Greenland

Taxable period

The taxable period is the calendar year. Permission can be granted to use a 12-month period other than the calendar year, provided that the period starts on the first day of a calendar month.

Tax returns

Tax returns are completed on the basis of audited financial accounts with adjustments for tax. Tax returns should be filed no later than four months following the end of the income year, meaning 1 May for companies using the calendar year as the income year. However, if the company submits tax returns via the official web portal for tax return submissions, the deadline is 15 June.

The tax system, in practice, is based on self-assessment. Tax assessments are made by the tax authorities on the basis of the tax return.

Payment of tax

The corporate tax is due for payment by 20 November of the following year. Greenland does not have an on account tax system, so there are no advantages in paying the tax prior to this date.

Penalties

A tax surcharge of DKK 200 per day (maximum DKK 5,000) is levied for late submission of the tax return.

Tax audit process

Tax audit is a rather informal procedure, whereby questions for clarification and/or documentation may be asked by the Greenlandic Tax Agency. There are few rules governing audit other than statutory limitation rules.

Statute of limitations

The general statute of limitations is 31 October in the fifth calendar year after that of the end of the relevant income year.

Topics of focus for tax authorities

There does not seem, presently, to be particular focus areas of the Greenlandic Tax Agency, and none have been publically announced.