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4 January 2016

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Norway 2016 Budget Measures Enacted

Norway enacted legislation for the 2016 Budget measures on 18 December 2015. The main measures include:

  • The corporate tax rate is reduced from 27% to 25% in 2016 (a 22% rate is planned in 2018);
  • The ordinary individual income tax rate is reduced from 27% to 25%, and the surtax is replaced with a new progressive tax with five brackets:
    • up to NOK 159,800 - 0%
    • over NOK 159,800 up to 224,900 - 0.44%
    • over NOK 224,900 up to 565,400 - 1.7%
    • over NOK 565,400 up to 909,500 - 10.7%
    • over NOK 909,500 - 13.7%
  • The 8% reduced VAT rate is increased to 10%;
  • The interest deduction limitation for related party debt is reduced from 30% of EBITDA to 25%;
  • A restriction on the participation exemption for dividends is introduced, where the exemption will not apply if the dividends are deductible for the distributing company (hybrid situations); and
  • The maximum deduction cap for the Skattefunn R&D incentive scheme is increased from NOK 15 million to 20 million for internal R&D costs, and from NOK 33 million to 40 million for costs incurred for R&D work outsourced to approved research institutions.

The changes apply from 1 January 2016.

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