratrækker momsen. Den omvendte betalingspligt gælder ikke for private købere. Side 3 af 3

167 Notat J.nr september 2010 Skattepolitik, økonomisk vækst og finanspolitik konsolidering (Tax policy, economic growth and fiscal consolidation) Indledning OECD har for nylig gennemført en større analyse af skattesystemets virkning på mulighederne for at skabe økonomisk vækst. I dette notat gennemgås generelle principper for skattepolitik og anbefalinger for sammensætningen af skattesystemet med hensyn til påvirkningen på den økonomiske vækst på baggrund af OECD s analyser Til slut behandles kort skattepolitikken i forbindelse med finanspolitiske genopretninger. Desuden vedlægges som bilag en oversigt over skatteudgifter, herunder samlet størrelse og oversigt over de væsentligste skatteudgifter, i OECD-landene (jf. tekniske gennemgang af skatteudgifter i SAU den 31. august 2010). Skatters indvirkning på produktion og økonomisk vækst Skatter på produktionsfaktorer som kapital og arbejdskraft eller varer indfører en kile i prisforholdet mellem forskellige goder, der beskattes forskelligt eller slet ikke beskattes, og kan derfor ændre på det samfundsmæssige optimale forbrug af goder, opsparing, arbejdsudbud, investeringslyst, innovation og andre strukturelle forhold. For ikke at skabe forvridninger bør samtlige goder i økonomien ideelt set beskattes ens (inkl. inddragelse af eksternaliteter mv.). De direkte konsekvenser af adfærdsvirkninger fra kapital og arbejdskraft slår øjeblikkeligt igennem på beskæftigelsen og produktionen, og de indirekte virkninger af eksempelvis et isoleret set lavere kapitalapparat medfører en lavere samlet produktivitet og derigennem også lavere reallønninger for lønmodtagere på langt sigt. Således bliver arbejdskraften også økonomisk berørt af ændringer i kapitalbeskatningen og kapitalbeholdningen. Forvridningens konsekvens for samfundet benævnes ofte som forvridningstabet af en skat, og da dette stiger med kvadraten af skattesatsen, gælder det om at holde skattesatserne så lave som muligt for at sikre en så høj efficiens, produktion og velstand i samfundet som muligt. Da skatter tjener andre samfundsmæssige vigtige formål som finansiering af velfærd og omfordeling af indkomster, er det således typisk et spørgsmål om at indrette skattesystemet, så det volder pro- Side 1 af 3

168 duktionen mv. mindst muligt skade. Samtidigt med hensynet til fordeling og andre politiske målsætninger. De samfundsøkonomiske omkostninger ved forvridninger er generelt betydeligt større end traditionelt målt, hvis skatterne også reducerer den økonomiske vækst ( dynamisk efficiens ). Det skyldes, at selv en lille reduktion i den årlige vækst vil få stor betydning for BNP-niveauet efter en årrække Sammensætningen af det mindst in-optimale skattesystem Der eksisterer en omfattende litteratur vedrørende den optimale sammensætning af skattesystem med hensyn til at fremme økonomisk vækst bedst muligt. OECD (2008) finder overordnet selskabsskatter som værende mest skadelig for den økonomisk vækst, efterfulgt af indkomstskatter, dernæst skatter på forbrug og endeligt ejendomsskatter som værende de mindst skadelige. Den mest efficiente skatteomlægning flytter alt andet lige skattebyrden fra selskabsbeskatningen til beskatning af fast ejendom. Med hensyn til sidstnævnte skatter er disse dog ofte helt eller delvis lokalt fastsatte skatter, hvorfor det kan være svært centralt at påvirke skatterne. Forbrugsskatter er typisk mindre progressive end indkomstskatter, hvorfor indkomstuligheden vil stige ved et eventuelt skift fra indkomstskatter til forbrugsskatter. Skatteomlægninger hvor eksempelvis skatter på ejendomme reduceres mod stigninger i andre skatter kan tilsvarende øge indkomstuligheden betydeligt, og derudover også påvirke formuefordelingen i samfundet betragteligt via umiddelbare virkninger på ejendomspriser mv. Anbefalinger ved skattereformer Nedsættelser af skattesatser mindsker overordnet set forvridninger i skattesystemet, hvilket muliggør en samlet større produktion og dermed en højere velstand. Hvis sådanne enkeltstående nedsættelser af politiske og fordelingsmæssige grunde er uholdbare, kan samtidige baseudvidelser, der fastholder skatteniveauet, muliggøre finansieringen af effektive satsnedsættelser. Det kan på samme gang sikre mod utilsigtet skatteomgåelse, eksempelvis fra højtlønnede, som typisk har større muligheder for omplacering mv. I størsteparten af OECD-lande har man eksempelvis netop set en sådan udvikling inden for selskabsbeskatningen, hvor den officielle sats er nedsat samtidigt med, at lande har gennemført fradragssaneringer, herunder begrænset muligheder for særligt gunstige afskrivningsregler mv. OECD vurderer, at dette potentiale formodentlig ikke er udnyttet fuldt ud i en række af medlemslandene, da der stadigvæk findes mange erhverv eller områder med særligt lempelige skatteregler (benævnes også typisk skatteudgifter), som indskrænker skattegrundlag af årsager andre end økonomisk begrundede. En stigende internationalisering vil løbende påvirke skattesystemets effektivitet. Bl.a. kan mobile produktionsfaktorer som kapital og arbejdskraft (typisk højtuddannet) søge mod lande med lavere effektiv beskatning, ligesom grænsehandel, internethandel mv. gør det sværere at opretholde store forskelle i forbrugsskatter lande imellem. Det er således vigtigt at inddrage sådanne eksterne og skiftende forhold ved eventuelle tilpasninger af skattesystemet. Side 2 af 3

169 Konsolideringer og skattepolitik Den globale finansielle og økonomiske krise har medført en markant forværring af offentlige finanser på både indtægts- og udgiftssiden i stort set alle OECDlande og dermed også stigende offentlig gældsætning. Tilsvarende gælder i den private sektor i mange lande, hvor virksomheders omsætninger og profitter har stagneret eller faldet kraftigt i forhold til tidligere. Sådanne større offentlige underskud og stigende gæld i erhvervslivet kan presse renterne op, som det bl.a. er set i dette forår i Europa. Fokus er derfor mere end nogensinde før i mange lande koncentreret på at føre en ansvarlig og holdbar økonomisk politik. Ligesom stort set alle lande i EU er i gang med den nødvendige genopretning, bl.a. for at kunne opfylde EUs kriterier fra stabilitets- og vækstpagten og signalere ansvarlighed og vilje over for de finansielle markeder. Automatiske stabilisatorer virker i mange lande i forvejen via skattesystemet (herunder som følge af progressionen) og overførselsindkomster. Stabilisatorerne vil således uden behov for politisk indgreb virke mod-cykliske på den umiddelbare efterspørgsel forstået således, at der i gode tider opkræves flere skatter og udbetales færre overførselsindkomster og tilsvarende omvendt i tider med nedgang, hvor budgetterne således automatisk vil forværres. Finanspolitikkens egentlige påvirkning på økonomien vil variere med økonomien karakteristik, herunder åbenhed, offentlig sektors størrelse, kreditrestriktioner i befolkningen mv. og sammensætning af den finanspolitiske pakke. Der vil ofte være modsætningsforhold mellem stabilisering og konsolidering i den førte finanspolitik i hvert fald på kort sigt, hvor man både ønsker at stabilisere aktivitetsniveauet samt evt. det private forbrug, og samtidigt forbedre de offentlige finanser. Også andre landes konsolideringer vil påvirke væksten negativt i hjemlandet, eksempelvis typisk i eksportorienterede erhverv. Udgangspunktet for den offentlige gælds niveau og underskud før en økonomisk krise sætter ind, spiller en stor rolle for manøvrerummet for de automatiske stabilisatorer og eventuelle ekspansive finanspolitiske tiltag. Med et godt udgangspunkt, eksempelvis som resultatet af flere års gældsafvikling, kan man således tillade en del større udsving i budgetterne, før finansielle markeder mv. vil reagere i negativt retning og forværre krisen yderligere. Eksempelvis som følge af rentestigninger. OECD s anbefalinger for indretningen af skattesystemer ved skattereformer og provenuneutrale skatteomlægninger kan bruges ved nødvendige finanspolitiske konsolideringer. Igen gælder mantraet om at skabe mindst mulige forvridninger, når skatteinstrumenter tages i brug. Nødvendige skattestramninger skal således i vidt muligt omfang ifølge OECD s rangordning ske på forbrugsskatter eller skatter på fast ejendom, og ikke virke hindrende på langsigtede investeringer i kapital og arbejdskraft eller andre vigtige vækstforudsætninger såsom innovation og iværksætteri. Sådanne konsolideringer kan ligeledes komplementeres af forbedringer af strukturelle forhold på finansielle markeder, konkurrencevilkår på produktmarkeder og arbejdsmarkedsreformer, når der alligevel som følge af genopretningsplaner skal foretages ændringer af nuværende skattesystemer, regler for overførselsindkomster osv. Side 3 af 3

170

171

172

173

174

175

176

177

178

179

180

181 Notat J.nr Skattetiltag i relation til den finansielle krise (Tax issues in relation to the financial crisis) Indledning Der er på den internationale bane gjort en stor indsats for at modstå den økonomiske krise. Notatet giver - baseret på OECD-opgørelse - en oversigt over hvilke typer skattetiltag, der er foretaget i landene for at imødegå den internationale krise, der satte ind i efteråret Efter krisen står den vestlige verden tilbage med store underskud på de offentlige finanser, og notatet omhandler ligeledes de initiativer, der er foretaget internationalt for at afhjælpe de store omkostninger, som krisen har bragt med sig. Afslutningsvist er der et afsnit vedr. bankskatter relateret til den finansielle krise. Oversigt over tiltag foretaget for modstå den finansielle internationale krise Der er i løbet af de seneste par år foretaget en lang række initiativer i de vestlige lande for at modstå den økonomiske krise. Tiltagene er for en stor del landespecifikke, men det er muligt at identificere fælles temaer: Forøgelse af likviditeten i den private sektor. En del lande har forsøgt at forbedre likviditeten i virksomhederne ved at give længere kredittider for skattebetalinger, refundere overskydende skat hurtigere end hidtil, og tillade større tilbageførelser ved tab. Disse tiltag vil kun have karakter af engangsudgifter for det offentlige. Midlertidige tiltag, der stimulerer forbruget. Mange lande har indført accelererende skattemæssige afskrivninger for kapitalinvesteringer, lempelser for boliginvesteringer, reduktioner i moms, tiltag som tilskynder til øget køb af nye biler mv. I tilfælde af at disse tiltag forbliver midlertidige, så vil effekterne på skattebetalingerne vende, når tiltagene stopper. Side 1 af 7

182 Nedsættelse af indkomstskatter. Flere lande har reduceret de personlige indkomstskatter mere på grund af krisen end de ellers ville have gjort. Nogle lande har øget personlige fradrag, mens andre har sænket skattesatserne, specielt lande som var i gang med udvikling/gennemførelse af skattereformer inden finanskrisen brød ud. Desuden er der en del lande, som yder øget støtte til børn og fattige familier. Nedsættelse af skatten på kapital/selskaber. Lande som allerede havde planer om at nedsætte deres virksomhedsskatter, har fået gennemført disse lettelser. Derudover har der været fokus på at lette skattebyrden for små- og mellemstore virksomheder og øge muligheden for skattefradrag for F&U. Andet. Nogle få lande har foretaget lempelser i de sociale bidrag, specielt for yngre og ældre på arbejdsmarkedet. Flere lande har indført skrotpræmier for ældre biler ved samtidig køb af ny og mindre forurenende bil. Herved stimuleres der til køb af nye biler, hvilket specielt er gavnligt i bilproducerende lande. Af bilag 1 fremgår en specificeret liste over tiltag, der er fortaget af de vestlige lande for at afbøde krisens virkninger. Ad. forøgelse af likviditeten i den private sektor Den finansielle krise medførte et akut behov for (billig) likviditet i virksomhederne og specielt i den finansielle sektor. De listede forslag i bilag 1 øger likviditeten med det samme, og sådanne tiltag er dermed med til at undgå lukninger af virksomheder og finansielle institutioner på grund af midlertidig likviditetsmangel. En ulempe ved disse tiltag er, at det kan være svært at ramme den rette timing. Det kan desuden ikke udelukkes, at disse tiltag kan være med til at holde liv i virksomheder, som ikke er rentable på lang sigt og initiativerne dermed har medvirket til at udskyde en nødvendig tilpasning. Tiltagene kan være konkurrenceforvridende, hvis der gøres forskel på f.eks. virksomhedernes størrelse/omsætning. Ad. midlertidige tiltag for at stimulere forbruget I en del lande er der sket en omlægning på afgifts- og momsområdet. Der har været en tendens til, at moms og afgifter reduceres på visse områder f.eks. inden for bolig- og byggeområdet eller afgiften på nye biler. Midlertidige subsidieringer af forbedringer af boliger og dermed byggebranchen generelt, stimulerer aktiviteten og beskæftigelsen i en kortere periode. Det kan være med til at afbøde nedgangen i et konjunkturforløb, idet beskæftigelsen i byggesektoren oftest er den sektor, der rammes hurtigst og hårdest, når konjunkturerne vender. En ulempe ved sådanne tiltag er imidlertid, at der i mange lande de senere år har været en overophedning af aktiviteten i byggebranchen. Ved at Side 2 af 7

