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I have some questions for you or anyone else whose country has a similar system: - When do you need to accept your return or settle your outstanding balances b

I have some questions for you or anyone else whose country has a similar system: - When do you need to accept your return or settle your outstanding balances by? - How are business taxes handled? - How complicated are your tax codes?

_delirium 12y ago
For individual taxes in Denmark: - Your current-year preliminary info becomes available online in November, and is updated continuously as the tax authority gets new information. You can log in at any time and correct things, declare unreported income, declare eligibility for commute subsidy, etc. The "regular" period for making such additions/corrections is through the end of February of the following year. - In the first week of March of the following calendar year, you get a PDF sent to you with the "final" tax computation based on what is in the system as of that date. The tax computation is fairly simple for most people; for me, this is a 3-page PDF, of which the actual computation takes up 1.5 pages. - If the form you get in March is correct and you're owed a refund, you don't need to do anything; the refund will be direct-deposited one month later (i.e. first week of April). If there are errors or omissions and/or you owe money, you have until May 1 to correct and/or settle it.
vesinisa 12y ago
> - When do you need to accept your return or settle your outstanding balances by? This year I got it in early March, and it's due by mid-May. > - How are business taxes handled? Pretty much all businesses employ an accountant that takes care for the basic stuff (paying and declaring salaries), and most also have a CFO - usually someone with a legal decree - who knows how to optimize the tax stuff. Every large corporation of course have a whole department of internal accountants and lawyers. > - How complicated are your tax codes? Not too simple at least! Multiple types of tax for different types of income (salary, capital, property) and the tax level depend on factors like municipality of residence, membership in a church, total income earned, sums and types of loans outstanding etc. If you collect social benefits, they further complicate as some are taxable and some not. There are also some "tax-like" fees payable by your employer, some of which are deductible in personal taxation and some not. And this is just what I know of personal taxation, the corporate taxation is a whole world of its own. I don't think the issue here is that our taxation would be so much simpler - and anyway the IRS probably has disproportionate R&D budget compared to a small European country.

_delirium 12y ago

For individual taxes in Denmark: - Your current-year preliminary info becomes available online in November, and is updated continuously as the tax authority gets new information. You can log in at any time and correct things, declare unreported income, declare eligibility for commute subsidy, etc. The "regular" period for making such additions/corrections is through the end of February of the following year. - In the first week of March of the following calendar year, you get a PDF sent to you with the "final" tax computation based on what is in the system as of that date. The tax computation is fairly simple for most people; for me, this is a 3-page PDF, of which the actual computation takes up 1.5 pages. - If the form you get in March is correct and you're owed a refund, you don't need to do anything; the refund will be direct-deposited one month later (i.e. first week of April). If there are errors or omissions and/or you owe money, you have until May 1 to correct and/or settle it.

vesinisa 12y ago

> - When do you need to accept your return or settle your outstanding balances by? This year I got it in early March, and it's due by mid-May. > - How are business taxes handled? Pretty much all businesses employ an accountant that takes care for the basic stuff (paying and declaring salaries), and most also have a CFO - usually someone with a legal decree - who knows how to optimize the tax stuff. Every large corporation of course have a whole department of internal accountants and lawyers. > - How complicated are your tax codes? Not too simple at least! Multiple types of tax for different types of income (salary, capital, property) and the tax level depend on factors like municipality of residence, membership in a church, total income earned, sums and types of loans outstanding etc. If you collect social benefits, they further complicate as some are taxable and some not. There are also some "tax-like" fees payable by your employer, some of which are deductible in personal taxation and some not. And this is just what I know of personal taxation, the corporate taxation is a whole world of its own. I don't think the issue here is that our taxation would be so much simpler - and anyway the IRS probably has disproportionate R&D budget compared to a small European country.