Denmark Is Big Victim Of Wall Street Tax Avoidance Deals

The maneuver — known as dividend arbitrage, or “div-arb” — cost Denmark about 400 million Danish crowns ($60 million) in lost taxes last year alone

A Danish version of this article was published by Børsen. Goldman Sachs, Citigroup, Merrill Lynch and other international banks have profited for years by arranging short-term loans of stock in Danish companies, a maneuver that has helped shareholders but deprived Denmark of substantial tax revenues. With the banks’ help, stock owners avoid paying Danish authorities the…

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