183 subsidiere aktiviteten i byggebranchen kan det være med til at opretholde et aktivitetsniveau over det strukturelle niveau - hvor der set ud fra et samfundsøkonomisk perspektiv er behov for en tilpasning. Ved midlertidige afgifts- eller moms nedsættelser er der også en tendens til, at folk venter med at købe varige forbrugsgoder og boligforbedringer indtil ikrafttrædelsen. Ad. nedsættelse af indkomstskatter Flere lande giver målrettede beskæftigelsesfradrag til de lavestlønnede samt til beskæftigede med børn (der er også eksempler på at der gives tilskud til børnefamilier uanset beskæftigelsesstatus). Når der gives skattelettelser til de lavestlønnede øger det gevinsten ved at være beskæftiget frem for at være arbejdsløs. Samtidig har de lavestlønnede og familier med børn en større forbrugstilbøjelighed end personer med højere indkomster. Herved omsættes en relativ stor andel af skattelettelsen for de lavestlønnede til forbrug, hvilket er gavnligt i en krisesituation, hvor der er behov for at stimulere forbruget. Empiriske studier viser desuden at specielt lavtlønnede (enlige) med børn har høje deltagelseselasticiteter. Ad. nedsættelse af skatten på kapital/selskaber Nedsættelse af selskabsskatten har generelt gode strukturelle virkninger. Set i et internationalt perspektiv kan det være problematisk hvis graden af skattekonkurrence, bider sig selv i halen, således, at støre og større satsnedsættelser bliver nødvendige for at tiltrække virksomheder. Ad. Andre tiltag Flere lande har en høj grad af ungdomsledighed. Reduktioner af sociale bidrag for disse grupper kan afhjælpe den relativt høje ungeledighed. For den ældre del af befolkningen kan skattefradrag for seniorer være med til at forlænge tilbagetrækningsalderen. Af andre tiltag kan nævnes, at flere lande har valgt at give skattefradrag til køb at hjemmeserviceydelser, hvilket kan være med til at øge den legale beskæftigelse i branchen på bekostning af den sorte aktivitet. Derudover mindsker det fordelene ved hjemmeproduktion, hvilket kan være med til at kanalisere arbejdskraften hen, hvor de enkelte personer har komparative fordele. Flere lande har indført skrotpræmier for ældre biler ved samtidig køb af ny og mindre forurenende bil. Det stimulerer salget af nye biler, hvilket specielt er gavnligt i bilproducerende lande. En midlertidig skrotpræmieordning vil fremrykke bilsalget og derved provenu fra registreringsafgiften. Der har formegentlig ikke være nogle beskæftigelseseffekter forbundet med forslaget, idet den øgede aktivitet for nye biler, formegentligt opvejes af en lavere aktivitet i brugtbilssektoren. International finanspolitisk konsolidering som følge af krisen Side 3 af 7

184 Som følge af den internationale krise og de finanspolitiske lempelser der blev søsat for at afbøde de negative virkninger af den globale nedgang, så oplever EU-landene generelt stigende offentlige underskud og stigende gældskvoter. De finanspolitiske lempelser har næret nødvendige for at styrke aktiviteten og beskæftigelsen under krisen. Råderum og udfordringer har været forskellig blandt landene, og det har bevirket, at omfanget og behovet for finanspolitiske lempelser har varieret landene imellem. Konsolidering er nødvendig for landene nu, dels for at undgå gældsfælle, som kan presse renteniveauet op, og dels for at sikre fremadrettede handlemuligheder i den økonomiske politik i tilfælde af nye økonomiske tilbageslag. Desuden er konsolidering en nødvendighed for at sikre den finanspolitiske holdbarhed på sigt. EU s finansministre vedtog den 20. oktober 2009 nogle overordnede principper for finanspolitisk konsolidering, bl.a. at landene som hovedregel skal starte konsolideringen i 2011 og en række lande før, samtidig med at den årlige strukturelle konsolidering som minimum skal udgøre ½ pct. af BNP. Henstillingerne er nu inden for rammerne af Stabilitets og Vækstpagten, hvor anbefalingerne er, at underskuderne nedbringes til under Traktatens grænse på 3 pct. af BNP. I maj havde 19 lande, og siden hen også Danmark m. f., fået henstillinger om dels at bringe underskuddet ned under 3 pct. af BNP inden givne frister samt at gennemføre strukturelle budgetforbedringer, mens Grækenland har fået en skærpet henstilling. I starten af året har de forskellige lande fremlagt deres stabilitetsprogrammer (euro-lande) og konvergensprogrammer (ikke euro- lande). Disse programmer indeholder bl.a. planer for hvordan EU-landene vil håndtere deres finanspolitiske udfordringer. Programmerne viser, at EU landene generelt planlægger at efterleve henstillingerne, og de væsentligste konklusioner er: Konsolidering af de offentlige finanser. En stor del af landene er allerede begyndt at gennemføre konsolidering af de offentlige finanser, og landene planlægger at efterleve de respektive krav til budgetforbedringerne. I gennemsnit skal landene stramme finanspolitikken med ca. 1 ¼ af BNP, men med store variationer på tværs af landene. De færreste lande har fremlagt konkrete konsolideringsplaner for 2011 og de efterfølgende år, men generelt har landene fremlagt konkrete tiltag for Konsolidering af de offentlige finanser blandt landene er baseret på et forudsat konjunktur opsving og finanspolitiske stramninger. Landene planlægger at stramme mere på udgiftssiden end på indtægtssiden. Side 4 af 7

185 Et flertal af landene har gennemført eller har planer om at gennemføre reformer af deres finanspolitiske rammer for at støtte konsolideringen af de offentlige finanser og styrke den finanspolitiske styring. Skattepolitiske tiltag som reaktion på den finansielle krise og den økonomiske nedgang Den vestlige verden står overfor en masse udfordringer, som sammen med udfordringerne fra genopretningen efter den internationale finansielle krise, betyder, at det er nødvendigt at reagere for at sikre fortsat vækst. Globaliseringen betyder fortsat gode muligheder for OECD-landene men også store problemer, hvor de teknologiske ændringer forbliver en af de helt store udfordringer i den økonomiske politik og kan være en kritisk faktor ift den fremtidige vækst. OECD s studier viser generelt, at det er vækstfremmende at have lave personog virksomhedsskatter, hvilket tilskynder til investeringer i human kapital, investeringer, innovation, iværksætteri, risikovillighed mv. OECD anbefaler, at hvis man ønsker en provenuneutral vækstskabende skattereform, så bør man udskifte provenu fra personlige indkomstskatter med mindre forvridende skatter som skatter på ejendom eller forbrug. Et problem med sådanne reformer kan dog være at fordelingen af skattebyrden bliver mere skæv. Trenden i OECD-landene er generelt en udbredning af skattebaserne og en reduktion af skattesatserne. Hvordan bør skatterne udbredes Den konsolidering der sker i form af øget skatteprovenu kan ske på forskellige måder men det er vigtigt, at konsolideringen sker så skånsomt som muligt, så de højere skatter ikke er ødelæggende for væksten. Moms Økonomisk teori sammen med gevinsterne ved nemmere administration peger på en bred base og en enhedsmoms. På trods af dette viser erfaringer, at det ofte har været svært at øge momsbasen. Når momsen øges, har det ofte negative fordelingseffekter. For at afbøde dette kan det evt. være en mulighed at målrette skattefradrag til lavindkomstgrupper. Personlige indkomstskatter og sociale bidrag Når der tages højde for, at de personlige indkomstskatter og sociale bidrag står for ca. 50 pct. af skatteprovenuet i OECD- landene, så anses det ikke for fordelagtigt at hæve disse endnu mere, da der kan være store adfærdsmæssige effekter forbundet hermed. Derudover vil det øge kilen mellem indkomstskatter (plus sociale bidrag) og fx selskabsskatten. Side 5 af 7

186 Med tiden er skattebasen for de personlige indkomstskatter blevet mere kompleks, idet regeringer løbende har indført forskellige skattefradrag, der enten er økonomisk eller socialt betinget. Hvis de personlige indkomstskatter skal øges, anbefaler OECD, at lave en nærmere analyse over, om det kan være en fordel henholdsvis økonomisk og fordelingsmæssigt at ændre skattebasen (brede basen ud). Der bør også være en form for konsistens i beskatningen. Hvis et land eksempelvis ikke beskatter den beregnede leje fra ejerbolig i indkomstskatten, så er det svært at retfærdiggøre at blive ved med at give rentefradrag på lånene. Et alternativ til en direkte afskaffelse af rentefradragene kunne være et loft over fradragets størrelse eller værdi. OECD peger på, at undersøge fordelene ved at afskaffe forskellige særordninger inden for pensionsområdet, medarbejderaktier, venture kapital mv. Selskabsskatter På trods af behovet for økonomisk konsolidering så vil en stigning i selskabsskatten være en uattraktiv løsning for lande der i forvejen har relative høje selskabsskatter (over 25 pct.). Men der kan være muligheder for at udbrede baserne. De skattemæssige afskrivninger afviger ofte fra den reelle økonomiske værdi. De skattemæssige afskrivningsregler er ofte meget generelle og firkantede, og har en tendens til at være mere fordelagtige end de burde være. OECD anbefaler derfor at landene ser nærmere på dette område. Der har været en tendens til at gearing af virksomheder er steget over tid, hvilket afspejler de skattemæssige begunstigelser ved at have gæld pga. rentefradrag på virksomhedsniveau. Forrentning af egenkapital beskattes derimod både på virksomheds- og person niveau (dvs. hårdere). En række lande har vedtaget mere målrettede foranstaltninger for at begrænse mulighederne for overdrevne rentefradrag, restriktioner på gæld/egenkapitalrater eller på renteudgifters andel af indtjening før renteudgifter, skat og afskrivninger (EBITDA). Men det bør bemærkes, at sådanne restriktioner kan indføre nye forvridninger. En anden måde at udbrede skattebasen kan være at skærpe reglerne ift fradrag ved tab fx ved at reducere antallet af år, hvor det er muligt at udskyde tab. Kapitalgevinster Når man beskatter kapitalgevinster på aktieavancer involverer det en form for dobbeltbeskatning, idet den profit som giver anledning til disse gevinster også indgår i selskabsbeskatningen. Når kapitalgevinstbeskatningen er lavere end udbyttebeskatningen er der et incitament for aktionærerne til at overskud kan fordeles via tilbagekøb af egne aktier, hvilket medfører tabt skatteprovenu og tilskynder til uøkonomisk brug af ressourcer på skatteplanlægning. OECD anbefaler yderligere, at muligheden for at lukke huller i forbindelse med omrokering af indkomst undersøges nærmere. Det er i dag muligt i en række Side 6 af 7

187 lande eksempelvis at omrokere indkomst fra udbytte til skattefri avancer, hvilket tilskynder til skatteplanlægning. Grønne afgifter En udfordring er både at hæve skatteprovenuet og derved støtte konsolideringen og samtidig have ambitiøse mål for reduktionen af drivhusgasser. Det er formegentligt ikke muligt at skatteprovenuet fra grønne afgifter kan afhjælpe de offentlige finanser signifikant på den korte bane. Men på længere sigt kan det ifølge OECD være mulig, at opkræve et væsentligt skatteprovenu, såfremt afgifterne er designet ordentligt. Bankskatter Som følge af den finansielle krise er der i mange lande et ønske om, at øge den finansielle sektors rolle i finansieringen af statslige tiltag til at modvirke effekterne af den finansielle krise og eventuelt kommende kriser i den finansielle sektor. I en række lande er der allerede indført/planlægges der indført fonde, som skal understøtte bankafviklinger under ordnede forhold i fremtidige krisescenarier. I f.eks. Sverige er det besluttet at opbygge en fond på 2½ pct. af BNP gennem årlige bidrag på 0,036 pct. af bankernes passive ekskl. egenkapital. I Danmark er der udover bankpakke 1 og 2, indført en afviklingsmodel for nødlidende banker, hvor sektoren kollektivt dækker evt. resterende tab efter at usikrede kreditorer har dækket forholdsmæssigt. Der er dog ikke tale om en egentlig fondsopbygning. Den finansielle krise har også sat fornyet fokus på tidligere danske og internationale overvejelser om mulighederne for, at skærpe beskatningen af den finansielle sektor. Der foregår for tiden drøftelser i EU-regi om mulighederne for, at indføre en egentlig bankskat på EU-niveau. Bankskatten foreslås umiddelbart udformet som en finansiel aktivitetsskat (Financial Activities Tax, FAT), hvor skatten skal udgøre en procentdel af værditilvæksten i de finansielle virksomheder og grundlaget skal udgøres af lønsum plus overskud. Skatten minder om den danske lønsumsafgift, men har en bredere base, da grundlaget også omfatter overskud. Spørgsmålet om bankskatter skal drøftes på det officielle ECOFIN møde den 7. september 2010, hvorfor en egentlig dansk stillingtagen til spørgsmålet om bankskatter på EU-niveau ikke er afklaret på nuværende tidspunkt. Side 7 af 7

188 Notat J.nr. 2. september 2010 Bilag 1. Specifikation af udenlandske tiltag Nedenfor fremgår nogle eksempler på forskellige typer initiativer som forskellige lande har gennemført inden for de fem fremførte kategorier, jf. afsnit 2. Forøgelse af likviditeten i den private sektor Forlængelse af betalingsfrister for tilbageholdte indkomstskatter (Belgien) Forkortelse af tiden for refusion af moms til virksomhederne fra 30 dage til 15 (Tjekkiet) Forkortelse af tiden for refusion af moms til virksomhederne fra 180 dage til 60 (Polen) Virksomheder kan midlertidigt udskyde betalinger til sociale bidrag og ansattes tilbageholdte indkomstskatter (Sverige) Midlertidig ordning for udskydelse af momsbetalinger og told i 2009 (Island) Midlertidige tiltag der stimulerer forbruget Moms- og afgiftstiltag Reduktion af moms på farmaceutiske produkter fra 20 pct. til 10 pct. fra 2009 (Østrig) Nye biler vil midlertidigt slippe for motorkøretøjsafgift i et år (2 år for miljøvenlige biler) (Tyskland) Fjernelse af afgiften på motorkøretøjer for brændstof-effektive biler, mens afgiften reduceres på biler drævet af naturgas (Nederlandene) Moms ved køb af personbiler er fradragsberettiget (Tjekkiet) Momsen på fødevarer nedsættes fra 17 pct. til 12 pct. fra oktober 2009 (moms på alkohol og tobak øges med 10 pct.) (Finland) Side 1 af 6

