Norway

Overview

Last reviewed - 30 January 2020

Norway 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, through large-scale, state-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 second largest exporter of natural gas and one of the world's largest oil exporters.

Gross domestic product (GDP) growth was 2.3% in 2017 and 1.3% in 2018.

PwC Norway has over 1,700 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.
Personal income tax (PIT) rates
Headline PIT rate (%) 22
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 3 and 12 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 (%) (Div/Int/Roy) Resident: NA;
Non-resident: 25 / 0 / 0
Capital gains tax (CGT) rates
Corporate capital gains tax rate (%) Capital gains are subject to the ordinary CIT rate.
Individual capital gains tax rate (%) Capital gains are subject to the normal PIT rate.
Net wealth/worth tax rates
Headline net wealth/worth tax rate (%) 0.85
Inheritance and gift tax rates
Inheritance tax rate (%) NA
Gift tax rate (%) NA

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.

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