News Share

The Tax Hub

Daily Tax Newsletter


25 July 2012

Responsive image

Revised Budget for 2012 presented

On 15 May 2012, the government presented to the parliament amendments to the National Budget for 2012 (the Budget). The details of the Budget are summarized below.

Exit tax
The following changes are made as a consequence to the recent developments in the EU/EEA, especially in the decision of the European Court of Justice in National Grid Indus (Case C-371/10):

-   an interest charge is introduced on the exit tax which has been deferred and is charged until the date of realization of the asset. The interest is set annually on 1 January of the relevant year (the rate for 2012 is 2.75%);
-   a taxpayer has to provide a guarantee for the deferred exit tax, even though there is a tax treaty providing for exchange of information and the assistance in the collection of taxes in force between Norway and the country to which the taxpayer moves;
-   exit tax liability lasts indefinitely (currently, the exit tax liability is extinguished if the assets are not alienated within 5 years);
-   the deferral is restricted to apply only when the taxpayer moves to another EEA country;
-   the exit tax is not reduced even though the value of the asset decreases (currently, the tax liability may be reduced provided that the value of the assets decreases after the exit taxation is calculated);
-   no tax credit can be claimed for any tax paid in the other state against the exit tax liability in Norway; and
-   losses can be claimed in the year of exit (currently, only at the date of exit from Norway).

The changes of the exit tax rules, if adopted, have effect from 15 May 2012.

Tax Procedure Act
The following amendments in the Tax Procedure Act, if adopted, have effect from fiscal year 2011:

-   the additional tax / surtax is reduced from 30% to 10% in cases where:

the taxpayer has provided incorrect or insufficient information to the tax authorities, but

such information is in any case provided automatically to the tax authorities by a third party; and

-   the taxpayer retains the right to appeal on the tax authorities' decision even though he has not provided the tax authorities with sufficient and/or correct information (currently, the right to appeal may in such cases be forfeited).

Powerful Tax Tools


FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.


Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.


Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.


Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.


Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.



Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.


Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.


Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.


Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.


Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.


Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.


Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.


VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.


NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.


Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.


Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

FX Rates

Global FX Rates including Tax year Average FX Rates and Spot Rates for all Reporting Currencies.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More