Source: https://studenttheses.cbs.dk/handle/10417/6/browse?order=ASC&rpp=20&sort_by=1&etal=-1&offset=2434&type=title
Timestamp: 2020-02-18 18:16:46
Document Index: 174199209

Matched Legal Cases: ['§ 210', '§ 16', '§ 16', '§ 210', '§ 210', '§ 210', '§ 16', '§ 2', '§ 210', '§ 16', '§ 210', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 210']

Now showing items 2435-2454 of 5086
Hajsen, Josef (Frederiksberg, 2019)
Abstract: In the last years, there has been significant debate that shareholder loans are dangerous to company creditors due to the fact that they cannot protect themselves from loss, and the government cannot protect itself from lost tax revenue. Therefore, it has been argued that the reinstatement of mandatory auditing for small companies would potentially solve this problem. The purpose of this thesis is to investigate whether the reinstatement of mandatory auditing for small companies can, in fact, solve the problem. This is done by identifying the official and real objectives of the rules regarding shareholder loans in SL § 210 and LL § 16. This thesis will, by identifying which concerns the laws were introduced with, analyse whether these considerations can be handled by reintroducing the mandatory statutory audit. In 2016 shareholder loans were legalised with L 23 if the shareholder loans are granted on the basis of the company’s free funds and on market terms. By following these conditions, the considerations of the company’s creditor protection and the government’s tax evasion are properly handled. In addition, in 2012, LL § 16 E was introduced with the purpose to reduce the tax evasion by double taxing the shareholder loans. To answer the research question, the thesis draws on Swedish and Norwegian law, which have introduced different rules regarding shareholder loans but with a similar object. These analyses confirm that shareholder loans granted by the cf. SL § 210 are handling the consideration regarding the company’s creditor and tax evasion. The objectives of SL 210 and LL 16 E have been further analysed. It has been concluded that the objective of SL § 210 is the real objective, since the consideration of the company’s creditors has been handled by SL § 210. The objective of LL 16 E has been assessed as not being the real objective because there are no tax benefits on loans granted on market conditions. The real objective of LL § 16 E has been concluded as a penalty in the form of double taxation. This is reasoned, among other things, by the fact that there are no tax advantages of loans on market terms, and if loans that were not granted on market terms were to have tax advantages, LL § 2 has already performed this objective. The thesis has, on the basis of the real objectives, examined which considerations a reinstatement of the mandatory audit would take. Due to the fact that the consideration of the company’s creditor protection is handled in accordance with SL § 210, it is not beneficial that the auditor verifies the considerations because of this objective. If the auditor is to verify LL § 16 E, regarding tax evasion, the verification will be based on a non-valid objective. The government’s tax deficit that arises in the case of a shareholder loan takes place on the basis of a penalty tax in the form of double taxation. Therefore, the reinstatement of the statutory audit for all companies cannot result in the objectives of the SL § 210 or LL § 16 E being achieved. In relation to other areas which this thesis could have investigated, it would be interesting to investigate whether it is possible to seek out illegal shareholder loans by using machine learning. Non-audited annual reports do not have an additional disclosure of illegal shareholder loans, which is why it could be relevant to investigate the possibility of removing the illegal shareholder loans without the need to reinstate the mandatory audit for all companies.
