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2 January 2015

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Norway Enacts Budget Bill for 2015

Norway's Budget Bill for 2015 was enacted on 15 December 2014. Changes are made in regard to business taxation, individual taxation and value added tax (VAT). The main changes include:

Business Taxation

  • Limited partners are no longer 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 is increased from NOK 8 million to NOK 15 million, and the deductibility cap for outsourced R&D is increased from NOK 22 million to NOK 33 million - the total cap for combined internal and outsourced R&D is NOK 33 million

Individual taxation

  • The surtax threshold for bracket 1 is increased by NOK 7,500
  • The net wealth tax on individuals is reduced from 1% to 0.85% instead of 0.75% as initially planned, and the basic allowance is increased from NOK 1 million to NOK 1.2 million
  • The planned 0.1% reduction for employee and self employed social security contributions was not enacted

Value Added Tax

  • The standard VAT registration threshold is maintained at NOK 50,000 in taxable sales instead of the previously proposed increase to NOK 150,000
  • The low-value exemption threshold for imported goods is increased from NOK 200 to NOK 350 instead of NOK 500 as initially planned
  • A new arrangement is introduced to neutralize value added tax for central government contracts

The changes generally apply from 1 January 2015.

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