Saxo Bank A/S is obliged to report the following information about our direct clients regardless of the country of their residence to Danish Tax Authorities:
• Identity of an account holder
• Interest income, if any
• All dividend and coupon payments
• Any taxes on dividends pay-outs
• Cash deposits and negative cash balances at the end of the year as per December 31st
• Information about all positions at the end of the year as per December 31st
• Transactions (purchases / sales / redemption / maturity) for shares, bonds & realization-taxed ETFs
• Realized and unrealized profit/loss on financial contracts (such as futures, options, CFDs, non-Danish ETFs & Funds and certain Forex products) based on a mark-to-market taxation principle i.e. the value increase/decrease from 1/1 to 31/12 (this is reported exclusively on individuals - not on companies - according to the Danish Taxation Law).
Most of the above income/values are recorded directly on the Yearly Tax Statement of a Danish resident. For non-Danish resident clients; this is merely information that the Danish Tax Authorities hold. The only relevant data would be dividend payments from Danish registered companies since such dividends are source taxed in Denmark.
Clients not residing in Denmark
In addition to this, Saxo Bank also performs CRS (Common Reporting Standard) reporting to Danish Tax Authorities; i.e. reporting of all financial information about all clients in Saxo Bank, who are not residing in Denmark – whenever the client is residing in a CRS participating country. This financial information includes account balances, trading volumes (gross proceeds from sales), interest income & bond coupons, dividends from share instruments as well as other income (for example, from financial contracts). The Danish Tax Authorities will then exchange this information with Local Tax Authorities of those countries, which are participants of the CRS cooperation agreement.