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Orsted Claims Victory in $1bn Row over Offshore Wind 'Double Tax'
The commission said the projects were primarily taxable in the country where they are located and generate revenue, easing Orsted’s risk of double taxation.
- On Friday, Orsted announced that an advisory commission ruled its two British wind farms should be taxed primarily in Britain, supporting the company's position in a dispute between Danish and British tax authorities.
- Seeking to avoid double taxation, Orsted approached authorities in 2015, leading Danish tax authorities to claim 6.6 billion Danish crowns in taxes and interest in 2020.
- Projects including the 1.2-gigawatt Hornsea 1 and 660-megawatt Walney Extension were found to have a "genuine legal and economic purpose" and are "primarily taxable" in Britain.
- Regarding the financial impact, Orsted stated the ruling results in a "minor upwards adjustment" in Denmark, noting "the tax charge in Denmark will, over time, largely be offset by tax reductions in the UK."
- Applying this ruling to other projects, Orsted expects to discuss with Danish and British tax authorities how to resolve similar cases using the same legal principles.
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Denmark's Orsted says commission backs UK taxation of British wind farms
·London, United Kingdom
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BT+2 Reposted by 2 other sources
A tax case involving two British offshore wind farms ends in Ørsted's favor.
·Borås, Sweden
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A tax case involving two British offshore wind farms ends in Ørsted's favor
·Copenhagen, Denmark
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The developer is “satisfied” when considering that his Hornsea 1 and Walney Extension projects will not be subject to double taxation.
Ørsted receives final opinion regarding taxation of UK offshore wind farms
Ørsted has been notified by the Danish Tax Agency and UK HM Revenue & Customs that an advisory commission has issued a final opinion in the case between Denmark and the UK regarding taxation rights related to the offshore wind farms Walney Extension and Hornsea 1.
Coverage Details
Total News Sources11
Leaning Left1Leaning Right2Center2Last UpdatedBias Distribution40% Center, 40% Right
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
40% Right
L 20%
C 40%
R 40%
Factuality
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