19 March 2020
As previously reported, Norway is implementing several measures to help mitigate the effects of the COVID-19 pandemic on the economy. One of the measures is allowing companies that are lossmaking to re-allocate their loss towards previous years’ taxed surplus. This measure applies with respect to losses in 2020, which may only be set off against profits in 2018 or 2019.
Norway has also provided for a temporary reduction in the reduced VAT rate from 12% to 8% with effect from 1 January 2020. Further, the air passenger tax is abolished for the period between 1 January 2020 and 31 October 2020.
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