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28 June 2018

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Norway Revised Budget for 2018 Approved by Parliament

The Norwegian government's Revised Budget for 2018 was approved by parliament on 15 June 2018. Tax-related aspects of the Revised Budget include:

  • Improved rules and guidance for the valuation and calculation of benefits-in-kind, which are simplified overall;
  • Simplified documentation requirements in respect of applying reduced withholding tax rates for non-resident shareholders (requirements pending);
  • The introduction of an optional simplified tax regime for temporary foreign employees working in Norway from 2019 that includes a flat 25% tax rate on gross income with no deductions;
  • An expansion of the VAT exemption for electronic newspapers, subject to EFTA Surveillance Authority approval;
  • A reduction in the alcohol tax for small breweries on beer with an alcohol percentage of 3.8% to 4.7% for the first 200,000 liters of production, subject to EFTA Surveillance Authority approval; and
  • The amendment of the CbC reporting regulations with respect to local filing by a constituent entity in Norway when there is no CbC exchange with the parent's jurisdiction, to provide that local filing will be required if the ultimate parent's jurisdiction has an agreement providing for the exchange of information (international agreement), but not an agreement for the automatic exchange of CbC reports (the wording of the current regulation only refers to not having a CbC exchange agreement).

The CbC reporting change applies from 1 January 2018, the VAT exemption and reduction in alcohol tax are to apply from 1 July 2018, and the other changes will generally apply from 1 January 2019.

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