URI: http://hdl.handle.net/10417/6329
Josef Hajsen.pdf (735.0Kb)
Selskabsretlig og skatteretlig
Bendsen, Anne Line (Frederiksberg, 2016)
URI: http://hdl.handle.net/10417/6144
anne_line_bendsen.pdf (581.4Kb)
En selskabs- og skatteretlig analyse
Fruensgaard, Simon (Frederiksberg, 2015)
URI: http://hdl.handle.net/10417/5313
simon_fruensgaard.pdf (1.067Mb)
Selskabs- og skatteretligt
Curtis, Louise Ellen; Bach Mortensen, Sarah (Frederiksberg, 2015)
Abstract: Executive summary: The purpose of this thesis is to create an overview on how shareholder loans are handled in the Danish Companies Act and the Danish Tax Act including the differences between the two Acts. We will also analyze whether or not the Tax Act is compatible with the EU legislation. Furthermore we will examine and analyze the challenges that the auditors and shareholders face, when dealing with shareholder loans. The thesis will start with a review of the rules in the Danish Companies Act concerning shareholder loans. After this there will be a review of the previous and current Danish Tax Act concerning shareholder loans. LL § 16E includes loans from both Danish and foreign companies to Danish shareholders, who are tax liable to Denmark. Therefore we have chosen to examine whether LL § 16E is in harmony with the rules in EU. We have assessed that LL § 16E is a restriction as regards to article 49 TEUF, as LL § 16E makes it less attractive for Danish shareholders to establish a limited liability company in e.g. England due to the taxation of the shareholder loans. There are some general criteria for a restriction to be justified; these are mentioned in C-55/94 Gebhard. We do not think that LL § 16E comply with these criteria and there by the restriction cannot be justified. In the thesis, we have set up a set of examples, to bring light to the challenges the two Acts bring as a result of their differences. Doing this, we realized that there are two major challenges. The first is the possible double taxation as a result of the fact that the shareholder is taxed on the loan AND have to pay it back to the company. The other challenge regarding LL § 16E is loans from a limited liability company to a partnership, limited partnership or limited partnership company, where the shareholder is also a shareholder in the limited liability company. According to the Danish Tax Authorities they will look through the different partnerships because they are fiscally transparent. We do not agree with the Danish Tax Authorities, we do not believe that the fiscal transparency can justify that you look through the partnership. The partnerships are legal entities that can own assets and raise loans. We believe that it is wrong to impose tax on a shareholder for a loan that the partnerships have raised. The auditor also faces some challenges, as an illegal shareholder loan will mean that the auditor’s statement will have to be modified. Furthermore, the Danish Tax authorities have opened for the possibility that once a shareholder loan is given it can be fixed, if the requirements in The Danish Company Law regarding this matter are met. This can be difficult for a shareholder and he will often need the assistance from an auditor. It will be interesting to follow the development of LL § 16E in the future, to see if there will be made any changes.
URI: http://hdl.handle.net/10417/5258
louise_ellen_curtis_og_sarah_bach_mortensen.pdf (745.3Kb)
Fra et skatteretligt perspektiv
Nilsson, Kristina Luise; Nygaard Jensen, Maibritt (Frederiksberg, 2014)
Abstract: During the financial crisis that started in Denmark in 2007/08, there has been a growing number of shareholder loans in the Financial Statements of Danish Companies, mostly in order to fund private spending as it has been difficult to obtain loans from the banks in this period. As a consequence of the increased shareholder loans, and to limit the numbers of new loans, the Danish Government, Venstre and Det Konservative Folkeparti presented a new paragraph to The Danish Tax Assessment Act, so that loans granted from August 14th 2012 and going forward, was illegalized from both a fiscal point of view, as well as in relation to company law. The existing regulation against shareholder loans in the Danish Companies Act has not complied with in an appropriate manner, which led to an increase of shareholder loans as it was without consequences for the shareholders. This thesis will look into the consequences of the new conditions of the law, including the consequences for the involved parties. The Danish Tax Act and the Danish Companies Act have misalignments to this point, and we will try to clarify the issues related to this problem. The Tax Assessment Act, Section 16 E contains information of which loans will be considered as illegal including whom they may concern with respect to The Tax Assessment Act, Section 2. If the Tax Assessment Act, Section 16 E is not observed correctly, it will imply different consequences for the involved parties. The companies are responsible for reporting, withholding and paying the withholding tax to The Danish Tax Authorities to avoid a breach of the law and further fining in this matter. The shareholder is then responsible for repaying the loan to the company including payment of the tax paid to the Authorities. If the shareholder does not pay the tax, the company will be obliged to do so, and this will be treated as a new illegal and non-taxed shareholder loan. The primary consequence of the changes with Tax Assessment Act, Section 16 E is that withdrawals from the company’s accounts to the shareholder will be taxed either as payment or dividends of shares. This taxation must be carried out at the same time as the withdrawing, or the company and the responsible shareholder will be held liable.