189 Momsen reduceres fra 17,5 pct. til 15 pct. med virkning fra december 2008 til december Dette modsvares af en momsstigning på alkohol og tobak (UK) Visse punktafgifter og afgifter på motorkøretøjer blev forhøjet i maj 2009 med 10 pct. (motorkøretøjer) 11 pct. (diesel) 15 pct. (alkohol og tobak) og 21 pct. (benzin) (Island) Reduktion af kilometerskat på tunge køretøjer med 20 pct. (Island) Tiltag vedr. bolig Tiltag til yderligere støtte til førstegangs huskøbere er introduceret (Canada) Midlertidigt skattefradrag til boligrenovationer (fra januar 2009 til februar 2010) Reduktion af den højeste sats af boligskatten og perioden for betalingsfritagelse er forlænget (Portugal) Skattefradrag i de personlige indkomstskatter ved renovationer og vedligeholdelse af beboelsesejendomme (Sverige) Momsreduktion fra 21 pct. til 6 pct. på byggeri af private boliger (på beløb op til ) og på sociale boliger (Belgien) Ved erhvervelse af boligejendomme op til GBP er stempelafgiften fritaget fra september 2008 til december 2009 (UK) Fuld refusion af moms på arbejdskraft anvendt til opførelse og vedligeholdelse af private- og offentlige bygninger (gældende fra marts 2009 til september 2010 (Island) Andet Mulighed for delvis hævning af frivillige supplerende pensionsopsparinger fra marts 2009 til december 2010 (Island) Nedsættelse af indkomstskatter Beskæftigelsesfradrag og målrettede fradrag/bidrag: Skattebonus for beskæftigede og for familier med én forsørger (Australien) Fordobling af skattefritagelsen for lavindkomst beskæftigede (Canada) Side 2 af 6

190 Beskæftigelsesfradrag introduceret til lav- og mellemindkomsterne (Finland). Målrettede fradrag i den personlige indkomst for lavindkomst-familier introduceret i 2009 (Frankrig) Større skattefradrag for forældre i beskæftigelse Bonus op til for personer som arbejder efter de er fyldt 62 år (Nederlandene) Forhøjet beskæftigelsesfradrag (Sverige) Bidrag til arbejdsløshedsforsikring reduceret fra midten af 2008 for de beskæftigede med lave indkomster (Østrig) Midlertidig making work pay skattefradrag på $ 400 ( $ 800 for par) for lav- og middelindkomsterne i 2009 og 2010.(USA) Stigning i EITC (Earned Income Tax Credit) og i fradrag for børn (USA) Lempelser i marginalskatten på personlig indkomst Lempelser i marginalskatten for 2.- og 3. indkomstgruppe (Østrig). Lempelse af marginalskatten på 1-1,5 pct.point for alle indkomstgrupper (Finland) Nedsættelse af bundskatten fra 15 pct. til 14 pct. (Tyskland) Bidrag til social sikring er reduceret med 1 pct.point for beskæftigede og selvstændige samt en større reduktion for unge under 26 år (Sverige) Forhøjelse af skattegrænser Grænsen for skattebetalinger for den første indkomstgruppe (større end 0) og for topskatten er forhøjet med henholdsvis og (Østrig) 7,5 pct. stigning (ift niveau) i grænserne for de to laveste indkomstgrupper samt for det personlige standardbeløb fra 2009 (Canada). Bundskattegrænsen forhøjes med tilbagevirkende kraft fra januar 2009 og igen fra januar 2010 (Tyskland) Stigning i loftet over fradragsret i private pensioner (Nederlandene) Forhøjelse af personfradraget (Sverige) Side 3 af 6

191 Forhøjelse af personfradraget for personer under 65 år (UK) Andet Delvis skattefradrag for efter-gymnasial udgifter (USA) Nedsættelse af skatten på kapital/selskaber Nedsættelse af selskabsskatter Nedsættelse af selskabsskatten fra 22,12 pct. i 2007 til 15 pct. i Selskabsskatten for små virksomheder er reduceret til 11 pct. i Nedsættelse af selskabsskatten fra 22 pct. til 18 pct. for små- og mellemstore virksomheder i (Japan) Selskabsskatten er reduceret fra 28 pct. til 26,3 pct. (Sverige) Selskabsskatten er reduceret fra 18 pct. til 15 pct. (Island) Ændrede afskrivningsregler og skattefradragsregler Virksomheder har ret til 30 pct. skattefradrag for aktiver erhvervet i perioden 13. december 2008 til 30. juni 2009 og installeret inden 30. juni samt 10 pct. for aktiver erhvervet mellem 1. juli 2009 og 31. december 2009 og installeret inden 31. december 2010 (Australien) Første års afskrivninger i virksomhederne kan afskrives med 30 pct. i (Østrig) Accelererende afskrivningsmuligheder for fremstillingsvirksomheder, maskiner og udstyr erhvervet inden 2011 (Canada). Tilladelse til øjeblikkelige afskrivninger på investeringer i energibesparende udstyr (Japan) Afskrivningsmulighederne fordobles i (Finland) Øgede skattefradrag for R&D og moms i virksomheder er forventet (Frankrig) Faldende balanceafskrivninger med en rate på 25 pct. for løsøre anlægsaktiver erhvervet eller produceret efter januar 2009 og før december 2010 (Tyskland) Bedre afskrivningsmuligheder for virksomhederne (Nederlandene) Side 4 af 6

192 Forstærket skattefradrag for virksomheder beskæftiget med F&U projekter (Norge). Midlertidig accelererende afskrivninger på investeringer i visse aktiver (Norge). Virksomheder der fastholder antallet af medarbejdere kan frit afskrive deres aktiver (Spanien) Kapitalgodtgørelse for nye investeringer er steget til 40 pct. i et år med virkning fra april 2009 (UK) Andet Arbejdsgiver betalt pensionstilskud reduceres med 0,8 pct.point fra april 2009 (Finland) Alle investeringer i udstyr og ejendomme foretaget mellem oktober 2008 og december 2009 fritages for den lokale virksomhedsskat (Frankrig) En større andel af små- og mellemstore virksomheders profit er fritaget for beskatning (Nederlandene) Større lettelser for nystartede virksomheder (Nederlandene) Midlertidig mulighed for at tilbageføre virksomhedstab for de sidste to år (Norge). Reduktion af koncerninterne rentebetalinger (Sverige) Udskydelse af planlagt selskabsskat for små virksomheder (UK) Afskaffelse af skat på kapitalgevinster på aktier (Island) Nedsættelse af tilbageholdt skat af afkast udbetalt til udenlandske virksomheder er reduceret fra 15 pct. til 10 pct., således at raten bliver den samme som på afkast udbetalt til indenlandske virksomheder (Island) Andre tiltag Tiltag vedrørende pensionister og børn Øget alders-kredit for seniorer i 2009 (Canada) Stigning i pensionsindkomstfritagelser i stats- og kommuneskatterne (Finland) Forøgelse af skattefritagelse for skatteydere på 65 år eller over (Sverige) Side 5 af 6

193 Engangstilskud på 100 pr barn i 2009 (Tyskland) Social sikringsskattefradrag for at ansætte arbejdsløse personer med børn (Spanien) Forhøjelse af børnetilskud, børnerelateret skattefradrag, skattefradrag for omkostninger til børnepasning og skattefritagelse for arbejdsgiverbetalte subsidier til børnepasning (Østrig) Tiltag vedrørende hjemmeservice Øget skattefradrag for betalt arbejde i hjemmet øges til pr. skatteyder (Finland). Skattefradrag for service ydet i hjemmet er øget til 20 pct. (op til 6.000) (Tyskland) Tiltag vedrørende arbejdsløshedsbidrag Reduktion i sociale sikkerhedsbidrag til arbejdsløsheds- og sundhedsforsikringer (Tyskland). Afskaffelse af arbejdsgiver bidraget til arbejdsløshedsikrings-ordningen (Nederlandene) Andet Udvidelse af skattefritagelse for overtidsbetalinger (Østrig) Side 6 af 6

194 Notat J.nr. Harmful tax practices, tax competition and tax havens I 1998 rettede OECD fokus mod skadelig skattekonkurrence. Det skete med rapporten Harmful Tax Competion an emerging global issue. I rapporten blev de skadelige skatteordninger beskrevet som ordninger, der indeholder følgende elementer: 1. Ingen eller lav beskatning. 2. Afskærmning over for det lokale skattesystem (ring fencing). 3. Manglende gennemskuelighed. 4. Manglende udveksling af oplysninger. I forhold til ikke-oecd-lande, herunder skattelylande, er fokus alene rettet mod gennemskuelighed og udveksling af oplysninger. I forhold til OECD-lande er den primære fokus ligeledes gennemskuelighed og udveksling af oplysninger. Arbejdet mod skadelige lavskatteregimer videreføres imidlertid også parallelt med EU s tilsvarende arbejde med code of conduct for selskabsbeskatning. Global Forum om udveksling af oplysninger I 2009 stiftedes Global Forum on Transparency and Exchange of Information. Forummet bygger videre på det samarbejde om udveksling af skatteoplysninger, der har været mellem OECD-lande og ikke-oecd-lande siden Det nye forum er selvstændigt i forhold til OECD og består af såvel OECD-lande som ikke-oecd-lande. Forummet har sit eget sekretariat og sin egen hjemmeside: Alle jurisdiktioner er velkomne til at deltage i forummet. Der er p.t. 95 medlemsjurisdiktioner, som alle medvirker til finansieringen af arbejdet. En liste over medlemmerne findes på hjemmesiden. Forummet skal sikre, at alle relevante jurisdiktioner (dvs. alle OECD-lande, væsentlige finansielle centre og skattely) udveksler skatteoplysninger på anmodning efter den globalt anerkendte standard (OECD-standarden). Forummet skal derfor også bedømme jurisdiktioner, som ikke (endnu) er medlem af forummet, men som er relevante finansielle centre eller skattely. Standarden er, at jurisdiktionerne skal kunne udveksle oplysninger på anmodning som fastlagt i artikel 26 af OECD-modeloverenskomst og i den særlige modelover- Side 1 af 4

195 enskomst for udveksling af oplysninger (Tax Information Exchange Agreement (TIEA) modellen). Standarden kræver alene udveksling på anmodning. Der er således i modsætning til EU s projekt med udveksling af bankoplysninger ikke tale om automatisk udveksling af oplysninger. Til gengæld er der tale om andet og mere end blot bankoplysninger. De oplysninger, der skal kunne udveksle efter OECD standarden, vil således f.eks. også være: - Oplysninger om ejerskabet af selskaber m.v. - Regnskabs- og bogføringsmateriale. - Oplysninger om transaktioner og betalinger. For at standarden opfyldes skal 1. oplysningerne findes i jurisdiktionen, 2. oplysninger skal være tilgængelige for skattemyndighederne og 3. skattemyndighederne skal kunne udveksle oplysningerne med alle jurisdiktioner, der er relevante for det pågældende land. For at sikre at jurisdiktionerne lever op til standarden skal der udarbejdes to rapporter om hver eneste jurisdiktion. I den første rapport skal det bedømmes, om der findes den nødvendige lovgivning, herunder udvekslingsaftaler, til udveksling af oplysninger (fase 1). I den anden rapport skal det bedømmes om, der i praksis udveksles oplysninger (fase 2). Foreløbigt har Global Forum et mandat på 3 år ( ) i denne periode skal alle lande fase 1-bedømmes og udvalgte jurisdiktioner skal desuden fase 2-bedømmes. Det forventes, at mandatet forlænges så alle jurisdiktioner også fase 2-bedømmes. Til udarbejdelsen af rapporterne har Global Forum nedsat en undergruppe (Peer Review Group (PRG)). Danmark er medlem af PRG og deltager således aktivt i bedømmelsen af de forskellige jurisdiktioner. PRG har den 22. juli 2010 godkendt de første 8 fase-1 rapporter. Rapporterne vedrører Bermuda, Botswana, Cayman Islands, Indien, Jamaica, Monaco, Panama og Qatar. Rapporterne er fortrolige, indtil de er godkendt af det samlede Global Forum, som afholder det næste møde den september PRG er samtidigt i gang med at bedømme 8 lande, hvor fase 1 og fase 2 rapporterne udarbejdes simultant. Danmark er ét af disse lande, der i øjeblikket bedømmes i en kombineret rapport. De 7 andre lande er Australien, Irland, Mauritius, Norge, Canada, Tyskland og Jersey. Rapporten med bedømmelsen af Danmark skal efter planen offentliggøres i januar Side 2 af 4

196 Det nordiske projekt udvekslingsaftaler med små jurisdiktioner De nordiske lande har i Nordisk Råds regi samarbejdet med henblik på at få aftaler om udveksling af skatteoplysninger med alle relevante små jurisdiktioner. Dette har medført, at Danmark indtil videre har underskrevet 23 aftaler. Der er således indgået aftaler med Jersey, Guernsey, Isle of Man, Cayman Islands, Bermuda, De Britiske Jomfruøer, Aruba, De Nederlandske Antiller, San Marino, Gibraltar, Samoa, Cook Islands, Anguilla, Turks & Caicos Islands, Bahamas, St. Kitts & Nevis, St. Vincent and the Grenadines, Antigua & Barbuda, Dominica, Grenada, St. Lucia, Andorra og Monaco. 8 af disse aftaler er trådt i kraft. De aftaler, der er trådt i kraft, er Jersey, Guernsey, Isle of Man, Cayman Islands, Bermuda, De Britiske Jomfruøer, Gibraltar og San Marino. Udvekslingsaftaler med finansielle centre Danmark har også indgået nye aftaler om udveksling af oplysninger med en række af de større finansielle centre, hvor bankhemmeligheden tidligere har hindret udveksling af oplysninger. Det drejer sig om Schweiz, Østrig, Belgien, Luxembourg og Singapore. Amnestiordningen En følge af de forbedrede muligheder for at anmode om oplysninger er den amnestiordning, som blev sendt på høring i juli Høringsforslaget er en udmøntning af den aftale, som regeringen (Venstre og Det Konservative Folkeparti) den 4. maj 2010 indgik med Dansk Folkeparti, Socialistisk Folkeparti, Det Radikale Venstre, Enhedslisten og Liberal Alliance om en midlertidig strafnedsættelsesordning for udeholdt udenlandsk indkomst i Strafnedsættelsesordningen er åben for personer og selskaber, der har midler på konti eller i depot i lande, som SKAT inden 1. januar 2008 ikke kunne få bankoplysninger fra - herunder de lande, som efterfølgende har indgået aftaler om udveksling af oplysninger med Danmark. Det kræves, at man melder sig frivilligt i en periode, der går fra 1. januar 2011 til 5. januar 2012, at man lægger kortene på bordet og samarbejder med SKAT om at fremskaffe alle oplysninger, og at man betaler alle skyldige skatter og afgifter med det samme. Ordningen giver en nedsat straf i forhold til den straf, der ville blive tale om efter de almindelige regler. Uanset sagens størrelse bliver der ikke tale om fængsel. Sagen kan afsluttes administrativt med vedtagelse af en bøde, som SKAT beregner. Bøden udgør 60 pct. af de samlede unddragne skatter og afgifter. Dog ikke i små sager, hvor bøden ville være lavere end 60 pct. efter de almindelige regler. Side 3 af 4

