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NorwayTax Guide

2012

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PKF Worldwide Tax Guide 2012I

foreword

A countrys tax regime is always a key actor or any business considering movinginto new markets. What is the corporate tax rate? Are there any incentives or

overseas businesses? Are there double tax treaties in place? How will oreign sourceincome be taxed?

Since 1994, the PKF network o independent member rms, administered by PKFInternational Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provideinternational businesses with the answers to these key tax questions. This handyreerence guide provides clients and proessional practitioners with comprehensivetax and business inormation or 100 countries throughout the world.

As you will appreciate, the production o the WWTG is a huge team eort and I

would like to thank all tax experts within PFK member rms who gave up their timeto contribute the vital inormation on their countrys taxes that orms the heart o thispublication. I would also like thank Richard Jones, PKF (UK) LLP, Kevin Reilly, PKFWitt Mares, and Kaarji Vaughan, PKF Melbourne or co-ordinating and checking theentries rom countries within their regions.

The WWTG continues to expand each year refecting both the growth o the PKFnetwork and the strength o the tax capability oered by member rms throughoutthe world.

I hope that the combination o the WWTG and assistance rom your local PKFmember rm will provide you with the advice you need to make the right decisionsor your international business.

Jon HillPKF (UK) LLPChairman, PKF International Tax Committeejon.hills@uk.pk.com

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PKF Worldwide Tax Guide 2012 II

important disclaimer

This publication should not be regarded as oering a complete explanation o thetaxation matters that are contained within this publication.

This publication has been sold or distributed on the express terms and understandingthat the publishers and the authors are not responsible or the results o any actionswhich are undertaken on the basis o the inormation which is contained within thispublication, nor or any error in, or omission rom, this publication.

The publishers and the authors expressly disclaim all and any liability andresponsibility to any person, entity or corporation who acts or ails to act as aconsequence o any reliance upon the whole or any part o the contents o thispublication.

Accordingly no person, entity or corporation should act or rely upon any matter orinormation as contained or implied within this publication without rst obtainingadvice rom an appropriately qualied proessional person or rm o advisors, andensuring that such advice specically relates to their particular circumstances.

PKF International is a network o legally independent member rms administered byPKF International Limited (PKFI). Neither PKFI nor the member rms o the networkgenerally accept any responsibility or liability or the actions or inactions on the part

o any individual member rm or rms.

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PKF Worldwide Tax Guide 2012III

preface

The PKF Worldwide Tax Guide 2012 (WWTG) is an annual publication that providesan overview o the taxation and business regulation regimes o 100 o the worlds

most signicant trading countries. In compiling this publication, member rms o thePKF network have based their summaries on inormation current as o 30 September2011, while also noting imminent changes where necessary.

On a country-by-country basis, each summary addresses the major taxes applicableto business; how taxable income is determined; sundry other related taxationand business issues; and the countrys personal tax regime. The nal section oeach country summary sets out the Double Tax Treaty and Non-Treaty rates o taxwithholding relating to the payment o dividends, interest, royalties and other relatedpayments.

While the WWTG should not to be regarded as oering a complete explanation othe taxation issues in each country, we hope readers will use the publication as theirrst point o reerence and then use the services o their local PKF member rm toprovide specic inormation and advice.

In addition to the printed version o the WWTG, individual country taxation guides areavailable in PDF ormat which can be downloaded rom the PKF website at www.pk.com

PKF INTERNATIONAL LIMITEDAPRIL 2012

PKF INTERNATIONAL LIMITEDALL RIGHTS RESERVEDUSE APPROVED WITH ATTRIBUTION

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PKF Worldwide Tax Guide 2012 IV

about pKf international limited

PKF International Limited (PKFI) administers the PKF network o legally independentmember rms. There are around 300 member rms and correspondents in 440

locations in around 125 countries providing accounting and business advisory services.PKFI member rms employ around 2,200 partners and more than 21,400 sta.

PKFI is the 10th largest global accountancy network and its member rms have $2.6billion aggregate ee income (year end June 2011). The network is a member o theForum o Firms, an organisation dedicated to consistent and high quality standards onancial reporting and auditing practices worldwide.

Services provided by member rms include:

Assurance & AdvisoryCorporate FinanceFinancial PlanningForensic AccountingHotel ConsultancyInsolvency Corporate & PersonalIT ConsultancyManagement ConsultancyTaxation

PKF member rms are organised into ve geographical regions covering Arica; LatinAmerica; Asia Pacic; Europe, the Middle East & India (EMEI); and North America &the Caribbean. Each region elects representatives to the board o PKF InternationalLimited which administers the network. While the member rms remain separateand independent, international tax, corporate nance, proessional standards, audit,hotel consultancy, insolvency and business development committees work together toimprove quality standards, develop initiatives and share knowledge and best practicecross the network.

