Foqus Finance DK

This extension ensures regulatory compliance and includes essential local functionalities for operating in Denmark. Below, you can find detailed descriptions of its features:

• Proportional Registration Tax

Proportional Registration Tax is where the leasing company, instead of full tax, pays a proportional tax for the period in which the vehicle is leased.

The module for Proportional Registration Tax is fully integrated into the processes and tasks of the contract module and provides the user with uniform workflows and a complete history of the calculations and tasks that are carried out over the term of the leasing contract - from the offer, and the full process up to the expiry of the contract and final archive.

• VAT deduction amount and Split VAT for vehicle leasing

In Denmark, leasing companies must comply with specific VAT requirements for vehicle leasing.

VAT Deduction Amount on ongoing invoices. This deduction is applicable when the vehicle is used for business purposes, with at least 10% of its usage being work-related. The VAT deduction can be claimed if the leasing period exceeds six consecutive months.

Upon selling the vehicle, a proportional VAT, known as Split VAT, is calculated based on the original distribution of the purchase price and VAT. This feature ensures that leasing companies accurately reflect the VAT amounts on their sales invoices.

• Interest Reporting to the Danish Tax Authorities, SKAT

With Foqus Finance's Interest reporting function, it is possible to do the practical handling of reporting of ordinary loans to fulfill the statutory reporting obligation. This feature makes sure that the exported information is compatible with requirements from SKAT.

It is a requirement that Foqus Finance worldwide version is installed to use ‘Foqus Finance Denmark local functionality’.