URI: http://hdl.handle.net/10417/4908
kristina_luise_ ... aibritt_nygaard_jensen.pdf (736.4Kb)
Kapitalejers valg af ledelsesstruktur
En juridisk og økonomisk analyse af de mulige ledelsesstrukturer i et aktieselskab i henhold til selskabsloven
Lind, Kasper (Frederiksberg, 2010)
Abstract: In March 2010, the main part of a new law – the Companies Act - came into effect in Denmark. Through this new act, the capital owner of a public limited company gained an increased flexibility to structure the management of the company. The new Companies Act made it possible to choose between three different management structures: - A single board, consisting of executive and non-executive directors (known from the UK) - A supervisory board and a management board (known from Germany) - A Board of Directors and a management board (the model used in Denmark up until the new Companies Act came into effect) As a result of this newly acquired flexibility, it is relevant to examine how this possibility of choice can improve the utility of the residual recipient of the company’s surplus - the owner or owners. The Companies Act does not stipulate many requirements regarding candidates chosen to sit on these boards nor their tasks. It is therefore mostly up to the owner of the company to decide which management structure to use. The Principal/Agent-theory explains how it can become problematic if the supervisory task, no matter whom this task is given to, is shifted too far away from the company and the daily management. The economic analysis and model in this thesis shows, due to the assumptions made, that it is more efficient for the owner of the company to choose a management structure which ensures that the supervisory task is placed close to the daily management, as this will increase the utility achieved by the owner of the company. Placing the directors with the supervisory task close to the daily management could cause problems with interdependence. However, problems of this nature can be managed by the owner’s choice of whom to place on the different boards. The economic model presented in this thesis does not account for numerous other determinants that could account for the choice of a management structure other than the one proposed in this thesis. However, it must be acknowledged that a variety of other determinants do exist, and these could influence the owner’s choice, as they could factor a difference in utility for the owner. Regardless of which management structure an owner deems best for the company, it is clear that this increase in flexibility allowed by the new Companies Act allows for utility maximisation from the owner’s point of view, since he, as the residual recipient of the company’s surplus, can now evaluate the options and choose, the management structure that gives him the highest level of utility.
URI: http://hdl.handle.net/10417/1613
kasper_lind.pdf (2.192Mb)
Hvorfor er visse af investorerne i danske kapitalfonde ikke skattepligtige af deres aktieavancer, og hvorledes kan deres skattemæssige status ændres?
Herskind, Julie Rose; Nauta Hemmingsen, Cathrine Malene (Frederiksberg, 2008)
Abstract: In this thesis, we wanted to examine why investors in Danish private equity funds are not liable to pay tax on their share profit as well as examine how this tax-related circumstance can be al-tered. In response to our problem statement, we have examined current Danish legislation regarding capital gains tax for persons and companies with residence in either Denmark or abroad. In addi-tion, we have examined provisions regarding persons and companies with full and limited taxa-tion liability including provisions regarding the fact that practicing business must occur from a permanent establishment for persons and companies that have limited tax liability. As basis for this examination, we have used both Danish legislation and the OECD’s model agreement. From the above-mentioned analysis, we discovered that in Denmark, we distinguish between eq-uity investments and tradable investments. Based on Danish legislation and the model agreement of the OECD, we found that persons or companies have limited tax liability to Denmark on their share profit if the investment in shares can be considered as practicing business, as well as if the shares are attributable to a permanent establishment in this country. Pursuant to Danish legisla-tion, investments in tradable investments alone may be considered practicing business, and only these investments are attributable to a permanent establishment. This distinction between equity investment and tradable investments is however not in accordance with the OECD’s model agreement. Based on a number of adjudications, we have determined that the shares of Danish private equity funds are considered equity investments, meaning that Danish investors are not taxed on share profit if they have owned the shares for more than three years. Foreign investors are not taxed either as their shares are not attributable to a permanent establishment in Denmark. On the basis of the Danish distinction between equity investments and tradable investments, we have examined the reason why the shares of Danish private equity funds are not considered trad-able investments. Based on case law, we found that private equity funds specifically do not meet the conditions stating that the investment strategy must be short-term, that share trading must have a high turnover rate and that the share trading must have a certain system and regularity. Furthermore, we found that the actual purpose of the investments was not of vital significance for the trade assessment. In the final part of the thesis, we have examined what significance an expansion of either the trade concept or the permanent establishment concept would have in regards to the taxation of Danish and foreign investors. We concluded that an expansion of either concept will lead to the taxation of foreign investors, as the condition regarding the practice of business as well as the condition regarding permanent establishment in Denmark have both been met. However, it should be pointed out that an expansion of the concept of permanent establishment most likely will lead to the investors hanging on to the shares for at least three years thereby avoiding Danish taxation. If the goal is to make investors liable for tax, an expansion of the trade concept is there-fore the most appropriate. It is imaginable that an expansion of the trade concept will results in the investors no longer hav-ing incentive to invest in Danish private equity funds. Therefore, it was relevant to find out whether foreign investors in particular are able to avoid Danish taxation by investing in a foreign private equity fund with Danish portfolio enterprises and a Danish management company. We concluded that a foreign private equity fund’s Danish management company according to set conditions is included in the so-called agent rule, governed by article 5 of the OECD’s model agreement. Therefore, the Danish management company implies permanent establishment under the agent rule for the foreign investors, resulting in the investors having limited tax liability to Denmark. A possible expansion of the trade concept would compel foreign investors to invest in Denmark through a foreign private equity fund with a foreign management company in order to avoid Da-nish taxation.
