The Danish parliament approved a new accounting law which is called the New Bookkeeping Act (in Danish) last month. The aim of the new digital system is to avoid waste of time, human errors such as calculation errors and VAT frauds. In addition, the old bookkeeping rule system will be digitalized and support businesses while submitting and receiving invoices or credit notes in a structured, electronic format automatically. The new bookkeeping act will be effective on 1 July 2022 but the digital accounting obligation is expected to start in January 2024 and continue to January 2026.
Who is responsible ?
All businesses and also foreign businesses which have branches in Denmark are covered by accounting obligations. Basically we can say that all companies which are included in old bookkeeping law are responsible.
Details of the new system will continue to be announced.