Energy traders’ profits boost state coffers

The energy sector significantly boosted Danish state revenues with an extraordinary performance in 2022. Energy companies, typically absent from top corporate taxpayers, secured four top ten spots on the tax authority’s list. Novo Holdings leads with 8.7 billion kroner in taxes, followed by Danske Commodities, Andel, and In Commodities with a combined 7.8 billion kroner. Altogether, nearly 87,000 companies contributed 94 billion kroner in corporate taxes last year. Tax Minister Jeppe Bruus praised Danish firms for overcoming challenges like inflation and the European conflict. The ten highest taxpayers, including financial and investment entities like Nordea, Jyske Bank, and Kirkbi, paid 28 percent of the total, with the top 100 accounting for 57 percent. Danske Bank fell from the top ten due to a write-down from a money laundering fine.