197 Ordningen er frivillig, og man kan altid få domstolene til at efterprøve rammerne. Man risikerer ikke, at domstolene idømmer en højere straf, men anonymiteten kan ikke opretholdes. Skadelige lav skatteordninger Som omtalt i indledningen er bekæmpelsen af skadelig skattekonkurrence dobbeltrettet i forhold til OECD-landene. Der er således også et arbejde med bekæmpelse af lav skatteordninger, der er afskærmet over for det lokale skattesystem. I 2000 identificerede OECD 47 skatteordninger i medlemslandene, hvor det skulle undersøges nærmere om de var skadelige. Disse 47 ordninger er nu bedømt af OECD-lande og ordningerne er enten godkendte, tilrettede eller ophævede. Det videre arbejde på dette område vil bl.a. bestå i at overvåge eksisterende og kommende skatteordninger. Yderligere information Yderligere information kan findes i OECD s baggrundsnotat: Promoting transparency and exchange of information for tax purposes, som er vedlagt til orientering. Side 4 af 4

198 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES A Background Information Brief 18 August, 2010 For more information please contact: Jeffrey Owens, OECD Centre for Tax Policy and Administration Director or Pascal Saint-Amans, Global Forum Secretariat

199 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 1. Tax avoidance and tax evasion threaten government revenues throughout the world. The US Senate estimates revenue losses amount to 100 billion dollars a year and in many European countries the sums run into billions of euros. This translates into fewer resources for infrastructure and affects the standard of living for all of us in both developed and developing economies. Globalisation generates opportunities to increase global wealth but also results in increased risks. The increase in cross-border flows that come with a global financial system require more effective tax cooperation. Better transparency and information exchange for tax purposes are key to ensuring that taxpayers have no safe haven to hide their income and assets and that they pay the right amount of tax in the right place. The OECD is the leading organisation in the area of tax cooperation and has been working on the issues of transparency and exchange of information for over 15 years. 2. Since the beginning of 2008 international tax evasion and the implementation of high standards of transparency and exchange of information have been very high on the political agenda, reflecting recent scandals that have affected countries around the world and the spotlight that the global financial crisis has put on financial centres generally. Tax transparency was a key feature of the G20 Summits in Washington, London and Pittsburgh. In London, the G20 leaders stated that: We agree to take action against non-cooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over. We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information. 3. In Pittsburgh they underscored the need for quick progress, stating that they stand ready to use countermeasures against jurisdictions that do not adopt the standards developed by the OECD and the Global Forum. The G 20 Finance Ministers and Central Bank Governors have constantly supported the work of the Global Forum and most recently in Pusan in June (See Annex II for a history of G7/G8/G20 support for this work) 4. In 2009, more progress toward full effective exchange of information has been made than in the past decade. In the run up to the G20 summit held in London on 2 April 2009, the standards on transparency and exchange of information developed by the OECD were endorsed by all key players, including jurisdictions which had so far been opposed to exchanging bank information. As a result, the standard of information exchange on request, including bank and fiduciary information, is now universally endorsed and the UN has incorporated the OECD standard in the UN Model Tax Convention in October The OECD Secretary General stated what we are witnessing is nothing short of a revolution. By addressing the challenges posed by the dark side of the tax world, the campaign for global tax transparency is in full flow. We have equipped ourselves with the institutional means to continue the campaign. With the crisis, global public opinion s expectations are high, their tolerance of non-compliance is zero and we must deliver. 5. Not only has the standard been universally endorsed but it is now being implemented as hundreds of information exchange instruments have been concluded over the past few months. Information exchange requires that jurisdictions do conclude such international agreements to be in a position to enter administrative assistance in all tax matters. Since 2009, almost 500 agreements were signed by jurisdictions which were identified by the OECD as not substantially implementing the standard in the progress report published on 2 April in conjunction of the G20. Since that date, 18 August

200 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 29 jurisdictions have been removed from that category for having signed at least 12 agreements to the standards. Even though some offshore financial centres (OFCs) have signed agreements with other OFCs, the vast majority of agreements are with countries which have an interest in obtaining information for tax purposes. Also, many of the jurisdictions which have reached the threshold of 12 agreements continue negotiating and signing more agreements. 6. Signing agreements is a necessary step towards full implementation of the standard. It is however also necessary that these agreements enter into force and are effectively implemented. In order to monitor and trigger effective exchange, the Global Forum on Transparency and Exchange of Information for Tax Purposes was restructured and strengthened as decided at its Mexico meeting on 1-2 September The Global Forum now includes 95 members on an equal footing. Membership includes all G20 members, all OECD countries and all offshore jurisdictions. It has a three year mandate to peer review all the members and other jurisdictions which may require special attention. The peer reviews will encompass two phases: Phase 1 will review the legal and regulatory frameworks while phase 2 will assess the practical implementation of the standard. The reports will include recommendations to improve the situation in the reviewed jurisdictions. 7. In fewer than 3 months, the Global Forum Secretariat has been established and is now fully operational. In February the Global Forum adopted Terms of Reference, a Methodology and a note on Assessment Criteria. A Schedule of Reviews has also been approved. All these documents are available on the Global Forum web site at 8. As a result, the first set of peer reviews were launched on 1 March It covers a first group of 18 jurisdictions: Australia, Barbados, Bermuda, Botswana, Canada, Cayman Islands, Denmark, Germany, India, Ireland, Jamaica, Jersey, Mauritius, Monaco, Norway, Panama, Qatar, Trinidad & Tobago. Eight review reports in the cases of Bermuda, Botswana, Cayman Islands, India, Jamaica, Monaco, Panama and Qatarwere adopted in the PRG Meeting on July 2010 in The Bahamas and should be adopted at the Global Forum Meeting on September 2010 in Singapore. The reviews are a first step in a three-year process approved in February by the Global Forum in response to the call by G20 leaders at their Pittsburgh Summit in September 2009 for improved tax transparency and exchange of information. A second set of twenty reviews will be launched shortly. 9. In addition, the G20 and the OECD have stressed the importance for developing countries to benefit from the sea change in transparency and exchange of information. Already some emerging economies have entered into negotiations of tax information exchange instruments. It is in particular the case of Argentina, China, India, and South Africa. The Global Forum membership is open to developing countries. The OECD has also amended the joint OECD Council of Europe Convention on Administrative Assistance in order to bring it up to the standard and open it up for signatures to non OECD countries. The protocol amending the Convention was signed by 15 countries at the OECD Ministerial Council Meeting on 27 May The original convention entered into force in Once 5 of these countries have ratified the Protocol economies in transition and developing countries will be able to join the updated Convention. It currently groups 14 countries -- Azerbaijan, Belgium, Denmark, Finland, France, Iceland, Italy, Netherlands, Norway, Poland, Sweden, United Kingdom, United States, and Ukraine with Canada, Germany and Spain having signed it but not yet ratified it. Other OECD and Council of Europe members, including some that are G20 countries, are looking at becoming parties to the convention, and it is now being opened up to other countries that are not members of either the OECD or the Council of Europe members. 18 August

201 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 10. Together with the Development Assistance Committee, the OECD Committee for Fiscal Affairs are developing a technical assistance programme as well as exploring means to ensure developing countries benefits fully of the recent changes. A Task Force on Tax and Development was established and met on 11 May 2010 in Paris. Recent progress 11. Progress in 2009 can be summarised as follows: In 2009, the standard has been universally endorsed as the four OECD countries (Austria, Belgium, Luxembourg and Switzerland) which were opposed lifted their reservation to Article 26 of the OECD Model. The three non-cooperative tax havens which refused to endorse the standard finally did so in March (Andorra, Liechtenstein and Monaco). The four Global Forum jurisdictions which had not committed to implement the standard on 2 April did so soon after this date (Costa Rica, Malaysia, Philippines and Uruguay). Finally, all the non-oecd countries which expressed a reservation to Article 26 withdrew their reservation, including Brazil, Chile and Thailand. As the UN also endorsed the new version of Article 26, the standard can now be considered as the internationally agreed standard. The standard is now being implemented by countries which were reluctant to commit to it: since 2009 more than 320 TIEAs were signed and 150 double taxation conventions (DTCs) or protocols have been signed or brought up to the standard by countries which were considered not to have substantially implementing the standard on 2 April. Altogether these jurisdictions have now signed almost 360 TIEAs since 2000 with dozens more under negotiation. Austria, Andorra, The Bahamas, Chile, Hong Kong, China, Liechtenstein, Macao, China, Malaysia, Panama, the Philippines, San Marino and Singapore have passed legislation aimed at implementing their commitments to the international tax standard. Costa Rica and Guatemala have initiated important legislative changes intended to allow them to meet the international tax standards. Since the issuance of the 2nd April 2009 Progress Report 29 jurisdictions Andorra, Anguilla, Antigua and Barbuda, Aruba, Austria, The Bahamas, Bahrain, Belgium, Bermuda, British Virgin Islands, Brunei, Cayman Islands, Chile, Dominica, Gibraltar, Grenada, Liechtenstein, Luxembourg, Malaysia, Monaco, Netherlands Antilles, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Samoa, San Marino, Singapore, Switzerland and the Turks and Caicos Islands have moved to the category of jurisdictions having substantially implemented the standard in the Progress Report. In addition, 2 jurisdictions - Brazil and Indonesia have since joined the Global Forum, provided detailed information on their treaty networks. They have demonstrating that they have substantially implemented the internationally agreed tax standard. 12. These policy changes represent a very significant step toward a level playing field as regards exchange of information for tax purposes. However, these must now be followed up with swift and consistent implementation, which the OECD and the Global Forum will review and closely monitor. 18 August

202 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 7B7BThe Standards of Transparency and Exchange of Information 13 The standards of transparency and exchange of information that have been developed by the OECD are primarily contained in the Article 26 of the OECD Model Tax Convention and the 2002 Model Agreement on Exchange of Information on Tax Matters. The standards have been adopted by the G20 Ministers of Finance at a meeting in Berlin (Germany) in 2004, Xianghe (China) in 2005 and by the UN Committee of Experts on International Cooperation in Tax Matters in October They serve as a model for the vast majority of the 3600 bilateral tax conventions entered into by OECD and non-oecd countries and are the international norm for tax co-operation. 14 The standards require: Exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic laws of the treaty partner. No restrictions on exchange caused by bank secrecy or domestic tax interest requirements. Availability of reliable information and powers to obtain it. Respect for taxpayers rights. Strict confidentiality of information exchanged. 15. These requirements strike a balance between privacy and the need for jurisdictions to enforce their tax laws. A jurisdiction requesting information must establish that the information is foreseeably relevant to the administration and enforcement of its tax laws, which rules out so-called fishing expeditions. The scope of the information that may be requested, however, is extremely broad. Where the information requested is foreseeably relevant, then this will cover any and all information that relates to the enforcement and administration of the requesting jurisdictions tax laws, including, information relating to interest, dividends or capital gains, bank information, fiduciary information relating to trusts, or ownership information of companies. 9BThe Global Forum on Transparency and Exchange of Information 16 Since 2000, the Global Forum has been the multilateral framework within which work in this area has been carried out by both OECD and non-oecd economies. From 2006, the Global Forum has published annual assessments of the legal and administrative framework for transparency and exchange of information in over 80 countries. The last update was published in September 2009 as Tax Co-operation 2009: Towards a Level Playing Field 2009 Assessment by the Global Forum on Transparency and Exchange of Information (www.oecd.org/ctp/htp/cooperation). Political attention to the Global Forum s work, and the urgency of ensuring that high standards of transparency and exchange of information are in place around the world, made it imperative to review the Global Forum s structure and mandate. 17. The Global Forum met in Mexico on 1-2 September 2009 to discuss progress made in implementing the international standards, and how to respond to international calls to strengthen the work of the Global Forum. (For the outcomes of the Global Forum meeting see Annex I.) Participants agreed that the Global Forum should: 18 August

203 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES be restructured to include all OECD, G20 and other jurisdictions covered by the 2009 Assessment, as an organisation established under Part II of the OECD budget this means that the Global Forum is funded by its members who each have an equal footing; establish a self-standing dedicated secretariat based in the OECD Centre for Tax Policy and Administration; carry out an in-depth monitoring and peer review of the implementation of the standards of transparency and exchange of information for tax purposes; develop multilateral instruments to speed up negotiations; and ensure that developing countries benefit from the new environment of transparency. 18. To fulfil this mandate, the Global Forum set up a 15 member Steering Group, chaired by Australia with Vice-Chairs from China, Germany and Bermuda, to guide the work of the Global Forum. In addition, a 30 member Peer Review Group chaired by France and assisted by four Vice-Chairs India, Japan, Singapore and Jersey. The Peer Review Group s first task has been to develop the methodology and detailed terms of reference for a robust, transparent and accelerated process. The first meetings of the Peer Review Group took place in October and December 2009 and delegates have worked diligently to lay the foundations for the revie ws, which have begun in March All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, will undergo reviews of the implementation of their systems for the exchange of information in tax matters. This will take place in two phases. Phase 1 reviews will assess the quality of a jurisdiction s legal and regulatory framework for the exchange of information, while Phase 2 will look at practical operation of that framework. All jurisdictions will undergo Phase 1 reviews before June 2012 and all Phase 2 reviews should be completed before June The reviews began in March A schedule of reviews has been published at so that the public can follow the Global Forum s progress, and the outcome of the reviews will also be published once they are adopted by the Global Forum. In addition, a system of on-going monitoring has been put in place to ensure that developments which occur after a review is complete are acknowledged and to make sure that the most complete and up-to-date information about all the jurisdictions covered by the Global Forum s work is available to the public. This will include a database of information concerning transparency and exchange of information on the Global Forum website. 20. The next meeting of the Global Forum will be held in Singapore on September Please consult the Global Forum s website at for more information. Enabling All Countries to Benefit from the New Transparency Environment 21. Emerging economies are already drawing benefits from international changes in favour of more transparency and exchange of information. Argentina, China and India have recently concluded a number of TIEA or DTCs, including Article 26 of the OECD Model Convention. Major non-oecd countries, including some within the G20, have withdrawn their positions on the exchange of information provision of the OECD Model Tax Convention (Brazil, Chile, Malaysia, Romania, Serbia and Thailand). Today all of the 30 non-oecd countries which have formally set out their positions on the OECD Model have removed their objections to the international standard on exchange of information incorporated into Article August

