The National Budget for 2017 included several changes in the Norwegian tax legislation. The main changes are the following:
Norway is implementing CbC reporting rules for multinational groups with a joint income of more than NOK 6.5 billion. The report is to be submitted, at the latest, by 31 December of the year after the relevant accounting year. The rules are to be implemented 1 January 2017, and the first report has to be submitted, at the latest, by 31 December 2017 for the accounting year 2016.
A new Tax Administration Act entered into force on 1 January 2017. The objective is to unite the tax administration rules in one law and to secure an effective and good tax administration. There are some changes to the former rules. Among others, a five-year general time limit for reassessing tax assessments has been adopted.
Last Reviewed - 11 January 2017