Denmark: New accounting law introduces e-booking requirements

Enis Gencer
June 15, 2022

On 19 May 2022, the Danish Parliament passed a new accounting law that requires taxpayers to make their bookings electronically using a digital accounting system. This requirement will apply to all companies that are obliged to submit an annual report to the Danish Tax Authority and others that are not obliged to submit annual reports but exceed certain turnover thresholds. The mandate will take effect gradually between 2024 and 2026, depending on the company’s form and turnover.

The Law also establishes the requirements for these digital accounting systems. The systems are required to support continuous registration of the company’s transactions and the automation of administrative processes, including automatic transmission and receipt of e-invoices.

Moreover, the Ministry of Finance has been authorized to adopt rules that require companies to register purchase and sales transactions with electronic invoices as the documentation of the transactions.

As a result, although this new accounting law does not entail any mandatory e-invoicing requirements, nor any CTC obligations, it is a step in the direction of digitizing Danish companies’ accounting processes. It will be of utmost importance and interest to closely monitor the activities of the Ministry of Finance to see what kind of requirements will be introduced in the near future, which may very well concern e-invoicing.

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Enis Gencer

Enis Gencer is Regulatory Counsel at Sovos and is based in Istanbul, Turkey. With experience in compliance and legal consultancy he currently undertakes the legal monitoring and analysis of the regulations regarding electronic documents. Enis graduated from Istanbul University Faculty of Law.
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