204 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 22. Developing countries often lack the resources and capacity to build effective tax administration and although there have been improvements in revenue raising efforts over the last few years, half of sub Saharan African countries still mobilise less than 17% of their GDP in tax revenues, as against an average of around 35% in OECD countries. The external environment also poses new challenges. The global shift away from tariffs has added to the problems of domestic revenue-raising and striking the right balance between an attractive tax regime for investment and growth, and securing the necessary revenues for public spending, is a key policy dilemma. Globalisation exacerbates these fiscal problems, as internationally mobile capital becomes more difficult to tax. 23. Offshore financial centres, broadly defined, reduce revenue available to developing countries where they act as a destination for income streams and wealth protected by a lack of transparency and show a refusal or inability to exchange information with revenue authorities who may have taxing rights in respect of that income or those assets. Data on revenues lost by developing countries from offshore non compliance is unreliable. Most estimates, however, exceed by some distance the level of aid received by developing countries around USD 100 billion annually. 24. A key issue now is how developing countries can best be supported to take advantage of the more transparent international environment, and to strengthen their tax systems. International organisations and bilateral donors can help developing countries to: Enter into exchange of information agreements for tax purposes, including through multilateral mechanisms where possible in order to ensure quick implementation; Create administrative structures to implement exchange of information mechanisms and to protect the confidentiality of information exchanged; Strengthen administrative capacity including audit mechanisms to enable developing countries to request and use information obtained under agreements efficiently and in a way which significantly increases the legitimate enforcement of their tax legislation; In broader terms such support also can help develop and restructure tax systems; Fighting corruption and enhancing integrity within tax administrations. These issues are currently being discussed both within the OECD and the Global Forum, as well as in co-ordination with other international organisations that have an interest in this work. Speeding up the Process 25. The OECD is currently pursuing important strategies to help accelerate the development of adequate exchange of information networks. One stream is a process of multilateral negotiations toward bilateral agreements for the exchange of information. The OECD has initiated three pilot projects, two in the Caribbean and one in the Pacific All of the pilot projects have been successful More than 100 agreements have already been signed or are currently being concluded as a result of the initiative. The initiative has allowed a number of smaller jurisdictions such as Antigua and Barbuda, the Cook Islands, Samoa and the Turks and Caicos Islands to quickly put in place a significant network of agreements with OECD countries. It has also allowed some of these jurisdictions to move into the substantially implemented category in the Progress Report. These experiments have been extended to Costa Rica and Liberia. More than 100 agreements have been signed so far from these initatives. It is being considered to extend this to developing countries. 18 August

205 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 26. The second strand was to update the OECD Council of Europe Convention on Mutual Administrative Assistance in Tax Matters so that it ensures exchange of information in accordance with the standards and allows jurisdictions that are not members of either the OECD or Council of Europe to become a party to it. The steps necessary to revise the convention are almost complete. Its effect is to align the convention to the international standard on information exchange for tax purposes by allowing for the exchange of bank information. This initiative responds to a call by G20 leaders at their April 2009 summit for proposals as to ways to help developing countries secure the benefits of the new cooperative tax environment. 27. Finally, the 2002 Model Agreement on Exchange of Information on Tax Matters sets out two options: a bilateral and a multilateral TIEA. The multilateral model TIEA does not provide for a multilateral agreement in the traditional sense. Instead, it provides the basis for an integrated bundle of bilateral treaties, so that a party to it would only be bound by the Agreement vis-à-vis the specific parties with which it agrees to be bound. Perhaps due to the novelty of the multilateral approach, the Model has to date only been implemented in its bilateral form. The OECD has developed a protocol designed to facilitate the implementation of the multilateral approach. 1The OECD s Harmful Tax Practices Project 28. Another key aspect of the OECD s work on promoting the standards of transparency and exchange of information has been its harmful tax practices project, which was launched in 1996 at the behest of the G7. This initiative is carried out through the Forum on Harmful Tax Practices, a subsidiary body of the Committee on Fiscal Affairs (CFA), and has consistently garnered the support of the international community. The first major output of the Forum on Harmful Tax Practices was the 1998 Report, Harmful Tax Competition: An Emerging Global Issue 1. The publication of this report initiated a period of intense dialogue aimed at eliminating preferential tax regimes within OECD member states 2, identifying tax havens and seeking their commitments to the principles of transparency and effective exchange of information and encouraging other non-oecd economies to associate themselves with the harmful tax practices work. Between 2000 and 2002 the OECD worked with these jurisdictions to secure their commitment to implement the OECD s standards of transparency and exchange of information. 3 This dialogue with non-oecd members ultimately transformed into the Global Forum on Transparency and Exchange of Information, and many of these jurisdictions now play active roles on its Steering Group and Peer Review Group (Bermuda, British Virgin Islands, Cayman Islands, Isle of Man, Jersey, Malta, Mauritius, St. Kitts and Nevis, Samoa and The Bahamas). BAccess to Bank Information for Tax Purposes 29. In parallel with the work on harmful tax practices, the OECD s Committee on Fiscal Affairs (CFA) is examining the extent to which OECD Member countries and observer countries have access to bank information for tax purposes. In 2000, Improving Access to Bank Information for Tax Purposes was published. The report set out an ideal standard of access to bank information, namely, that all Member countries should permit access to bank information, directly or indirectly, for all tax 1 Luxembourg and Switzerland abstained in the approval of the report. 2 The project has been very successful. By 2004, all but one of the preferential tax regimes identified within the OECD had been abolished, amended or found not to be harmful. The only outstanding regime was the Luxembourg 1929 holding company regime. In December 2006 Luxembourg enacted legislation to abolish the regime by the end of See Towards Global Tax Co-operation: Progress in Identifying and Eliminating Harmful Tax Practices (2000) for a detailed history of the tax haven criteria and the development of these lists. 18 August

206 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES purposes so that tax authorities can fully discharge their revenue raising responsibilities and engage in effective exchange of information with their treaty partners. The CFA has been closely monitoring the progress made in implementing this standard and has issued two progress reports, in 2003 and With the announcements in 2009 by Austria, Belgium, Luxembourg and Switzerland, all OECD countries now endorse this standard. 1B1BImproving Compliance 30. The CFA also investigates how member governments can co-operate to minimise the extent of tax evasion and avoidance. In this regard it has mandated a focus group to study the role that no or nominal tax jurisdictions play in tax evasion. This work is intended to both identify particular challenges that these jurisdictions pose for tax administrations and to help administrations adopt best practices. The CFA is also about to publish a study on the effectiveness of offshore compliance initiatives launched by OECD and non-oecd countries. 31. Another important aspect of compliance work is carried out through the OECD s Forum on Tax Administration (FTA), established by the CFA in 2002, which brings together tax commissioners from over 40 countries to promote cooperation between revenue bodies and to develop good tax administration practices. Over the last few years the FTA has examined a wide range of issues in the areas of compliance risk management, taxpayer services, and use of modern technology. HUAt Seoul, Korea in September 2006UH, the FTA agreed to work together on ways to improve tax administration and to address the significant and growing problem of international non-compliance with national tax requirements. The Seoul Declaration (www.oecd.org/ctp/ta/seouldeclaration) issued in conjunction with that meeting identified four areas in which the tax administration heads planned to intensify existing work or initiate new work under the auspices of the OECD, including: further developing a directory of aggressive tax planning schemes to assist member countries identify trends and measures to counter such schemes; and an examination of the role of tax intermediaries in relation to the promotion of unacceptable tax minimization arrangements. 32. At their subsequent meeting in January 2008 in Cape Town, South Africa -- the outcomes of which are set out in the HUCape Town CommuniquéUH -- the FTA Commissioners endorsed the conclusions and recommendations of the Study into the Role of Tax Intermediaries. The scope of this study was widened following the Seoul meeting to examine the tripartite relationship between large business taxpayers, revenue bodies and tax intermediaries on the basis that taxpayers represented the demand side of unacceptable tax minimisation arrangements. The Commissioners also noted the further progress with the development of the directory of aggressive tax planning schemes. In addition, responding to a recommendation of tax intermediaries' study, they commissioned further follow-up studies involving the tax planning activities of high-net-worth individuals and banks. These studies were finalised and published in June The FTA Commissioners have recently endorsed a work programme for 2010 which will continue to focus on unacceptable tax minimisation arrangements. Commissioners will be examining (1) the range of initiatives used to encourage those taxpayers who have used tax havens to hide their income and gains to come forward to regularise their tax affairs and (2) as how to best leverage from the recent advances in exchange of information through greater use of joint audits of taxpayers operating in multiple jurisdictions, exploring the linkages between good corporate governance and tax compliance. The outcomes of this work will be discussed at the FTA meeting in Istanbul in September August

207 3B3BANNEX I: CHRONOLOGY OF G7/G8/G20 SUPPORT FOR THE OECD S WORK ON TRANSPARENCY AND EXCHANGE OF INFORMATION G 20 Leaders Statement Toronto, Canada June 2010 We fully support the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and welcomed progress on their peer review process, and the development of a multilateral mechanism for information exchange which will be open to all interested countries. Since our meeting in London in April 2009, the number of signed tax information agreements has increased by almost 500. We encourage the Global Forum to report to Leaders by November 2011 on progress countries have made in addressing the legal framework required to achieve an effective exchange of information. We also welcome progress on the Stolen Asset Recovery Program, and support its efforts to monitor progress to recover the proceeds of corruption. We stand ready to use countermeasures against tax havens. G20 Communiqué: Meeting of Finance Ministers and Central Bank Governors Washington D.C., U.S. 23 April 2010 We also welcomed the report by the Global Forum on Tax Transparency and Exchange of Information, the launch of the peer review process, and the development of a multilateral mechanism for information exchange which will be open to all countries. G20 Leaders Statement Pittsburgh, U.S. 25 September 2009 We are committed to maintain the momentum in dealing with tax havens We stand ready to use countermeasures against tax havens from March G-8 Declaration: Meeting of Heads of Government L Aquila, Italy 8 July 2009 [A]ll jurisdictions must now quickly implement their commitments. We cannot continue to tolerate large amounts of capital hidden to evade taxation. Statement of G8 Finance Ministers Lecce, Italy, 13 June, 2009 It is also essential to develop an effective peer-review mechanism to assess compliance delivered by an expanded Global Forum. G20 Communiqué: The Global Plan for Recovery and Reform London, U.K. 2 April 2009

208 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES [W]e agree to take action against non-cooperative jurisdictions, including tax havens We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information G20 Declaration: Strengthening the Financial System London, U.K. 2 April 2009 We stand ready to take agreed action against those jurisdictions which do not meet international standards in relation to tax transparency. We are committed to developing proposals, by end 2009, to make it easier for developing countries to secure the benefits of a new cooperative tax environment. G20 Working Group on Reinforcing International Cooperation and Promoting Integrity in Financial Markets (WG2), Final Report: 27 March 2009 We urge the international bodies responsible for prudential and regulatory standards, anti money laundering and terrorist financing, and tax matters - the FSF, the FATF and the OECD - to accelerate their work of identifying uncooperative jurisdictions and developing a toolbox of effective countermeasures against these jurisdictions... G20 Declaration of the Summit on Financial Markets and the World Economy Washington, D.C. 15 November 2008 the Organization for Economic Cooperation and Development (OECD), should continue efforts to promote tax information exchange. Lack of transparency and a failure to exchange tax information should be vigorously addressed. G-8 Communiqué: Meeting of Heads of Government Hokkaido Japan 9 July 2008 We urge all countries that have not yet fully implemented the OECD standards of transparency and effective exchange of information in tax matters to do so without further delay, and encourage the OECD to strengthen its work on tax evasion and report back in G-8 Communiqué: Meeting of Finance Ministers Osaka Japan 14 June 2008 In view of the recent developments, we urge all countries that have not yet fully implemented the OECD standards of transparency and effective exchange of information in tax matters to do so without further delay. We welcome the efforts of the OECD in this regard, and ask the OECD to strengthen its work on tax evasion. G20 Communiqué: Meeting of Ministers and Governors in Melbourne November August

209 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES Further progress is needed and we encourage continuing implementation efforts and call on those countries and territories that have not yet implemented high standards of transparency and exchange of information to do so. G20 Communiqué: Meeting of Finance Ministers and Central Bank Governors Xianghe, Hebei, China, October 2005 [W]e welcome the efforts of the OECD Global Forum on Taxation to promote high standards of transparency and effective exchange of information for tax purposes. G8 Communiqué on Africa Gleneagles, UK 14 July 2005 We will continue to support Financial Stability Forums ongoing work to promote and review progress on the implementation of international standards, particularly the new process concerning offshore financial centres that was agreed in March 2005, and the OECD s high standards in favour of transparency and exchange of information in all tax matters. G20 Statement on Transparency and Exchange of Information for Tax Purposes Meeting of Finance Ministers and Central Bank Governors Berlin, Germany November 2004 The G20 therefore strongly support the efforts of the OECD Global Forum on Taxation to promote high standards of transparency and exchange of information for tax purposes and to provide a cooperative forum in which all countries can work towards the establishment of a level playing field based on these standards. G7 Economic Communiqué: Making a success of globalization for the benefit of all Lyon, France 28 June 1996 We strongly urge the OECD to vigorously pursue its work in this field, aimed at establishing a multilateral approach under which countries could operate individually and collectively to limit the extent of these practices. We will follow closely the progress on work by the OECD, which is due to produce a report by August