Please visit .pkf.com or more inormation.

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PKF Worldwide Tax Guide 2012V

structure of country descriptions

a. taXes payable

FEDERAL TAXES AND LEVIESCOMPANY TAXCAPITAL GAINS TAXBRANCH PROFITS TAXSALES TAX/VALUE ADDED TAXFRINGE BENEFITS TAXLOCAL TAXESOTHER TAXES

b. determination of taXable income

CAPITAL ALLOWANCESDEPRECIATIONSTOCK/INVENTORYCAPITAL GAINS AND LOSSESDIVIDENDSINTEREST DEDUCTIONSLOSSESFOREIGN SOURCED INCOME

INCENTIVES

c. foreiGn taX relief

d. corporate Groups

e. related party transactions

f. witHHoldinG taX

G. eXcHanGe control

H. personal taX

i. treaty and non-treaty witHHoldinG taX rates

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PKF Worldwide Tax Guide 2012 VI

A

Algeria . . . . . . . . . . . . . . . . . . . .1 pm

Angola . . . . . . . . . . . . . . . . . . . .1 pm

Argentina . . . . . . . . . . . . . . . . . .9 am

Australia -

Melbourne . . . . . . . . . . . . . 10 pm

Sydney . . . . . . . . . . . . . . .10 pm

Adelaide . . . . . . . . . . . . 9.30 pm

Perth . . . . . . . . . . . . . . . . . .8 pm

Austria . . . . . . . . . . . . . . . . . . . .1 pm

B

Bahamas . . . . . . . . . . . . . . . . . . .7 am

Bahrain . . . . . . . . . . . . . . . . . . . .3 pm

Belgium . . . . . . . . . . . . . . . . . . . .1 pm

Belize . . . . . . . . . . . . . . . . . . . . .6 amBermuda . . . . . . . . . . . . . . . . . . .8 am

Brazil. . . . . . . . . . . . . . . . . . . . . .7 am

British Virgin Islands . . . . . . . . . . .8 am

C

Canada -

Toronto . . . . . . . . . . . . . . . . 7 am

Winnipeg . . . . . . . . . . . . . . . 6 amCalgary . . . . . . . . . . . . . . . . 5 am

Vancouver . . . . . . . . . . . . . . 4 am

Cayman Islands . . . . . . . . . . . . . .7 am

Chile . . . . . . . . . . . . . . . . . . . . . .8 am

China - Beijing . . . . . . . . . . . . . .10 pm

Colombia . . . . . . . . . . . . . . . . . . . 7 am

Croatia . . . . . . . . . . . . . . . . . . . .1 pm

Cyprus . . . . . . . . . . . . . . . . . . . .2 pmCzech Republic . . . . . . . . . . . . . . 1 pm

D

Denmark . . . . . . . . . . . . . . . . . . .1 pm

Dominican Republic . . . . . . . . . . .7 am

E

Ecuador . . . . . . . . . . . . . . . . . . . .7 amEgypt . . . . . . . . . . . . . . . . . . . . .2 pm