URI: http://hdl.handle.net/10417/303
cathrine_malene_nauta_hemmingsen.pdf (1.075Mb)
Kapitalfonde som investeringsobjekt
Kan aktivklassen leve op til forventningerne?
Henriksen, Alex B. (Frederiksberg, 2012)
URI: http://hdl.handle.net/10417/3647
alex_b_henriksen.pdf (735.9Kb)
Kapitalkrav og kapitalbegrænsninger i den nye selskabslov
Fix, Morten Flugt (Frederiksberg, 2011)
Abstract: The thesis is analyzing what implications the easing of the capital requirement and the capital restrictions in the new Danish Company Act will have on 3 elements: 1. The companies’ possibilities to adjust the capital according to their needs 2. The creditor protection 3. The board’s responsibility and liability for sufficient capital The thesis sets out to answer this question by looking at the capital requirements and concludes that easing of the capital requirement follows the trends of Europe and has positive effects for the companies. It is questioned why it has not been further relaxed as the argument for capital requirement no longer is valid. The change does not have a great effect on the creditor protection as this already was close to nonexistent under the previous company laws. It secondly analyses changes in the capital restrictions regarding withdrawal of capital from a company. These changes are beneficial for both company types but especially the private company (ApS) gains from these changes and the company is now allowed to withdraw capital on the same terms as the limited company (A/S). It is concluded that the changes in capital restrictions do not pose any greater risks for the creditors but actions is suggested for the creditors to minimize risks and ensure the chance of compensation is case of losses due to board liability. The thesis then analyses the liabilities of the board relating to the new flexibilities in the capital requirement and the capital restrictions. There is put forward a list of actions for board to perform in order to minimize its liability and the conclusion is that the new flexibilities has not increased the board’s liability but expanded the area in which the board might be held liable. In the perspective of the thesis it is suggested that the Company Act could be improved by introducing a solvency model. The solvency model could replace the capital requirement as this would minimize the risks for creditors and not pose any significant extra costs for the companies.
URI: http://hdl.handle.net/10417/2800
morten_flugt_fix.pdf (533.2Kb)
Kapitalselskabers udlån til kapitalejere
Traberg, Jakob Overby (Frederiksberg, 2012)
Abstract: March 2009, the Minister for Economic and Business Affairs submitted a draft for a new Companies Act (L170 2008-09). The draft which was based on the Committee for Modernizing Company Law’s recommendations allowed loan to shareholders under certain conditions. However when the Companies Act was adopted, the ban against loans to shareholders was retained. On this background the thesis address the following main question: What is the reasons for the ban in the Companies Act § 210 against loans to shareholders, and is it relevant to retain the ban? The purpose of this thesis is to investigate the law of the Companies Act regarding loans to shareholders in order to answer the thesis main question. First the main purpose for the Companies Act is investigated, after this the thesis goes one level deeper into the legal framework, to find the reasons for the ban against loans to shareholders. The Danish Act is compared with Companies Acts in other European countries to see if these countries also ban loans to shareholders. The thesis will then discuss whether the ban is relevant compared to the primary stated purpose for creditor protection. The thesis argues that the Danish ban against loans to shareholders, meets the purpose for creditor protection for companies whit negative profit and loss accounts, and if loans exceeds the profit and loss accounts. If loans do not exceed profit and loss accounts the ban does not protect the creditors, because the shareholders will have other ways to transfer funds to the shareholder such as dividend and purchase for own shares. Therefore there are reasons to consider whether the Danish ban should be changed so that loans could be allowed under certain conditions such as suggested by the Committee for Modernizing company law.