210 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 4B4BANNEX II: YEARS OF THE G20: IMPACT ON IMPLEMENTATION Up to the G20 Washington Summit on 15 November 2008 a total of 44 tax information exchange agreements (TIEAs) had been signed. Very few of the jurisdictions identified as not having substantially implemented the internationally agreed tax standard in the Progress Report issued in conjunction with the G20 Summit in London on 2 April had signed any double taxation conventions (DTCs) that met the standard. The 23 TIEAs agreed in 2008 were double the total number of agreements that had been signed since the Global Forum began in Following the G20 summit in Washington and in the run-up to the London Summit in April 2009 TIEA signings skyrocketed, as well as the negotiation of new DTCs or protocols to existing DTCs that incorporated the standard on exchange. A further 21 TIEAs/DTCs were agreed in just four months, and between the London Summit and the G20 meeting in Pittsburgh in September 164 more agreements were in place. The pace continued and by the end of the year a total of 36 jurisdictions working to substantially implement the standard had signed 200 TIEAs and upgraded 118 DTCs. Since January 2010, 133 TIEAs and upgraded 40 DTCs have been signed. 18 August

211 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 28 jurisdictions have been moved to the category of those jurisdictions having substantially implemented the standards for having signed at least 12 agreements to the standards. Even though some offshore financial centres (OFCs) have signed agreements with other OFCs, the vast majority of agreements are with countries which have an interest in obtaining information for tax purposes. The chart below shows that only a very small percentage (12%) of the agreements signed since the November 2008 G20 Summit have been entered into between jurisdictions that had not substantially implemented the standards on 2 April August

212 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES Virtually all of the 28 jurisdictions which have reached the threshold of 12 agreements continue negotiating and signing more agreements. 18 August

213 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES 18 August

214 PROMOTING TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES ANNEX V: OECD PROGRESS REPORT A PROGRESS REPORT ON THE JURISDICTIONS SURVEYED BY THE OECD GLOBAL FORUM IN IMPLEMENTING THE INTERNATIONALLY AGREED TAX STANDARD 1 Progress made as at 18 th August, 2010 (Original Progress Report 2 nd April 2009) 18 August

Byg din informationsarkitektur ud fra en velafprøvet forståelsesramme The Open Group Architecture Framework (TOGAF)

Byg din informationsarkitektur ud fra en velafprøvet forståelsesramme The Open Group Architecture Framework (TOGAF) Byg din informationsarkitektur ud fra en velafprøvet forståelsesramme The Open Group Framework (TOGAF) Otto Madsen Director of Enterprise Agenda TOGAF og informationsarkitektur på 30 min 1. Introduktion

Læs mere

Projektledelse i praksis

Projektledelse i praksis Projektledelse i praksis - Hvordan skaber man (grundlaget) for gode beslutninger? Martin Malis Business Consulting, NNIT mtmi@nnit.com 20. maj, 2010 Agenda Project Governance Portfolio Management Project

Læs mere

Coalitions and policy coordination

Coalitions and policy coordination Coalitions and policy coordination This page intentionally left blank Mikkel Mailand Coalitions and policy coordination Revision and impact of the European Employment Strategy DJØF Publishing Copenhagen

Læs mere

Europaudvalget 2013-14 EUU Alm.del Bilag 575 Offentligt

Europaudvalget 2013-14 EUU Alm.del Bilag 575 Offentligt Europaudvalget 2013-14 EUU Alm.del Bilag 575 Offentligt Kære folketingsmedlem, medlem af Europaudvalget Hver gang vi har haft EU parlamentsvalg har det lydt: nu skal vi have borgerne til at interessere

Læs mere

Userguide. NN Markedsdata. for. Microsoft Dynamics CRM 2011. v. 1.0

Userguide. NN Markedsdata. for. Microsoft Dynamics CRM 2011. v. 1.0 Userguide NN Markedsdata for Microsoft Dynamics CRM 2011 v. 1.0 NN Markedsdata www. Introduction Navne & Numre Web Services for Microsoft Dynamics CRM hereafter termed NN-DynCRM enable integration to Microsoft

Læs mere

Trolling Master Bornholm 2013

Trolling Master Bornholm 2013 Trolling Master Bornholm 2013 (English version further down) Tilmeldingen åbner om to uger Mandag den 3. december kl. 8.00 åbner tilmeldingen til Trolling Master Bornholm 2013. Vi har flere tilmeldinger

Læs mere

Baltic Development Forum

Baltic Development Forum Baltic Development Forum 1 Intelligent Water Management in Cities and Companies developing and implementing innovative solutions to help achieve this objective. Hans-Martin Friis Møller Market and Development

Læs mere

DIRF. Medlemsmøde om Best Practice Disclosure policy and process. 22. Juni 2015

DIRF. Medlemsmøde om Best Practice Disclosure policy and process. 22. Juni 2015 Medlemsmøde om 22. Juni 2015 Realitet I (Extract) bewildering amount of firm news lower barriers to global investment increasingly competitive environment the value created by effectively communicating

Læs mere

Information Systems ICT. Welcome to. Autumn Meeting Oct 2013, Copenhagen(DK)

Information Systems ICT. Welcome to. Autumn Meeting Oct 2013, Copenhagen(DK) Information Systems ICT Welcome to Autumn Meeting Oct 2013, Copenhagen(DK) Agenda Autumn Meeting 2013 Thursday 24:th of October 10:00 Velkomst. Status fra formanden og gennemgang af program for høstmødet

Læs mere

Bilag. Resume. Side 1 af 12

Bilag. Resume. Side 1 af 12 Bilag Resume I denne opgave, lægges der fokus på unge og ensomhed gennem sociale medier. Vi har i denne opgave valgt at benytte Facebook som det sociale medie vi ligger fokus på, da det er det største

Læs mere

Rentemarkedet. Markedskommentarer og prognose. Kilde, afdækning Dato 12. august 2014

Rentemarkedet. Markedskommentarer og prognose. Kilde, afdækning Dato 12. august 2014 Rentemarkedet Markedskommentarer og prognose Kilde, afdækning Dato 12. august 2014 Rentemarkedet DKK siden august og fremover 2.5 2 1.5 1 0.5 August 2013 NU Vores forventning til renteniveauet om 1 år

Læs mere

Virk.dk. A one-stop-shop for businesses. Peter Bay Kirkegaard, pbk@eogs.dk Special Advisor Danish Commerce and Companies Agency

Virk.dk. A one-stop-shop for businesses. Peter Bay Kirkegaard, pbk@eogs.dk Special Advisor Danish Commerce and Companies Agency Virk.dk A one-stop-shop for businesses Peter Bay Kirkegaard, pbk@eogs.dk Special Advisor Danish Commerce and Companies Agency Agenda Background Status Future 16-10-2007 2 Virk.dk 16-10-2007 3 Vision Political

Læs mere

INDUSTRIAL relations

INDUSTRIAL relations Carsten Strøby Jensen INDUSTRIAL relations indenmark - from conflict-based consensus to consensus-based conflict DJØF Publishing Industrial Relations in Denmark From conflict-based consensus to consensus-based

Læs mere

Copenhagens. Internationale. Konkurrenceevne. DI Hovedstadens Erhvervstræf 2015

Copenhagens. Internationale. Konkurrenceevne. DI Hovedstadens Erhvervstræf 2015 Copenhagens Internationale Konkurrenceevne DI Hovedstadens Erhvervstræf 2015 Copenhagen Capacity 20 år som hovedstadens investerings- og erhvervsfremmeorganisation med to formål: 1. At udvikle en region

Læs mere

Bestyrelser og revisors rolle. Julie Galbo Vicedirektør, Finanstilsynet

Bestyrelser og revisors rolle. Julie Galbo Vicedirektør, Finanstilsynet Bestyrelser og revisors rolle Julie Galbo Vicedirektør, Finanstilsynet Antallet af pengeinstitutter før og efter krisen 160 140 120 100 80 60 40 20 Øvrige ophørte institutter Ophørt efter FT kapitalkrav

Læs mere

Trolling Master Bornholm 2013

Trolling Master Bornholm 2013 Trolling Master Bornholm 2013 (English version further down) Tilmeldingerne til 2013 I dag nåede vi op på 77 tilmeldte både. Det er lidt lavere end samme tidspunkt sidste år. Til gengæld er det glædeligt,

Læs mere

Aktivitet Dag Start Lektioner Uge BASP0_V1006U_International Human Resource Management/Lecture/BASP0V1006U.LA_E15onsdag 11:40 3 36 41

Aktivitet Dag Start Lektioner Uge BASP0_V1006U_International Human Resource Management/Lecture/BASP0V1006U.LA_E15onsdag 11:40 3 36 41 Aktivitet Dag Start Lektioner Uge BASP0_V1006U_International Human Resource Management/Lecture/BASP0V1006U.LA_E15onsdag 11:40 3 36 41 BASP0_V1006U_International Human Resource Management/Lecture/BASP0V1006U.LA_E15tirsdag

Læs mere

BILAG 8.1.B TIL VEDTÆGTER FOR EXHIBIT 8.1.B TO THE ARTICLES OF ASSOCIATION FOR

BILAG 8.1.B TIL VEDTÆGTER FOR EXHIBIT 8.1.B TO THE ARTICLES OF ASSOCIATION FOR BILAG 8.1.B TIL VEDTÆGTER FOR ZEALAND PHARMA A/S EXHIBIT 8.1.B TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHARMA A/S INDHOLDSFORTEGNELSE/TABLE OF CONTENTS 1 FORMÅL... 3 1 PURPOSE... 3 2 TILDELING AF WARRANTS...

Læs mere

Climate adaptation in Denmarkand a groundwater dilemma

Climate adaptation in Denmarkand a groundwater dilemma Climate adaptation in Denmarkand a groundwater dilemma Rolf Johnsen www.regionmidtjylland.dk Challenges with water Denmark 10-40% Precipitation ½-1m Sea level change 5-15 % Increase in runoff 0-2 m Groundwater

Læs mere

Betydningen af de nye aktionærrettigheder

Betydningen af de nye aktionærrettigheder Betydningen af de nye aktionærrettigheder - boosting aktivt ejerskab på tværs af EU - af Caspar Rose EU Parlamentet vedtog 15. februar direktivet om "Shareholders Rights" EU-Kommissær Charlie McCreevy

Læs mere

Appendix. Side 1 af 13

Appendix. Side 1 af 13 Appendix Side 1 af 13 Indhold Appendix... 3 A: Interview Guides... 3 1. English Version: Rasmus Ankær Christensen and Hanne Krabbe... 3 2. Dansk Oversættelse - Rasmus Ankær Christensen og Hanne Krabbe...

Læs mere

DIRF IR strategi og implementering. 15 Marts 2011, Michael von Bulow, IR, Danmark

DIRF IR strategi og implementering. 15 Marts 2011, Michael von Bulow, IR, Danmark DIRF IR strategi og implementering 15 Marts 2011, Michael von Bulow, IR, Danmark Agenda Vores værdier IR og organisationen Planning wheel IR politik Aktiviteter & Output & KPI Udfordringer 2 Our five values

Læs mere

Totallivsomkostning som vejen frem Hvorfor leverandører af udstyr til den maritime branche bør indtænke service i deres forretningsstrategier

Totallivsomkostning som vejen frem Hvorfor leverandører af udstyr til den maritime branche bør indtænke service i deres forretningsstrategier Totallivsomkostning som vejen frem Hvorfor leverandører af udstyr til den maritime branche bør indtænke service i deres forretningsstrategier Section for Engineering Design and Product Development Dér

Læs mere

Arbitration in Denmark

Arbitration in Denmark Arbitration in Denmark Steffen Pihlblad Christian Lundblad Claus Søgaard-Christensen DJØF PUBLISHING Arbitration in Denmark Eds. Grith Skovgaard Ølykke Carina Risvig Hansen Steffen Pihlblad, Christina

Læs mere

Den udenrigspolitiske aktivisme: Hvorfor? Hvordan? Og hvad så?

Den udenrigspolitiske aktivisme: Hvorfor? Hvordan? Og hvad så? Den udenrigspolitiske aktivisme: Hvorfor? Hvordan? Og hvad så? Lektor, Jens Ringsmose Institut for Statskundskab Syddansk Universitet INSTITUT FOR STATSKUNDSKAB Plottet 1. Hvad er dansk udenrigspolitisk

Læs mere

Kan den danske flexicurity-model overleve? Og bør den være forbillede for en EU model?

Kan den danske flexicurity-model overleve? Og bør den være forbillede for en EU model? Dansk velfærdspolitik som model for EU? Kan den danske flexicurity-model overleve? Og bør den være forbillede for en EU model? Søren Kaj Andersen March 21, 2006 Flexicurity For the Danish, A Job Loss Can

Læs mere

KEA The sky is the limit 20. November 2013

KEA The sky is the limit 20. November 2013 KEA The sky is the limit 20. November 2013 Agenda Kort om Dansk Standard og standarder Dansk Standard er den nationale standardiseringsorganisation i Danmark Omsætning DKK 194 mio.kr. 160 medarbejdere

Læs mere

BILAG 8.1.F TIL VEDTÆGTER FOR EXHIBIT 8.1.F TO THE ARTICLES OF ASSOCIATION FOR

BILAG 8.1.F TIL VEDTÆGTER FOR EXHIBIT 8.1.F TO THE ARTICLES OF ASSOCIATION FOR BILAG 8.1.F TIL VEDTÆGTER FOR ZEALAND PHARMA A/S EXHIBIT 8.1.F TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHARMA A/S INDHOLDSFORTEGNELSE/TABLE OF CONTENTS 1 FORMÅL... 3 1 PURPOSE... 3 2 TILDELING AF WARRANTS...

