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10 October 2014

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Norway's 2015 Budget Includes Changes to Business Taxation, Individual Taxation and Indirect Taxes

On 8 October 2014, the Norwegian Ministry of Finance submitted to parliament the budget for 2015. Changes are made in regard to business taxation, individual taxation and indirect taxes, and would generally apply from 1 January 2015.

The main changes include:

Business Taxation

  • Limited partners will no longer be able to deduct partnership losses against ordinary income from other sources, but will instead be able to carry such losses forward to offset future partnership income or gains upon realization of partnership interests
  • The deductibility cap for internal R&D will be increased from NOK 8 million to NOK 15 million, and the deductibility cap for outsourced R&D will be increased from NOK 22 million to NOK 33 million - the total cap for combined internal and outsourced R&D will be NOK 33 million

Individual taxation

  • Employee's social security contributions will be reduced by 0.1% to 8.1% and 11.3% for employees and self-employed respectively
  • The surtax threshold for bracket 1 will be increased by NOK 7,500
  • The net wealth tax on individuals will be reduced from 1% to 0.75%, with an increase in the basic allowance from NOK 1 million to NOK 1.2 million

Indirect Taxes

  • The standard VAT registration threshold will be increased from NOK 50,000 in taxable sales to NOK 150,000
  • The low-value exemption threshold for imported goods will be increased from NOK 200 to NOK 500
  • A new arrangement will be introduced to neutralize value added tax for central government contracts

Click the following link for the Main features of the tax programme for 2015 on the Norwegian State Budget website .

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