In the first published decision since the 1998 amendment of Danish rules governing transfer pricing within a multinational group, the National Tax Tribunal has settled a case upholding a transfer pricing adjustment for income year 2001. This decision touches upon several key transfer pricing issues, including the burden of proof. In the context of this decision, this article examines two key issues considered by the Tribunal, namely the sale of the oil and a cost contribution arrangement, and provides an analysis of the potential impact on taxpayers.