Norway mandates beneficial owner registration for local companies, legal entities
Norway has issued a new legislation on 12 December 2024 mandating Norwegian companies and legal entities to register their beneficial owners in the Register of Beneficial Owners. The legislation will take effect on 31 July 2025, although
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Brazil: Chamber of Deputies approve tax treaty with Norway, amending protocol with Sweden
The Brazilian Chamber of Deputies approved an amending protocol with Sweden on 26 November and a tax treaty with Norway on 27 November. Signed on 4 November 2022, the agreement with Norway aims at avoiding double taxation of income and
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OECD: Norway signs multilateral agreement on exchange of information on CRS avoidance
A recent OECD update reported that Norway has signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on CRS Avoidance Arrangements and Opaque Offshore Structures (MDR-MCAA) on 26 November 2024. This
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EU gazettes VAT agreement amendments with Norway
The EU has published the Council Decision (EU) 2024/2888 of 5 November 2024 in the Official Journal of the European Union on 19 November 2024, ratifying the agreement modifying the existing arrangement with Norway for administrative cooperation in
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Norway considers crypto ownership reporting rules
Norway’s Ministry of Finance unveiled a draft bill, which introduces reporting obligations for third parties serving as crypto asset exchanges or custodians, for public consultation on 15 November 2024. The consultation is set to conclude on 15
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Qatar approves amending protocol to tax treaty with Norway
Qatar's Council of Ministers approved for ratification the amending protocol to the income tax treaty with Norway on 23 October 2024. Earlier, Norway and Qatar signed an amending protocol to the 2009 Norway—Qatar Income Tax Treaty on 4
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Norway proposes changes to exit taxes in 2025 Budget
Norway’s government has proposed amendments to the exit tax regulations in the National Budget 2025, which was announced on 7 October 2024. In practice, the current exit tax rules function as a tax loophole. The Government wants to close this
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Norway announces 2025 budget, lowers tax and VAT rates
Norway’s government presented the 2025 Budget Bill, on 7 October 2024, with the aim to enhance the financial well-being of Norwegians, strengthen Norway's preparedness against war and crime, and reduce social and geographical
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Norway signs new VAT agreement with EU
Norway's ambassador to the EU, Anders H. Eide announced that he signed a renegotiated agreement with the EU on administrative cooperation in the field of VAT to combat international VAT fraud on 2 October 2024. An agreement between Norway and the
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Norway, Qatar sign amending protocol to tax treaty
On 4 September 2024, Norway and Qatar signed an amending protocol to the 2009 Norway—Qatar Income Tax Treaty. This tax treaty aims to prevent double taxation and avoid fiscal evasion regarding taxes on income between the two countries. The
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FTA between Iceland, Norway, Switzerland, Liechtenstein and Moldova enters into force
The free trade agreement (FTA) between Moldova and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland, will take effect on 1 September, 2024. The agreement between the EFTA member states
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Norway: MOF seeks feedback on tax distribution rule under Pillar Two GloBE rules
Norway’s Ministry of Finance initiated a public consultation regarding the proposed implementation of the tax distribution rule (Undertaxed Profits Rule - UTPR) under Pillar Two of the OECD Base Erosion and Profit Shifting (BEPS) project on 19
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Norway to implement Pillar 2 UTPR in 2025
Norway’s Ministry of Finance has initiated a public consultation on proposed amendments to the Supplementary Tax Act. As previously noted, Norway announced the Supplementary Tax Act in the Official Gazette on 12 January 2024, which provides the
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Norway proposes new method for calculating ground rent tax
Norway has updated its National Budget for 2024, which proposed that ground rent tax for land-based wind power plants owned by entities with participant determination, such as responsible companies and limited partnerships, be calculated using a
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Norway initiates consultation on 12-month deadline for tax deduction on unrecoverable receivables
Norway's Ministry of Finance has initiated a public consultation regarding the proposed introduction of a 12-month time limit for tax deductions for companies on unrecoverable trade receivables from related parties. A corresponding time limit is
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Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on ​​the Norwegian Continental Shelf. It is also proposed that tax
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Norway issues new guidance on transfer pricing reporting requirements for 2024
On 8 February 2024, the Norwegian Tax Administration (NTA) released a guidance regarding the amendments of the transfer pricing disclosures in tax returns for organizations, due by 31 May 2024 for the fiscal year ending in 2023. The guidance
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Norway enacts global minimum tax pillar 2 and amends tax administration act and tax payment act
On 12 January 2024, Normay announced the Supplementary Tax Act in the Official Gazette, which provides the provisions for implementing the Pillar 2 global minimum tax. This includes the introduction of the Pillar 2 income inclusion rule (IIR) to
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