The financial sector is an essential part of the national economy and generates a direct contribution to value creation and employment in Denmark.
Danish credit institutions contribute DKK 74 billion overall to value creation in Denmark, which corresponds to around 4 pct. of the overall gross value added. This is in spite of the fact that the sector only has 1.9 pct. of private employment.
The sector also contributes to welfare in Denmark by paying tax bills and payroll tax. In 2015, banks paid around DKK 5.5 billion from corporate tax to the total revenue of the Danish state. This is equivalent to 9.7 pct. of the total corporate tax in Denmark, which constituted around DKK 56.6 billion in 2015.
In addition to corporate tax, banks annually pay billions of kroner in payroll tax, which is a tax that the financial sector pays instead of VAT and which is attached to salary expenditure. In 2014, the banking sector paid payroll tax of around DKK 2.6 billion.
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Finance Denmark is an interest organisation for banks and mortgage institutions in Denmark. Our members are mortgage institutions, banks, savings banks, cooperative savings banks and Danish branches of foreign banks.
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