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13 July 2017

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Overview of Norwegian Tax and Other Changes from July

The Norwegian Ministry of Finance has published an overview of rule changes from 1 July 2017, including those in the Revised Budget for 2017 issued in May. Some of the main changes are in relation to the financial activity tax, which include:

  • Changes to prevent groups from making arrangements to circumvent the higher ordinary income tax rate that was maintained for financial companies (25%), and
  • A change in the exemption from the salary-based financially activity tax (5%) by removing the exemption where financial activities are less than 30% of total activities and basically maintaining the exemption where at least 70% of total salary is related to activities subject to VAT.

Also included is a new tax incentive scheme for long-term investments in start-ups, which provides for an annual deduction of up to NOK 500,000 for investments made by individuals or their investment companies into active start-ups that are at most six years old. The minimum required investment is NOK 30,000 and the maximum is NOK 1.5 million per company, and the investment must be held for at least three consecutive years. The investee company must have less than 25 employees (annual average), have an annual social security (wage) basis of at least NOK 400,000, and its income and total assets may not exceed NOK 40 million.

Click the following link for the overview of the changes (Norwegian language), which also includes various other tax and non-tax changes.

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