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23 December 2016

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Norway Tax Rule Changes for 2017

On 22 December 2016, the Norwegian Ministry of Finance published an overview of tax rule changes for 2017 following the completion of the budget process in parliament on 20 December. The main changes include:

  • A reduction in the ordinary income tax rate for individuals and companies from 25% to 24%, and an increase in the rates and brackets for the progressive individual income surtax as follows:
    • up to NOK 164,100 - 0%
    • over NOK 164,100 up to 230,950 - 0.93%
    • over NOK 230,950 up to 580,650 - 2.41%
    • over NOK 580,650 up to 934,050 - 11.52%
    • over NOK 934,050 - 14.52%
  • The elimination of the supplementary initial depreciation of machinery;
  • The introduction of a financial activity tax that is comprised of a 5% wage-based tax on gross salaries paid and a 25% ordinary tax on income of financial undertakings (i.e., remain subject to 2016 rate) - an exemption applies for companies where financial activities are less than 30% of total activities or at least 70% of the financial activities are otherwise taxed;
  • The introduction of Country-by-Country reporting requirements (previous coverage); and
  • An increase in the maximum deductibility basis cap for the Skattefunn R&D incentive scheme from NOK 20 million to 25 million for internal R&D costs, and from NOK 40 million to 50 million for costs incurred for outsourced R&D.

Click the following link for the overview (Norwegian language).

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