The Danish tax authorities go after Airport tycoon

Airport runway800 million Danish kronor have been taken out of the country and smuggled to Bermuda via Luxemburg to be cleaned and washed and finally end up in Australia. Or at least this is what the Danish government think has happened.

The case is to appear before the National Tax Tribunal and the claim is that the company Macquarie that is a major shareholder in Copenhagen Airports have sent nearly three billion dollars in tax havens in Bermuda. The 800 million dollars that the Danish tax office wants back is equivalent to 25 percent withholding tax on interest and dividend.

According the, Aage Michelsen a tax professor at the Danish Aarhus University believes that the Danish Government has good chances to get a refund:

“Previously, there was a tendency to recognize the letterbox as correct income earner. But a number of foreign cases have shown that it is changing”

It caused a stir otherwise, since the end of March was revealed that the part state-owned company Copenhagen Airports annually evades tax for a three-digit million amount through a structure involving tax haven companies in Bermuda.

For several years there shareholders and analysts have voiced critique of the company for not disclosing information about is acquisitions and how it reports it finances.

But as long as the company is able to provide shareholders with an adequate return on investment apparently even as passenger numbers have been dropping I guess there will be no action taken for real change.

The facts about Macqurie Airports are:

– Macquarie Airports (MAp) is the world’s largest strategic airport investor.
– MAp is listed on the Australian Stock Exchange ASX and included in the Top 50 on the ASX with a market capitalization of AUD 4.7 billion (equivalent to 22 billion dollars) to around 40,000 investors.
– The majority of shareholders are pension funds and other long-term investors.
– Have investments in airports in Brussels, Rome, Sydney, Copenhagen, Birminghamand Bristol.
– Together, these airports serve over 110 million passengers a year.
– MAp’s airports have after investment Maps shown significant growth in passenger numbers, service quality and economic performance.