Taxes and Accounting in Norway

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Accounting Rules

Tax Year
The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting Standards
The Norwegian accounting conforms to the directives of the European Union and respects the standards for most of the time. The Norwegian Generally Accepted Accounting Principles (GAAP) consists out of the International Financial Reporting Standards (IFRS). Most of the time, the audit is compulsory.
Accounting Regulation Bodies
The Norwegian Institute of Public Accountants
The Financial Supervisory Authority of Norway
Ministry of Finance of Norway
Accounting Reports
Financial statements, cash flow statement and additional information.
Publication Requirements
According to the Accounting Act, all limited liability companies have the duty to submit their annual accounts within one month after being adopted by the annual general meeting. To be published, the annual report must be deposited in the Register of Company Accounts.
Professional Accountancy Bodies
The Norwegian Institute of Public Accountants
The Institute of Internal Auditors Norway
Certification and Auditing
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact The Financial Supervisory Authority of Norway.
Accounting News

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Tax Rates

Consumption Taxes

Nature of the Tax
Value added tax is called MVA (Merverdiavgift or meirverdiavgift, informally moms).
Tax Rate
Reduced Tax Rate
There is a 14% tax rate for food and 8% rate for passenger transport, hotel accommodation and cinema tickets.
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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Corporate Taxes

Company Tax
Tax Rate For Foreign Companies
Resident companies are taxed on their worldwide income (unless income is extempt under an applicable tax treaty). Nonresidents are taxed on Norwegian-source income.
Capital Gains Taxation
Flat rate of 28%. Right to deduction for losses. Capital gains on shares and dividens recieved by companies are often exempt from tax.
Main Allowable Deductions and Tax Credit
Ordinary business expenses are generally deductible: research expenditure, depreciation, social security payments, losses, interest payments, royalty payments, but no entertainment expenditures. For additional information, consult the Deloitte Tax Guide.
Other Corporate Taxes
Excise taxes, 2,5% stamp duty on deeds of conveyance, property tax (0,2% - 0,7%), environmental taxes.

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Individual Taxes

Tax Rate

General combined rate (municipal and national) on  net income. 28%
A lower rate applies for the counties of Finnmark and Nord-Troms. 24.5%
An additional national income tax is payable on "gross personal income". Progressive rate from 0% to 12%
From NOK 0 to 441,000 0%
From NOK 441,001 to 716,600 9%
Above NOK 716,600 12%
Allowable Deductions and Tax Credit
All expenses incurred for the purpose of earning or securing income are deductible. Taxpayer can also claim deductions for interest paid on debt, supporting children younger than age 12 and pension plan premiums. Married taxpayers can file jointly.
Special Expatriate Tax Regime
Expatriate personnel temporarily assigned to Norway are entitled to some deduction on gross income in addition to the standard deductions. This rule is applicable for the first four years of stay.

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Double Taxation Treaties

Countries With Whom a Double Taxation Treaty Have Been Signed
See the list of Tax conventions signed between Norway and other states.
Withholding Taxes
Dividends: 0% (25% for non-residents of the European Economic Area - EEA), Interest: 0%, Royalties: 0%

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Sources of Fiscal Information

Tax Authorities
Ministry of Finance of Norway
Other Domestic Resources
Norwegian Tax Administration

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Find more on about Taxes and Accounting in Norway.

Intellectual Property

National Organizations
The Industrial Property Office
Regional Organizations
International Membership
Member of the WIPO (World Intellectual Property Organization)
Signatory to the Paris Convention For the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)

National Regulation and International Agreements

Type of property and law Validity International Agreements Signed
Norwegian Patents Act
20 years Patent Cooperation Treaty (PCT)
Strasbourg agreement Concerning the International Patent Classification
Trademarks Act
10 years, renewable for a further 10-year period Nice agreement
Protocol relating to the Madrid Agreement
Designs Act
5 years, renewable four times, for 5-year periods, for up to 25 years  
Copyright Act
70 years, but varies depending on the type of product Berne convention
Convention for the Protection of Producers of Phonograms Against Unauthorized Duplication of Their Phonograms
Rome ConventionFor the Protection of Performers, Producers of Phonograms and Broadcasting Organizations
Industrial Models
Designs Act
5 years, renewable four times, for 5-year periods, for up to 25 years  

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Legal Framework

Independence of Justice
Justice is free and independent.
Equal Treatment of Nationals and Foreigners
Foreigners can expect an impartial trial from the country’s judicial system.
The Language of Justice
Norwegian and Sami. Citizens can use either bokmål or nynorsk.
Recourse to an Interpreter
Sources of the Law and Legal Similarities
Mixture of customary law, civil law system, and common law traditions. The legal system is generally based on written statutes, but with some influence of common law principles. Supreme Court renders advisory opinions to legislature when asked. Accepts compulsory ICJ jurisdiction, but with reservations. Norway is a member of EEA and is required to adapt EU legislation in most policy areas.
Checking National Laws Online
Norwegian laws in English
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National Standards Organizations
Standards Norway
The Norwegian Electrotechnical Committee
The Norwegian Post and Telecommunication Authority
Integration in the International Standards Network
Standards Norway participates in the International Standardization Organization (ISO) and the European Committee for Standardization(CEN). The Norwegian Electrotechnical Commitee is a member of the European Committee for Electrotechnical Standardization (CENELEC) and International Electrotechnical Commission (IEC). The Norwegian Post and Telecommunications Authority participates in the International Telecommunication Union and the European Telecommunication Standard Institute (ETSI)
Classification of Standards
A CE mark is obligatory.
Online Consultation of Standards
Pronom is the sales company owned by Standards Norway

Information is available on the European Telecommunication Standard Institute (ETSI), the European Committee for Standardization and the European Committee for Electrotecnical Standardization's websites.

Certification Organizations
Norwegian Accreditation

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Business Practices

General Information
Norwegian business culture
Norwegian business culture
Opening Hours and Days
The working-day is generally 8:00 a.m. to 4:00 p.m., from Monday to Friday. A 30-minute lunch is usually taken between 11:00 a.m. and 1:00 p.m.

Public Holidays

New Year's Day January 1st
Palm Sunday The Sunday before Easter Sunday
Holy Thursday The Thursday Before Easter Sunday
Good Friday The Friday Before Easter Sunday
Easter Sunday March-April
Easter Monday The Day After Easter Sunday
May Day 1st of May
Ascension Day 40 days after Easter
Constitution day May 17th
Whit Sunday 50 days after Easter
Whit Monday 51 days after Easter
Christmas Day December 25th
Boxing Day December 26th
Note Banks, shops and offices usually close early on Christmas Eve and and December 31st.

Periods When Companies Usually Close

Christmas Holiday From Christmas
Summer Holiday From July-August
Note: Many Norwegians like to take time off between Palm Sunday and Easter Monday

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