URI: http://hdl.handle.net/10417/3456
jakob_overby_traberg.pdf (1.848Mb)
En komparativ analyse af Carlsberg og Novozymes
Schmidt Andersen, Sebastian (Frederiksberg, 2013)
URI: http://hdl.handle.net/10417/4436
sebastian_schmidt_andersen.pdf (1.859Mb)
Kapitalværdibaserede eller stokastiske værdiansættelsesmodeller
Valg af egnet model
Aggebo-Jørgensen, Rune (Frederiksberg, 2009)
Abstract: Valuation services are gaining still more weight in the field of auditing and assurance services. Reporting standards rely more on capital value and fairness while the auditor is becoming a company’s natural consultant in capital budgeting and investment decisions. Capital value based models, like the discounted cash flow and dividend models, have traditionally been the models of choice. Lately alternative models, the so-called stochastic models, have enjoyed increasing popularity. This places much more demand on the auditor in regard to the skills and knowledge of these modern valuation techniques. The capital value based and the stochastic valuation models belong to two fundamentally various theories that try to achieve the same goal – an estimate of a company’s value. When these models are so different which models are the most suitable? This is the main question studied. The thesis is a comparative analysis of capital value based and stochastic valuation models. Models are categorized and assessed in regard to their precision, assumptions, usability and intelligibility but also to create practical guidance for auditors, students and practitioners. The first part of the thesis is a theoretical analysis which categorizes and assesses the models critically on the basis of available literature. The capital value based models are generally assessed as being practical and easy to interpret. These models however are static and deterministic and assume that all strategic decisions are locked forever. These models are therefore not valid if the company is expected to have significant managerial options (real options). The stochastic models on the other hand are often dynamic with built-in uncertainty. These models are most appropriately categorized by the method of estimation. The analytical and lattice models are not feasible for most real world applications because they are too simple. The Monte Carlo method on the other hand has many advantages. This method can handle most assumptions with multiple variables and correlations. The greatest weakness of this method is an inability to value real options. Decision trees are advantageous in valuing real options but become relatively complex with multiple variables. The Extended Least Squares Monte Carlo method is a very advanced technique that requires substantial knowledge of numerical programming and options modeling. The method is very flexible and can be applied to virtually any option constellation but the extensive knowledge and time requirements make the method impractical and this decreases usability. The second part of the thesis is a case study of three different valuation models applied to the actual company, Starbucks Corporation. This part investigates the strengths and weaknesses of the practical application of the models. First a strategic and financial statement analysis is performed. The strategic analysis is only for illustration and not in-depth. A method called the ER-model for evaluating arguments and evidence of any strategic analysis is introduced. The model may serve as a help in structuring argumentation and evidence. On the basis of the strategic analysis the company is valued with three different models. The models all have strengths and weaknesses. The case study shows that the practical application of the stochastic models is time consuming and more demanding. Stochastic models generally require extensive simplifications which increase model uncertainty. As a result the model user must balance his or her needs for precision when choosing a model.
URI: http://hdl.handle.net/10417/640
rune_aggebo-joergensen.pdf (2.869Mb)
Kedsomhed i en vækstkultur
Fjelstrup, Lasse David (Frederiksberg, 2014)
Abstract: In the disciplinary society the subject was expected to adapt herself to the conformity of the group through disciplinary techniques. Today's positivity society, however, considering her individuality to be an invaluable asset as a parameter of attraction on the job market, urges her to stand out and express her individuality through categories attained on the market. The subject, in return, delivers a strongly individualised personality qualified for the demands of modern day worklife. The structure of capitalism drives the market to an uncompromising hunt for economic growth hereby enrolling the marketly engaged individual in a discourse of positivity. As the market applies to the entity of society the concern for it's well-being constitutes a moral connection between beeing and productivity, between existence and positivity. With work related performance levels very much attached to the well-being of the working subject, happiness has been transfigured from a concept within the rhetoric of philospophy to an economical rhetoric of performance, hereby constituting a morally based paradigm of happiness. This paradigm gives rise to an urgent need for an investigation of what has historically been considered to be normal with regards to the human state of mind. A genealogical study of the concept of boredom discloses a more lenient interpretation of mental normality through history and adds depth to the language of human experience. In the light of it's philosophical and historical affinities boredom reveals itself as a technical language in the field of emotional perception and experience. As such it can contribute to the dismantling of the moral connections between productivity and existence, reclaiming human existence as a goal in itself and not merely a means to an end of growth. The concept of boredom, then, can be seen as a phenomenology of experience rather than just a state of mind.
URI: http://hdl.handle.net/10417/4593
lasse_david_fjelstrup.pdf (419.6Kb)