El Salvador . . . . . . . . . . . . . . . . . 6 am

Estonia . . . . . . . . . . . . . . . . . . . .2 pm

F

Fiji . . . . . . . . . . . . . . . . .12 midnight

Finland . . . . . . . . . . . . . . . . . . . .2 pm

France. . . . . . . . . . . . . . . . . . . . .1 pm

G

Gambia (The) . . . . . . . . . . . . . 12 noon

Georgia . . . . . . . . . . . . . . . . . . . .3 pm

Germany . . . . . . . . . . . . . . . . . . .1 pm

Ghana . . . . . . . . . . . . . . . . . . 12 noon

Greece . . . . . . . . . . . . . . . . . . . .2 pm

Grenada . . . . . . . . . . . . . . . . . . .8 am

Guatemala . . . . . . . . . . . . . . . . . . 6 am

Guernsey . . . . . . . . . . . . . . . . 12 noon

Guyana . . . . . . . . . . . . . . . . . . . .7 am

H

Hong Kong . . . . . . . . . . . . . . . . .8 pm

Hungary . . . . . . . . . . . . . . . . . . .1 pm

I

India . . . . . . . . . . . . . . . . . . . 5.30 pm

Indonesia. . . . . . . . . . . . . . . . . . .7 pm

Ireland . . . . . . . . . . . . . . . . . . 12 noon

Isle o Man . . . . . . . . . . . . . . 12 noon

Israel . . . . . . . . . . . . . . . . . . . . . .2 pm

Italy . . . . . . . . . . . . . . . . . . . . . .1 pm

J

Jamaica . . . . . . . . . . . . . . . . . . .7 am

Japan . . . . . . . . . . . . . . . . . . . . .9 pm

Jersey . . . . . . . . . . . . . . . . . . 12 noon

Jordan . . . . . . . . . . . . . . . . . . . .2 pm

K

Kazakhstan . . . . . . . . . . . . . . . . .5 pm

Kenya . . . . . . . . . . . . . . . . . . . . .3 pm

Korea . . . . . . . . . . . . . . . . . . . . .9 pm

Kuwait . . . . . . . . . . . . . . . . . . . . .3 pm

L

Latvia . . . . . . . . . . . . . . . . . . . . .2 pm

Lebanon . . . . . . . . . . . . . . . . . . .2 pm

Liberia . . . . . . . . . . . . . . . . . . 12 noon

Luxembourg . . . . . . . . . . . . . . . .1 pm

M

Malaysia . . . . . . . . . . . . . . . . . . .8 pm

Malta . . . . . . . . . . . . . . . . . . . . .1 pm

Mauritius . . . . . . . . . . . . . . . . . . .4 pm

Mexico . . . . . . . . . . . . . . . . . . . .6 am

Morocco . . . . . . . . . . . . . . . . 12 noon

N

Namibia. . . . . . . . . . . . . . . . . . . .2 pm

Netherlands (The) . . . . . . . . . . . . .1 pm

New Zealand . . . . . . . . . . .12 midnight

Nigeria . . . . . . . . . . . . . . . . . . . .1 pm

Norway . . . . . . . . . . . . . . . . . . . .1 pm

O

Oman . . . . . . . . . . . . . . . . . . . . .4 pm

P

Panama. . . . . . . . . . . . . . . . . . . .7 am

Papua New Guinea. . . . . . . . . . .10 pm

Peru . . . . . . . . . . . . . . . . . . . . . .7 am

Philippines . . . . . . . . . . . . . . . . . .8 pm

Poland. . . . . . . . . . . . . . . . . . . . .1 pm

Portugal . . . . . . . . . . . . . . . . . . .1 pm

Puerto Rico . . . . . . . . . . . . . . . . . 8 am

international time Zones

AT 12 NOON, GREENwICH MEAN TIME, THE sTANDARD TIMEELsEwHERE Is:

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PKF Worldwide Tax Guide 2012VII

Q

Qatar. . . . . . . . . . . . . . . . . . . . . .8 am

R

Romania . . . . . . . . . . . . . . . . . . .2 pmRussia -

Moscow . . . . . . . . . . . . . . .3 pm

St Petersburg . . . . . . . . . . . .3 pm

s

Sierra Leone . . . . . . . . . . . . . 12 noon

Singapore . . . . . . . . . . . . . . . . . .7 pm

Slovak Republic . . . . . . . . . . . . . .1 pmSlovenia . . . . . . . . . . . . . . . . . . .1 pm

South Arica . . . . . . . . . . . . . . . . .2 pm

Spain . . . . . . . . . . . . . . . . . . . . .1 pm

Sweden . . . . . . . . . . . . . . . . . . . .1 pm

Switzerland . . . . . . . . . . . . . . . . .1 pm

T

Taiwan . . . . . . . . . . . . . . . . . . . .8 pmThailand . . . . . . . . . . . . . . . . . . .8 pm

Tunisia . . . . . . . . . . . . . . . . . 12 noon

Turkey . . . . . . . . . . . . . . . . . . . . .2 pm

Turks and Caicos Islands . . . . . . .7 am

U

Uganda . . . . . . . . . . . . . . . . . . . .3 pm

Ukraine . . . . . . . . . . . . . . . . . . . .2 pmUnited Arab Emirates . . . . . . . . . .4 pm

United Kingdom . . . . . . .(GMT) 12 noon

United States o America -

New York City . . . . . . . . . . . .7 am

Washington, D.C. . . . . . . . . .7 am

Chicago . . . . . . . . . . . . . . . . 6 am

Houston . . . . . . . . . . . . . . . . 6 am

Denver . . . . . . . . . . . . . . . .5 amLos Angeles . . . . . . . . . . . . . 4 am

San Francisco . . . . . . . . . . .4 am

Uruguay . . . . . . . . . . . . . . . . . . .9 am

V

Venezuela . . . . . . . . . . . . . . . . . . 8 am

Vietnam . . . . . . . . . . . . . . . . . . . .7 pm

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PKF Worldwide Tax Guide 2012 1

Norway

norway

Currency: Kroner Dial Code To: 47 Dial Code Out: 00 (NOK)

Please email EMEI Regional Director, Oliver Grosse-Brauckmann atoliver.grosse-brauckmann@pk.com or tax contact.

a. taXes payable

COMPANy TAxCompany tax is payable by Norwegian resident companies on non-exempt incomederived rom all sources. Non-resident companies are required to pay tax on incomesourced in Norway.

