What is Saxo Bank A/S reporting to the Danish tax authorities about my account?

As Saxo Bank is headquartered in Denmark and therefore subject to Danish legislation, we are required to report information about our clients to the Danish Tax Agency (Skattestyrelsen).

Tax reporting is carried out at account level, and as a general rule, Saxo Bank reports all relevant information to the Danish Tax Agency. A detailed overview of what we report is provided below.
There are, however, some exceptions – please see What do you need to report yourself?

Please note that Saxo Bank does not provide advice on individual tax matters. Clients are therefore encouraged to seek advice from an external advisor or the relevant tax authority regarding such questions.

 

Saxo Bank’s tax reporting for standard trading (INET) accounts

For a standard trading account, the following information is reported to the Danish Tax Agency:

• Account holder identification and account details
• All dividend and coupon payments
• Withheld dividend tax on dividends
• Cash balances and negative balances at year‑end
• (From 2023 onwards) Interest on cash balances (Please note that this also includes interest reporting related to portfolio loans)
• Securities holdings at year‑end
• Transactions (buy/sell/withdrawals) in shares, bonds, and realisation‑taxed investment funds
• Realised and unrealised gains or losses on financial contracts (futures, options, CFDs, various investment certificates, and FX products) calculated under the mark‑to‑market taxation principle This information is reported only for individuals (not companies) in accordance with Danish legislation. Please note that this is not automatically transferred to your annual tax assessment, and you are therefore required to report this yourself – see What do you need to report yourself?

Based on the reported information, the Danish Tax Agency will automatically pre‑fill your tax return. Please be aware that you are always responsible for reviewing and approving the information pre‑filled by the Danish Tax Agency.

 

Saxo Bank’s tax reporting for the Aktiesparekonto

An Aktiesparekonto is a special tax‑advantaged account where taxation takes place only at account level. As a result, the Aktiesparekonto is not included in the calculation of tax on your personal tax return.

For an Aktiesparekonto, the following is reported to the Danish Tax Agency:

• Securities holdings at year‑end
• Cash balance at year‑end
• Danish dividends received during the year
• Calculated taxable base for the year on the Aktiesparekonto
• Calculated tax paid or payable for the year on the Aktiesparekonto
• Calculated basis for overfunding fees
• Calculated fee paid or payable for overfunding

You can read more about the Aktiesparekonto in our article Aktiesparekontoen - Frequently Asked Questions

 

Clients not residing in Denmark

In addition, Saxo Bank performs CRS (Common Reporting Standard) reporting to the Danish Tax Agency. This involves reporting financial information about all Saxo Bank clients who are not resident in Denmark, provided the client is resident in a CRS‑participating country.

The reported financial information may include, among other things, account balances, trading volumes, interest income, coupons and dividends and other income (e.g. from financial contracts). The Danish Tax Agency is responsible for exchanging this information with foreign tax authorities that participate in the CRS framework.

Clients with a connection to the United States may be reported under FATCA, in accordance with agreements between US and Danish authorities.

Saxo Bank may also have agreements with other countries regarding direct reporting to local authorities, where such reporting is required for clients resident in those countries.

 

What do you need to report yourself?

Below you can see what you are responsible for reporting yourself (for your standard trading account and, where relevant, your Aktiesparekonto).

See where you can find your annual report in our article What is the Cost Summary?

 

Standard trading (INET) accounts

According to the Danish Tax Agency’s guidelines, Saxo Bank does not report the following for standard trading accounts:

• Gains or losses on financial contracts (futures, options, CFDs, various investment certificates, and FX products)
• Gains or losses from shares traded on non‑regulated markets (Please note that from 2024 onwards, we report gains or losses from shares traded on multilateral trading facilities)
• Gains or losses from bonds
• Income from securities lending
• Information relating to certain foreign corporate actions

Aktiesparekonto

According to the Danish Tax Agency’s guidelines, Saxo Bank does not report the following for Share Savings Accounts:

• Foreign dividends received during the year (this differs from reporting for standard trading accounts)
• Trades (i.e. purchases and sales of securities) (this differs from reporting for standard trading accounts)
• Taxable base, calculated tax, fee base, or fees if the account has been transferred to another financial institution during the year

You can read more about the Aktiesparekonto in our article Aktiesparekontoen - Frequently Asked Questions

See where you can find your annual report in our article What is the Cost Summary?