Læs mere

POSitivitiES Positive Psychology in European Schools HOW TO START

POSitivitiES Positive Psychology in European Schools HOW TO START POSitivitiES Positive Psychology in European Schools HOW TO START POSitivitiES Positive Psychology in European Schools PositivitiES er et Comenius Multilateral europæisk projekt, som har til formål at

Læs mere

Klimatilpasning og Skybrudsplan. Kan det betale sig? Case: Copenhagen and Frederiksberg. Arne Bernt Hasling. abh@cowi.dk

Klimatilpasning og Skybrudsplan. Kan det betale sig? Case: Copenhagen and Frederiksberg. Arne Bernt Hasling. abh@cowi.dk Aarhus, Regional Miljøkonference 2012.10.31 Klimatilpasning og Skybrudsplan Kan det betale sig? Case: Copenhagen and Frederiksberg Arne Bernt Hasling abh@cowi.dk 1 The basic assumptions Development in

Læs mere

VidenForum Fokus på viden Viden i fokus

VidenForum Fokus på viden Viden i fokus VidenForum inviterer til seminarrække - Learn how to improve your intelligence and market analysis capabilities VidenForum har fornøjelsen at præsentere en række spændende seminarer i samarbejde med Novintel

Læs mere

Agenda Subject Time Status Annex Comments. 3 Budget 2013 15.15 16.00 03 Will be forwarded Friday 7 th. 16.00 18.00 Strategic discussion/ Decision

Agenda Subject Time Status Annex Comments. 3 Budget 2013 15.15 16.00 03 Will be forwarded Friday 7 th. 16.00 18.00 Strategic discussion/ Decision Board Meeting - Draft Agenda Wednesday, December 12 th From 15.00 to 20.00 20.00: Dinner together with participants in LRP workshop Agenda 1, Annex 1 Agenda Subject Time Status Annex Comments 1. Welcome

Læs mere

System Innovation Group

System Innovation Group System Innovation Group System Innovation Consult ApS Linåvej 9A - 8600 Silkeborg Denmark Tel.: +45 8680 1522 - Fax: +45 8680 1528 - CVR-no.: DK34203644 Email: Kurt@sysinconsult.com www.sysinconsult.com

Læs mere

(Text with EEA relevance)

(Text with EEA relevance) 24.4.2015 EN Official Journal of the European Union L 106/79 COMMISSION IMPLEMENTING DECISION (EU) 2015/646 of 23 April 2015 pursuant to Article 3(3) of Regulation (EU) No 528/2012 of the European Parliament

Læs mere

Skattely og skattefusk - Hvad kan EU gøre?

Skattely og skattefusk - Hvad kan EU gøre? Skattely og skattefusk - Hvad kan EU gøre? DEO, 4. september 2013 Lars Koch IBIS 1 Hvad er problemet? EU 7.500 milliard kroner mister EU årligt i tabte skatteindtægter $21-31 trillion gemt i skattely =

Læs mere

Kernekraft - i dag og i morgen. Bent Lauritzen Risø DTU 20. september 2011

Kernekraft - i dag og i morgen. Bent Lauritzen Risø DTU 20. september 2011 Kernekraft - i dag og i morgen Bent Lauritzen Risø DTU 20. september 2011 DTU og Risø DTU Danmarks Tekniske Universitet (DTU) 7000 studerende, 4200 ansatte, omsætning 3,2 mia. kr. Risø DTU er nationallaboratorium

Læs mere

The Use of RFID transponders By Klaus Nissen kni@berendsen.dk

The Use of RFID transponders By Klaus Nissen kni@berendsen.dk The Use of RFID transponders By Klaus Nissen kni@berendsen.dk Page 1 Agenda Berendsen Textile Service who we are How do we use the transponders The future Page 2 You have most probably used our products,

Læs mere

Recycling with care we think about the future

Recycling with care we think about the future Recycling with care we think about the future At RC Plastic, we recycle everything and have been doing so for 30 years RC Plast A/S was founded in 1984 with the aim of collecting factory waste from the

Læs mere

VisitAarhus konferencen 2012

VisitAarhus konferencen 2012 VisitAarhus konferencen 2012 Cruise Copenhagen Network En masse millarder grunde Scandic Hotel Aarhus December 3, 2012 Målsætning Agenda Fede Tider Københavnske Udfordringer CCN s Set-Up Aarhus 7.5 min.

Læs mere

Mobile Hospitals. A world on wheels

Mobile Hospitals. A world on wheels Mobile Hospitals A world on wheels 01 HMK bilcon presentation history, products, facts 02 Mobile Blood Donation Units 3D film Examples Standard specifications Fully custom made solutions Film preparing

Læs mere

Totally Integrated Automation. Totally Integrated Automation sætter standarden for produktivitet.

Totally Integrated Automation. Totally Integrated Automation sætter standarden for produktivitet. Totally Integrated Automation Totally Integrated Automation sætter standarden for produktivitet. Bæredygtighed sikrer konkurrenceevnen på markedet og udnytter potentialerne optimalt. Totally Integrated

Læs mere

We are in. Alnarp, Sweden. Ås, Norway. Årslev, Denmark. Svalbard. Department, plants - Seedlab and active seed collection - DNA lab.

We are in. Alnarp, Sweden. Ås, Norway. Årslev, Denmark. Svalbard. Department, plants - Seedlab and active seed collection - DNA lab. Arni Bragason We are in Alnarp, Sweden Department, plants - Seedlab and active seed collection - DNA lab Service - Greenhouse and fields - IT, information og documentation - administration Ås, Norway Department

Læs mere

Plastindustrien i Danmark & Norsk Kompositforbund

Plastindustrien i Danmark & Norsk Kompositforbund Plastindustrien i Danmark & Norsk Kompositforbund Emner : Status & Trends Nye markeder - Kina Leverings flaskehalse Vinger til vindmøller Prognose til 2012 Perspektiver og Udfordringer for danske aktører

Læs mere

HR portalen har fået en ansigtsløftning... Af Anita Lindhart, HR-chef. Må ikke kopieres eller fjernes!

HR portalen har fået en ansigtsløftning... Af Anita Lindhart, HR-chef. Må ikke kopieres eller fjernes! Uge 45 - nr. 371 PRESS RELEASE (openpr.com) Eurofins partners with leading US certification firm, SCS, for Indoor Air Quality Certification In a landmark move to better serve European customers with interest

Læs mere

Nyt fra PwC's IPO Watch

Nyt fra PwC's IPO Watch www.pwc.dk Nyt fra 's IPO Watch v/ Jens Otto Damgaard, partner, Revision. Skat. Rådgivning. Om s IPO Watch IPO Watch Europe undersøger hvert kvartal alle nye børsnoteringer på Europas vigtigste børsmarkeder

Læs mere

Vejledning til en europæisk COREfaktura-datamodel. CII-retningslinjer for implementering Del 3: Europæisk CORE-fakturasyntaksmapping

Vejledning til en europæisk COREfaktura-datamodel. CII-retningslinjer for implementering Del 3: Europæisk CORE-fakturasyntaksmapping DS-information DS/CWA 16356-3 1. udgave 2011-11-09 Vejledning til en europæisk COREfaktura-datamodel med UN/CEFACT CII-retningslinjer for implementering Del 3: Europæisk CORE-fakturasyntaksmapping Guide

Læs mere

FREMTIDEN OG FJERNVARME

FREMTIDEN OG FJERNVARME FREMTIDEN OG FJERNVARME ENERGIPOLITISK KONFERENCE Fjernvarmeindustrien, 26. marts 2015 Axel Olesen Instituttet for Fremtidsforskning Instituttet for Fremtidsforskning: www.iff.dk At styrke beslutningsgrundlaget

Læs mere

Maritime Labor Convention - MLC 2006. Hvordan gik det så og hvor er vi egentlig henne i dag

Maritime Labor Convention - MLC 2006. Hvordan gik det så og hvor er vi egentlig henne i dag Maritime Labor Convention - MLC 2006 Hvordan gik det så og hvor er vi egentlig henne i dag Jens Nielsen Master Mariner, Senior Surveyor, MMS Auditor, ILO Inspector Copenhagen Marine Management Services

Læs mere

LEGO og C-TPAT CUSTOMS-TRADE PARTNERSHIP AGAINST TERRORISM. TØF GODSKONFERENCE 2005 Jørgen Eeg Sørensen

LEGO og C-TPAT CUSTOMS-TRADE PARTNERSHIP AGAINST TERRORISM. TØF GODSKONFERENCE 2005 Jørgen Eeg Sørensen LEGO og C-TPAT CUSTOMS-TRADE PARTNERSHIP AGAINST TERRORISM LEGO og C-TPAT Baggrunden 11. september 2001 Homeland Security US Customs & Border Protection C-TPAT Hvordan vi har gjort i LEGO Gruppen Baggrunden

Læs mere

SUPER STORE IN COPENHAGEN K. Antonigade 2, 1106 København K Sag 56BRK0100026

SUPER STORE IN COPENHAGEN K. Antonigade 2, 1106 København K Sag 56BRK0100026 SUPER STORE IN COPENHAGEN K Antonigade 2, 1106 København K Sag 56BRK0100026 Interior: Nice rectangular sales floor easy to design for most concepts. Toilet in the back. Common staff facilities on the

Læs mere

Fremtidens brugerinstallationer for fjernvarmen. Jan Eric Thorsen, Director DHS Application Centre and HEX research, Danfoss Heating

Fremtidens brugerinstallationer for fjernvarmen. Jan Eric Thorsen, Director DHS Application Centre and HEX research, Danfoss Heating Jan Eric Thorsen, Director DHS Application Centre and HEX research, Danfoss Heating Overblik: Hvilke krav stiller fremtidens energisystem til brugerinstallationen? Hvorledes kan disse krav opfyldes? Konkrete

Læs mere

Kan danske mælkeproducenter konkurrere fremover?

Kan danske mælkeproducenter konkurrere fremover? Kan danske mælkeproducenter konkurrere fremover? 29. september 2014 Anders Andersen, EDF STAR Denmark www.dairyfarmer.dk www.facebook.com/europeandairyfarmers Agenda 1. Kort om resultater ved danske mælkeproducenter

Læs mere

German Services for Danish Investors

German Services for Danish Investors wwwpwcde wwwpwcdk German Services for Danish Investors Our Services Your Benefits Your Situation Din Situation You are a Danish entrepreneur planning to expand to Germany? Or you are already operating

Læs mere

Specifikation og kvalificering af svejseprocedurer for metalliske materialer Kvalificering ved godkendelse af en standardsvejseprocedure

Specifikation og kvalificering af svejseprocedurer for metalliske materialer Kvalificering ved godkendelse af en standardsvejseprocedure Dansk standard DS/EN ISO 15612 2. udgave 2005-12-22 Specifikation og kvalificering af svejseprocedurer for metalliske materialer Kvalificering ved godkendelse af en standardsvejseprocedure Specification

Læs mere

Department meeting, 31 October 2012

Department meeting, 31 October 2012 Department meeting, 31 October 2012 Introduction and presentation of programme (by CT) Presentation and discussion of budget/fc 3 2012 and budget 2013 (by Martha Berdiin, Head of Finance, BSS) Presentation

Læs mere

Den tekniske vinkel på ejendomsprojekter

Den tekniske vinkel på ejendomsprojekter Den tekniske vinkel på ejendomsprojekter Stig Lohmann-Devantier Projektchef Laila Stub Udviklingschef 1 Perspektivet TEKNIK 2 Vi vil fokusere på Miljø- og byggeteknisk Due Diligence hvor er de største

Læs mere

Healthcare Apps. OUH Odense University Hospital & Svendborg Hospital. Kiel, Germany, November 2013 1 05/12/13

Healthcare Apps. OUH Odense University Hospital & Svendborg Hospital. Kiel, Germany, November 2013 1 05/12/13 Healthcare Apps OUH Odense University Hospital & Svendborg Hospital Kiel, Germany, November 2013 1 05/12/13 Jesper Lakman Senior Consultant Digital InnovaGon (4 employees) IT Department (140 employees)

Læs mere

Kapitalstruktur i Danmark. M. Borberg og J. Motzfeldt

Kapitalstruktur i Danmark. M. Borberg og J. Motzfeldt Kapitalstruktur i Danmark M. Borberg og J. Motzfeldt KORT OM ANALYSEN Omfattende studie i samarbejde med Økonomisk Ugebrev Indblik i ledelsens motiver for valg af kapitalstruktur Er der en optimal kapitalstruktur

Læs mere

Smart Solutions in Urban Development v. Sven Buch, development mangager

Smart Solutions in Urban Development v. Sven Buch, development mangager Smart Solutions in Urban Development v. Sven Buch, development mangager Founded in 1944 By 1960 1.000 homes By 1990 5.000 homes 2010-2020 Program for new homes and renovation approx. 6 billion d.kr. and

Læs mere

MANCHESTER OG LIVERPOOL

MANCHESTER OG LIVERPOOL STUDIETUR FOR ØKONOMI UDVALGET TIL MANCHESTER OG LIVERPOOL 1.-5. OKTOBER 2014 FORMÅL, TEMA, PARALELLER OG FORELØBIGT PROGRAM http://manchestergazette.co.uk/wp-content/uploads/2013/02/city_dusk_landscape.jpg

Læs mere

The City Goods Ordinance. 1. Introduction. Web: www.citygods.dk. City Gods. Certificeret. E-mail: citygods@btf.kk.dk

The City Goods Ordinance. 1. Introduction. Web: www.citygods.dk. City Gods. Certificeret. E-mail: citygods@btf.kk.dk 1. Introduction Web: www.citygods.dk City Gods Certificeret E-mail: citygods@btf.kk.dk 2. The City Goods ordinance - main target City Goods ordinance: Vans and lorries over 2.500kg totalweigt must be 60%

Læs mere

EVENT DESCRIPTION RES-e Regions

EVENT DESCRIPTION RES-e Regions EVENT DESCRIPTION RES-e Regions Title: Visions for Solar Energy & Sustainable Energy Systems for Cities Date & location: 18 April 2007, Copenhagen Organizer: SolarCity Copenhagen and DTI Number of Participants:

Læs mere

Ilisimatusarfik HD Dimittender 2011

Ilisimatusarfik HD Dimittender 2011 HD dimittender 2011 Louise Langholz lol@ral.gl Forandringsledelse Fra forståelse til handling en planlagt organisationsforandring En undersøgelse af hvordan Royal Arctic Line A/S gennemfører etablering

Læs mere

Kriterie for at bestå: Deltagelse i undervisningstiden, udarbejdelse af e-magasin, deltagelse i fælles fremlægning.

