We would like to draw your attention to the favourable Danish tax rules for the international investor including:

• the favorable Holding regime
• cross border tax consolidations
• tax-free gains on sale of shares and 25% taxation of foreign experts in Denmark.

These pages are for your general information and are based on Danish legislation as of August 2003. Please note that part of the legislation/interpretation made by the tax authorities may have changed. We recommend that you seek professional advice before taking any action.

Would you like to know more?
If you would like further information please contact Flemming Larsen at our Copenhagen office by phone +45 36 10 32 84, fax +45 36 10 20 40 or e-mail: invest@deloitte.dk.