Consumption/VAT/Sales Tax in Norway
Accounting (0) , Consumption/VAT/Sales Tax (1) , Corporate Tax (0) , International Tax Treaties (0) , Personal Tax (0)
Overview by Globlatrade.net:
- Nature of the Tax
- Value added tax is called MVA (Merverdiavgift or meirverdiavgift, informally moms).
- Standard Rate
- Reduced Tax Rate
- There is a 14% tax rate for food and 8% rate for passenger transport, hotel accommodation and cinema tickets.
- Exclusion From Taxation
- Exemptions for exports, banking, insurance, books, entertainment costs and health expenses.
- Method of Calculation, Declaration and Settlement
- Vat applies at each stage of production and distribution. Businesses with annual turnover above NOK 50 000 must register for VAT purposes. VAT on inputs purchased by the registrants is deductible in the VAT accounts. VAT returns are sent to the county tax assessment office six times a year. If the annual turnover is less than NOK 1 million, it's possible to apply for an annual VAT payment. Business enterprises in the agriculture, forestry and fishery sector submit annual VAT returns. The Norwegian Customs and Excise is responsible for calculating and collecting the VAT on imported goods.
- Other Consumption Taxes
- Taxes for alcohol, tobacco, cars and other vehicles, oil products, electric power, waste, dangerous chemicals, chocolate, sugar products, non-alcoholic beaverages, beaverage packaging and food production.
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