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Norway
Overview
Last reviewed - 01 July 2024Norway is a country in Northern Europe occupying the western portion of the Scandinavian Peninsula. The capital city of Norway is Oslo. Norwegian is the official language of Norway, and the Norwegian krone (NOK) is the currency.
Norway has a parliamentary democracy and constitutional monarchy type of government, wherein the King is the head of state and the Prime Minister is the head of government. Norway's well-established monarchy has had an uninterrupted chain of successors to the throne since 1905, and is currently led by King Harald V.
In 1949, Norway became a member of the North Atlantic Treaty Organization (NATO). The discovery of petroleum in adjacent waters in the late 1960s boosted Norway's economic fortunes. In referenda held in 1972 and 1994, Norway rejected joining the European Union (EU). However, Norway is a member of the European Economic Area (EEA).
The Norwegian government controls key areas, such as the vital petroleum sector and the major hydropower producers, through large-scale, publicly-majority-owned enterprises.
Norway is richly endowed with natural resources, such as petroleum, hydro power, fish, forests, and minerals, and is highly dependent on the oil and gas sector, which accounts for approximately half of the total value of Norway’s exports of goods. Norway is the world's third largest exporter of natural gas and one of the world's largest oil exporters.
Gross domestic product (GDP) is estimated to increase by 0.8% in 2024.
PwC Norway has more than 2,500 employees in 27 offices offering auditing, consulting, tax, and value-added tax (VAT) services. We support our clients with the local knowledge and skills of our people and provide access to a broad range of professionals across the PwC global network. Our employees specialise in areas such as oil and gas, hydro power, financial industry, shipping, energy, fisheries, and telecom.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
22 (25% for certain companies within the financial sector). |
| Corporate income tax (CIT) due dates | |
|---|---|
| CIT return due date |
The end of May in the year following the financial year (end of April under the petroleum tax regime). Additional requirements may apply for specific business sectors, such as hydro power production. |
| CIT final payment due date |
Tax arrears must be paid within three weeks after the assessment has been made public. |
| CIT estimated payment due dates |
15 February and 15 April in the year following the income year. |
| Personal income tax (PIT) rates | |
|---|---|
| Headline PIT rate (%) |
47.4 |
| Personal income tax (PIT) due dates | |
|---|---|
| PIT return due date |
30 April |
| PIT final payment due date |
When the assessed tax is higher than the withholding or advance tax, the difference is payable by the taxpayer in two equal instalments. The specific due date depends on when the taxpayer received their tax assessment. For tax assessments received in June or earlier, the first payment is due 20 August and the second payment is due 24 September. For tax assessment received in August or later, the payment is due 3 and 8 weeks after the date on which the assessment has been made public. |
| PIT estimated payment due dates |
Advance tax paid by individuals as regards income not subject to withholding must be affected in four equal instalments during the income year, on 15 March, 15 May, 15 September, and 15 November. |
| Value-added tax (VAT) rates | |
|---|---|
| Standard VAT rate (%) |
25 |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
Resident: NA; Non-resident: 25 / 15 / 15 The 15% WHT rate applies on the gross payment on interest, royalties, and certain lease payments to related parties resident in low-tax jurisdictions. |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
22 |
| Headline individual capital gains tax rate (%) |
37.84 |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
1.0 (1.1 on wealth exceeding NOK 20m) |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NA |
| Headline gift tax rate (%) |
NA |
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