A company is treated as resident i its central management and control or head oceis located in Norway and, or all practical purposes, a company registered in Norwayis also considered a resident.

The company tax rate on income is 28%. The tax year is usually the calendaryear, although this can be deviated rom in certain circumstances. Tax is payablein three instalments. A preliminary assessment is issued ater the end o the taxyear corresponding to the accrued taxes not yet assessed. This tax is due in two

instalments on 15 February and 15 April. The balance is to be paid within threeweeks ater the assessment is made public. Company tax returns must be led bythe end o March or the preceding tax year (this is extended to the end o May orelectronically led returns). It is possible to get an agreed postponement.

CAPITAL GAINs TAxThere is no separate capital gains tax. Capital gains are treated as ordinary income.

BRANCH PROFITs TAxShipping companies are not taxed on prots but when they pay dividends. There is noother special prots tax on branches o oreign companies in Norway.

sALEs TAx/VALUE ADDED TAx (VAT)VAT is levied on the sale o most merchandise and services and on imported goods andservices. The VAT rate is 25% (15 % on ood, 8% on passenger transport, broadcasting,cinema tickets, sports events, leisure parks and experience centre tickets and lettingo rooms in hotels, motels and tourist cabins etc). Some goods are exempt but VAT onthe purchase o materials and goods is still deductible. This also applies to exports,newspapers, certain periodicals and international transportation. Other areas are exempt

without any credit or input tax. This is the case or health services and nancial services.FRINGE BENEFITs TAx (FBT)Both residents and non-residents are taxed on ringe benets. The value o the benetsis taxed as the top slice o employment income. The highest marginal tax rate is 51%.

sOCIAL sECURITy CONTRIBUTIONsEmployers are liable to pay social security contributions relating to salaries andbenets paid to their employees. The ee levied is 14.1% in Central areas. Lowerrates are available or certain employees in areas in the North o Norway.

LOCAL TAxEsProperty taxes in some urban areas are levied at a maximum 0.7 % o the tax valueo the property.

OTHER TAxEsReal estate transactions are subject to 2.5% stamp duty. Property transerred by gitor on death is taxable at rates varying rom 6% to 15%. Special taxation regimesapply to oil and gas. Tax rate or these companies is 78% (28% + 50%).

b. determination of taXable income

The taxable income o a company is determined by ascertaining assessable incomeand then subtracting all allowable deductions. Generally, to be deductible, lossesand expenses must relate to producing the assessable income. Some items suchas entertainment expenses and gits are specically non-deductible. Only realisedexpenses are deductible. Special rules apply to the categories listed below.

DEPRECIATIONBook depreciation is not allowable or tax purposes. Assets with an expected lie omore than three years and costing more than NOK15,000 should be depreciated ona declining-balance method using the ollowing rates:

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PKF Worldwide Tax Guide 20122

Rate (%)

Oce machinery 30

Goodwill 20

Trucks, trailers, buses, taxis and vehicles or disabled persons 20

Cars, agricultural tractors, machinery, tools, instruments etc. 20

Ships, drilling platorms, vessels, etc. 14

Aeroplanes 12

Power stations, power lines 5

Industrial buildings, hotels, restaurants 4

Oce buildings 2Technical installations in buildings 10

sTOCK/INVENTORyAll trading stock held at the beginning o the tax year and at the end o the tax yearmust be taken into account when determining taxable income. Stock is valued atcost without regard to real value. Work in progress and nished products are valuedat direct variable cost o materials and labour. Real value is not taken into account.Accepted valuation method is FIFO not average cost or LIFO.

CAPITAL GAINs AND LOssEsSee text above.

DIVIDENDsDividends are not deductible or income tax purposes or the dividend paying company.Dividends received rom other Norwegian companies are tax-exempt under the participationexemption. However, 3% o the dividendis added to the recipients taxable income.

INTEREsT DEDUCTIONs

All interest costs on business debt are deductible. Normally, there are no thin capitalisationlimitations (except in oil and gas production). Tax authorities can, however, make adjustments.

