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Norway Corporate - Significant developments

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National Budget for 2017: Tax changes

The National Budget for 2017 included several changes in the Norwegian tax legislation. The main changes are the following:

  • The tax rate is reduced from 25% to 24% as of the income year 2017 and applies, in general, to both individuals and enterprises. The tax rate is proposed to be reduced to 23% as of the income year 2018. The resource rent tax for hydropower companies has been increased by 1.3% to 34.3%, and the special tax rate on petroleum is proposed to be increased by 1% to 54%, to ensure that the general reduction of the tax rates are proceeds neutral in relation to these sectors.
  • The corporate income tax (CIT) rate for certain entities within the financial sector remains unchanged from 2016 and is assessed at 25%. In addition, a new financial activities tax/special payroll tax of 5% on the company’s wage base applies to these enterprises.
  • The research and development (R&D) tax credit scheme (SkatteFunn) has been strengthened. The upper limit for annual deductible costs under the R&D scheme has been increased to 25 million Norwegian kroner (NOK) for self-developed R&D and NOK 50 million for R&D purchased from approved institutions.

Country-by-country (CbC) reporting

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.

New Tax Administration Act

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

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