Denmark has published a 28 April 2020 Tax Board decision concerning a question of whether or not the thin capitalization (4:1) rule under Denmark's interest deduction restrictions applies in a case where a subsidiary (the taxpayer) had taken out an external loan and collateral had been provided by the parent company in the form of self-payment guarantee and shares of the company. The subsidiary had used the loan to finance the construction of an investment property. The taxpayer's position was that the collateral provided was in fact worthless, as there were no significant assets in the company other than the...