Kriterie for at bestå: Deltagelse i undervisningstiden, udarbejdelse af e-magasin, deltagelse i fælles fremlægning. 1. E-MAGASINER (Herning) Hvem kan deltage: Studerende i Herning Kriterie for at bestå: Deltagelse i undervisningstiden, udarbejdelse af e-magasin, deltagelse i fælles fremlægning. På kurset lærer du at

Læs mere

Rentemarkedet. Markedskommentarer og prognose. Kilde, Renteafdækning fra februar Dato 3. marts 2015

Rentemarkedet. Markedskommentarer og prognose. Kilde, Renteafdækning fra februar Dato 3. marts 2015 Rentemarkedet Markedskommentarer og prognose Kilde, Renteafdækning fra februar Dato 3. marts 2015 Rentemarkedet DKK siden august og fremover 2.5 2 1.5 1 Marts 2014 Forventningen til renteniveauet om 1

Læs mere

What has happened in Denmark during the last 10 years? Professor Klaus Bock ERC Council Member

What has happened in Denmark during the last 10 years? Professor Klaus Bock ERC Council Member What has happened in Denmark during the last 10 years? Professor Klaus Bock ERC Council Member Public research budget 2002-2011 Billion DKK National Research Foundation Municipal and regional grants International

Læs mere

Effekter af eksportfremme for danske virksomheder. Jakob Munch University of Copenhagen Georg Schaur University of Tennessee

Effekter af eksportfremme for danske virksomheder. Jakob Munch University of Copenhagen Georg Schaur University of Tennessee Effekter af eksportfremme for danske virksomheder Jakob Munch University of Copenhagen Georg Schaur University of Tennessee Hvad ved vi om eksportfremme? De fleste lande bruger betydelige ressourcer på

Læs mere

London s Comings and Goings, Additional Work

London s Comings and Goings, Additional Work 27 (104) London s Comings and Goings, Additional Work Explain the following phrases and expressions from the text to wind down to have a poor command of English to be politically sensitive to be all over

Læs mere

Presentation for DTU Vækstfonden and more

Presentation for DTU Vækstfonden and more Presentation for DTU Vækstfonden and more Vækstfonden i dag Vækstfondens strategi VF s nye strategi understøtter... Finansiel afkast VF s mission og vision VISION At det danske venturemarked bliver det

Læs mere

Erhvervslivets mediationsdag Siemens A/S 2015 siemens.com/answers

Erhvervslivets mediationsdag Siemens A/S 2015 siemens.com/answers Siemens tilgang til tvistløsning siemens.com/answers En af Danmarks største teknologivirksomheder Etableret i Danmark i 1893 Ansatte 2014: ca. 7.200 Heraf ~1.500 ingeniører & R&D Omsætning 2014: DKK 26,1

Læs mere

Vejledning til en europæisk COREfaktura-datamodel. CII-retningslinjer for implementering Del 2: Europæisk CORE-fakturadatamodel

Vejledning til en europæisk COREfaktura-datamodel. CII-retningslinjer for implementering Del 2: Europæisk CORE-fakturadatamodel DS-information Standard$ $ DS/CWA 16356-2 1. udgave 2011-11-09 Vejledning til en europæisk COREfaktura-datamodel med UN/CEFACT CII-retningslinjer for implementering Del 2: Europæisk CORE-fakturadatamodel

Læs mere

PERSPECTIVES ON MARKETING OF GREEN ELECTRICITY:

PERSPECTIVES ON MARKETING OF GREEN ELECTRICITY: PERSPECTIVES ON MARKETING OF GREEN ELECTRICITY: MODELING CONSUMER ADOPTION, CHOICE BEHAVIOR AND CONSUMER SWITCHING By Yingkui Yang THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE

Læs mere

Vind Seminar Fredericia 4. april 2013 JOB2SEA

Vind Seminar Fredericia 4. april 2013 JOB2SEA Vind Seminar Fredericia 4. april 2013 JOB2SEA Rekrutteringsstrategi i et svært marked. Helle Drachmann Baggrund Job- & CV database Outplacement & transition management Koncern HR Selvstændig virksomhed

Læs mere

Overfør fritvalgskonto til pension

Overfør fritvalgskonto til pension Microsoft Development Center Copenhagen, January 2009 Løn Microsoft Dynamics C52008 SP1 Overfør fritvalgskonto til pension Contents Ønsker man at overføre fritvalgskonto til Pension... 3 Brug af lønart

Læs mere

DIRF Samspil mellem IR og øvrig ekstern kommunikation

DIRF Samspil mellem IR og øvrig ekstern kommunikation DIRF Samspil mellem IR og øvrig ekstern kommunikation Iben Steiness Director, Carlsberg Investor Relations Agenda Introduktion Ekstern kommunikation i Carlsberg IR vs medier Praktiske eksempler Page 2

Læs mere

ÅRSREGNSKAB 2009. Pressemøde. Peter Straarup. Ordførende direktør. Tonny Thierry Andersen. Koncernøkonomidirektør. 4. februar 2010

ÅRSREGNSKAB 2009. Pressemøde. Peter Straarup. Ordførende direktør. Tonny Thierry Andersen. Koncernøkonomidirektør. 4. februar 2010 ÅRSREGNSKAB 2009 Pressemøde 4. februar 2010 Peter Straarup Ordførende direktør Tonny Thierry Andersen Koncernøkonomidirektør Årets resultat 2009: Overskud trods den største realøkonomiske tilbagegang i

Læs mere

LandboSyd møde 29. sept. 2014 Markedsudviklingen

LandboSyd møde 29. sept. 2014 Markedsudviklingen LandboSyd møde 29. sept. 2014 Markedsudviklingen Før, nu og forventninger Thomas Carstensen, September 29, 2014 Siden 1880'erne har mælkeproducenter slået sig sammen i andelsselskaber 2 3 I dag er vores

Læs mere

Trolling Master Bornholm 2013

Trolling Master Bornholm 2013 Trolling Master Bornholm 2013 (English version further down) Tilmeldingerne til 2013 I dag nåede vi op på 85 tilmeldte både. Det er stadig lidt lavere end samme tidspunkt sidste år. Tilmeldingen er åben

Læs mere

Miljø som konkurrenceparameter. Mads Stensen, Maersk Line Sustainability

Miljø som konkurrenceparameter. Mads Stensen, Maersk Line Sustainability Miljø som konkurrenceparameter Mads Stensen, Maersk Line Sustainability Hvad er container shipping? Hvad er container shipping? Verden forandres kravene til shipping forandres Før handlede det om at være

Læs mere

Præsentation og debat om veje til samarbejde/nye muligheder for danske modevirksomheder, der ønsker vækst på det internationale marked

Præsentation og debat om veje til samarbejde/nye muligheder for danske modevirksomheder, der ønsker vækst på det internationale marked Præsentation og debat om veje til samarbejde/nye muligheder for danske modevirksomheder, der ønsker vækst på det internationale marked Formål: Åbne op for dialog og forståelse for samarbejde på tværs af

Læs mere

CSR SOM SALGSPARAMETER

CSR SOM SALGSPARAMETER CSR SOM SALGSPARAMETER Hvordan skaber det værdi og hvad skal der til? Af Charlotte B. Merlin AGENDA Kort om Hartmann Sælgernes rolle og træning Værktøjer og serviceydelser Kunderne Regler for etisk markedsføring

Læs mere

Roterende elektriske maskiner Del 20-1: Reguleringsmotorer Stepmotorer

Roterende elektriske maskiner Del 20-1: Reguleringsmotorer Stepmotorer DS-information DS/CLC/TS 60034-20-1 1. udgave 2004-10-08 Roterende elektriske maskiner Del 20-1: Reguleringsmotorer Stepmotorer Rotating electrical machines Part 20-1: Control motors - Stepping motors

Læs mere

Hvilke typer koder findes der?

Hvilke typer koder findes der? Introduktion Hvilke typer koder findes der? Responsmekanismer og benchmark ifht. sms. Øg din ROI på din medieinvestering Hvad er det der bygger bro efter din kunde har scannet kode Payment / Salg Promotion

Læs mere

Omstilling af det danske energisystem til 100% vedvarende energi Scenarieanalyser i CEESA-projektet

Omstilling af det danske energisystem til 100% vedvarende energi Scenarieanalyser i CEESA-projektet Omstilling af det danske energisystem til 100% vedvarende energi Scenarieanalyser i CEESA-projektet Mandag Morgens Klimakonference 26. februar 2013 Poul Alberg Østergaard / Brian Vad Mathiesen Aalborg

Læs mere

The New Line Copenhagen-Ringsted. Bentleyusers.dk 14 November 2011

The New Line Copenhagen-Ringsted. Bentleyusers.dk 14 November 2011 The New Line Copenhagen-Ringsted Bentleyusers.dk 14 November 2011 Rail transport in Denmark The history of rail transport in Denmark began in 1847 with the opening of a railway line between Copenhagen

Læs mere

Den røde tråd fra testdækning til releasemetrikker

Den røde tråd fra testdækning til releasemetrikker Den røde tråd fra testdækning til releasemetrikker The art of developing software cheaper, in good quality and at schedule Software-Pro Agenda Den røde tråd fra testdækning til releasemetrikker Mange har

Læs mere

Nyhedsbrev 15 Februar 2008

Nyhedsbrev 15 Februar 2008 Nyhedsbrev 15 Februar 2008 FTU Boghandel Halmstadgade 6, 8200 Århus N Tlf: 86 10 03 38 / Mail:ftu@ats.dk / Inet: www.ftu.dk Hvem er FTU Boghandel? FTU Boghandel er en specialboghandel indenfor teknik,

Læs mere

Bornholms Regionskommune Rapportering

Bornholms Regionskommune Rapportering Bornholms Regionskommune Rapportering Materialet er udarbejdet til Bornholms Regionskommune og bedes behandlet fortroligt Rapporten er udarbejdet den 12. august 2014. Dealer Pernille Linnerup Kristensen

Læs mere

En temperaturmåling på dansk biotek. Martin Bonde Formand for Dansk Biotek

En temperaturmåling på dansk biotek. Martin Bonde Formand for Dansk Biotek En temperaturmåling på dansk biotek Martin Bonde Formand for Dansk Biotek Agenda Introduktion En status Udfordringer mod 2020 Konklusioner Dansk Biotek organisation for danske biotekvirksomheder Startet

Læs mere

KPMG Global Healthcare. KPMG Healthcare. "A perfect storm in global healthcare" 3 Thought leadership - veje til successfuld implementering af ehealth

KPMG Global Healthcare. KPMG Healthcare. A perfect storm in global healthcare 3 Thought leadership - veje til successfuld implementering af ehealth KPMG Global Healthcare 1 2 KPMG Healthcare "A perfect storm in global healthcare" 3 Thought leadership - veje til successfuld implementering af ehealth 1 KPMG's globale healthcare team Global 1. Global

Læs mere

NY BUTIK / CAFE PÅ UNIK BELIGGENHED Frederiksborggade 7, 1360 København K Sag 56BRK0112604

NY BUTIK / CAFE PÅ UNIK BELIGGENHED Frederiksborggade 7, 1360 København K Sag 56BRK0112604 NY BUTIK / CAFE PÅ UNIK BELIGGENHED Frederiksborggade 7, 1360 København K Sag 56BRK0112604 NY METROTRAPPE - LIGE UDE FORAN LEJEMÅLET NEW STAIRCASE FOR THE METRO - RIGHT OUTSIDE THE PREMISES BELIGGENHED

Læs mere

LIFE projekt praktik fra Usserød Å Naturstyrelsens informationsmøde Odense 11. juni 2015

LIFE projekt praktik fra Usserød Å Naturstyrelsens informationsmøde Odense 11. juni 2015 LIFE projekt praktik fra Usserød Å Naturstyrelsens informationsmøde Odense 11. juni 2015 Case historien Usserød Å, kort Projektverdenen ifølge LIFE Kontrakten med LIFE Hvorfor er planen så vigtig? Hvad

Læs mere

Udfordringer for cyber security globalt

Udfordringer for cyber security globalt Forsvarsudvalget 2013-14 FOU Alm.del Bilag 105 Offentligt Udfordringer for cyber security globalt Binbing Xiao, Landechef, Huawei Technologies Danmark Knud Kokborg, Cyber Security Officer, Huawei Technologies

Læs mere

Havefrø. Specialiseret frøproduktion en niche i dansk fødevarenetværk. Specialized seed production a niche in the danish food network

Havefrø. Specialiseret frøproduktion en niche i dansk fødevarenetværk. Specialized seed production a niche in the danish food network Specialiseret frøproduktion en niche i dansk fødevarenetværk Specialized seed production a niche in the danish food network Lise C. Deleuran Institut for Agroøkologi Aarhus Universitet Havefrø Research

Læs mere

To set new standards of lifting and transportation equipment for wind turbine components. Our product groups

To set new standards of lifting and transportation equipment for wind turbine components. Our product groups To set new standards of lifting and transportation equipment for wind turbine components. Our product groups Embracing the full life cycle of the wind turbine Liftra develops and supplies services to

Læs mere

MOMSFRIT KONTOR MIDT I PULSERENDE BYLIV Slotsgade 2, 5. th., 2200 København N Sag 13701 (TG)

MOMSFRIT KONTOR MIDT I PULSERENDE BYLIV Slotsgade 2, 5. th., 2200 København N Sag 13701 (TG) MOMSFRIT KONTOR MIDT I PULSERENDE BYLIV Slotsgade 2, 5. th., 2200 København N Sag 13701 (TG) BELIGGENHED DK Beliggende i ungt og kreativt miljø på Nørrebro. Området udmærker sig ved de mange hyggelige

Læs mere

Bookingmuligheder for professionelle brugere i Dansehallerne 2015-16

Bookingmuligheder for professionelle brugere i Dansehallerne 2015-16 Bookingmuligheder for professionelle brugere i Dansehallerne 2015-16 Modtager man økonomisk støtte til et danseprojekt, har en premieredato og er professionel bruger af Dansehallerne har man mulighed for

Læs mere

Network Code Development

Network Code Development Network Code Development Møde hos Energinet.dk 7. februar 2012 ENTSO-E Network Code - høringsmøde Tidsplan 10.00 10:20 Velkomst og introduktion v/peter Jørgensen 10:20 10.40 Baggrund, proces og jura v/johannes

Læs mere

IN MEMORIAM Rasmus Glarbjerg Larsen 1994 2015

IN MEMORIAM Rasmus Glarbjerg Larsen 1994 2015 IN MEMORIAM Rasmus Glarbjerg Larsen 1994 2015 WELCOME TO COPENHAGEN INVITATIONAL It is a great pleasure for me as president of Værløse Basketball Club to welcome you all to for three days filled with

Læs mere

Eco-Metropolis and Green Mobility in Copenhagen

Eco-Metropolis and Green Mobility in Copenhagen Eco-Metropolis and Green Mobility in Copenhagen Annette Kayser Project Manager, M. Sc. City of Copenhagen THE ØRESUND REGION IN EUROPE The Øresund Region 2.4 mio. Inhabitants in the Region. ¾ of these

Læs mere