On 26 September 2019, Norway published a regulation amending the list of low tax jurisdictions for tax purposes. The list applies both to taxation of income and losses on investments in low-tax countries.
The countries which are considered as low-tax countries-Andorra; Anguilla; Bahamas; Bahrain ( with the exception of companies that are liable to tax for activities in the oil sector); Belize; Bermuda; BES Islands (Bonaire, St. Eustatius, and Saba); Cayman Islands; United Arab Emirates; Isle of Man; Virgin Islands (U.S.); Virgin Islands (British); Channel Islands (Jersey, Guernsey, Lihou, Jethou, Herm, Alderney, Great Sark, Little Sark and Brecqhou); Kosovo; Liberia; Macao; Marshall Islands; Maldives; Mauritius; Micronesia; Moldova; Monaco; Montenegro; Nauru; Northern Macedonia; Paraguay; Palau; Qatar (exception for taxable oil sector companies); St. Barthelemy; St. Kitts and Nevis; St. Vincent and the Grenadines; Turks and Caicos Islands; Uzbekistan; and Vanuatu.
The countries which are not considered low-tax countries, with the exception of companies that are taxed at a reduced rate, who are exempt from tax liability through various incentive schemes or who are otherwise exempt from taxation. These are-Australia; Canada; Chile; India; Japan; China; New Zealand; South Africa; and the United States.
The regulation will be effective from 1 January 2020.
