The 2019 Finance Act has introduced a reduction in the tax on pleasure craft insurance. The rate will move down from 1.34% of the sum insured to 1% of the sum insured. The change applies to insurance policies where the insurance premium is due on 01 February 2019 or later. The tax on pleasure craft insurance only applies to insurance contracts covering Class 6 – Marine Hull for pleasure craft . The Danish government expects the measure to raise DKK 20 million for this year.
Tax Alert: Denmark – Tax on Pleasure Craft Insurance Reduced to 1%
Sovos
January 10, 2019
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