Remember to report VAT

December 1 is an important day if your business is one of the 140,000 or so companies that have quarterly VAT settlements in 2022.

Who has quarterly VAT settlement?

You must report VAT quarterly if your business is either newly started, if you have applied for it yourself, or if your company's turnover subject to VAT is between DKK 5-50 million per year.

No revenue

You must report VAT even if your company has not had any purchases or sales during the period. You must then report 0 kr. as a "zero reporting".

This results in a fee of DKK 800 for non-reporting.

If you fail to report VAT for a VAT period, the Tax Agency will determine the VAT based on an estimate. It will cost you DKK 800 in tax for each period the company has reported late, plus interest for late reporting. The company must pay the DKK 800 in tax, any interest and the correct VAT amount.

Covid-19 and VAT loans

Do you have a VAT loan in connection with COVID-19? Then it's important to be aware that late reporting will result in a provisional assessment of your company's VAT, which means that the VAT loan must be repaid immediately.

Read more about reporting and how to do it on SKAT's website.