LOssEsLosses may be carried orward. Losses may generally not be carried back but, whena company liquidates, the losses o the year o liquidation may be oset againstprots o the two preceding years.

FOREIGN sOURCED INCOMENorway has rules designed to ensure that prots sourced in low tax countries are

included in the controlling Norwegian companys taxable income. Generally, incomerom a oreign company will be included i 50% or more o the company is owned orcontrolled by Norwegians. A low tax jurisdiction applies where the tax payable is lessthan two-thirds o the tax that would have been payable in Norway.

INCENTIVEsGenerally, there are no special incentives, although research and development creditsare granted to small and medium sized companies under qualiying circumstances.

c. foreiGn taX relief

Deductions are available or oreign tax paid or, as an alternative, a credit may beavailable against Norwegian tax payable on that income.

d. corporate Groups

Group companies cannot le consolidated tax returns. Under special circumstances,income can be transerred between companies residing in Norway. The requirementis that there is more than 90% common ownership o the companies.

e. related party transactions

Transer pricing should be based on an arms length principle. Norwegian tax lawgives the tax authorities the power to raise assessments i transactions between thetaxpayer and associated companies are not based on an arms length principle.

f. witHHoldinG taX

Withholding taxes must be deducted rom dividends paid to non-residents, althoughthere is no withholding on dividends paid to corporate shareholders resident withinthe European Economic Area. Interest payments and royalties are not subject to

Norway

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PKF Worldwide Tax Guide 2012 3

withholding taxes. Foreign companies and other entities within the EEA are notsubject to withholding taxes.

G. eXcHanGe controls

Most exchange controls were phased out in 1990. However, all imports o capitalin cash exceeding NOK25,000 should be reported to the Bank o Norway. Othertransers o capital need not be reported.

H. personal taX

Income tax is payable by Norwegian residents on income derived rom all sources.Non-residents are only required to pay tax on Norwegian-sourced income. Residencyis determined by domicile or where the individual has spent, or intends to spend,

more than six months o the tax year. Under almost all Norwegian tax treaties,oreign-earned income is exempt rom Norwegian tax. Where there is no treaty, creditor oreign taxes is given up to the amount o Norwegian tax on oreign income.

Income tax is payable on assessable income less allowable deductions. Assessableincome includes business income, employment income, certain capital gains, rentand interest income. Some expenses incurred in earning the assessable income aredeductible. Some actual expenses can be replaced by standard deductions.

The general combined rate o the national and municipal income taxes is 28%.A lower rate o 24.5% applies or the counties o Finnmark and Nord-Troms. Apersonal allowance o NOK 90,700 (2012) NOK 87,200 (2011) is available to jointlyassessed married couples and or single persons with dependents. The allowanceor single persons without dependents and married persons assessed separately isNOK 45,350 (2012) NOK 43,600 (2011).

OTHER TAxATIONAll income rom capital is taxable at 28%. However, the value o dividends chargeableto tax is reduced by an amount representative o a risk-ree return on the investedcapital. This amount is 1.6% or the 2010 tax year.

An additional national income tax is payable on gross personal income (whichincludes gross income rom employment or sel-employment, including pensions).

With eect rom 1 January 2012 the rates o the national income tax are:

Taable income (NOK) Rate (%)

Classes 1 and 2:

0 490,000 0

490,001 796,400 9

796,401 and above 12

In addition, social security taxes are paid. Employees pay 7.8% o gross salaryincome. For sel-employed individuals the rate is 11%.

Wealth tax is charged on the net value o assets. The rates are progressive rom 0%to 1.1% including national and municipal net wealth taxes.

i. treaty and non-treaty witHHoldinG taX rates

on dividends from norway

Ordinarrate

Parent/ubidiar

(1) Parent/ubidiarrate requirement

Non-Tax TreatyCountries:

25 25

Treaty Countries:

Albania 15 5

Argentina 15 10

Australia 15 15

Austria 15 0

AzerbaijanRepublic 15 10

30% capital participation

and an investment o atleast $100,000

Norway

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PKF Worldwide Tax Guide 20124

Ordinarrate

Parent/ubidiar

(1) Parent/ubidiarrate requirement

Bangladesh 15 10 10% capital participation

Barbados 15 5 10% capital participationBelgium 15 5

Benin 20 20

Brazil Domestic rate applies

Bulgaria 15 15

Canada 15 5 10% voting power

Chile 15 5 25% voting power

China 15 15

Croatia 15 15

Cyprus 5 0 50% voting power

Czech Republic 15 0 10% capital

Denmark 15 0 10% capital

Egypt 15 15

Estonia 15 5

Faroe Islands 15 0 10% capital

Finland 15 0 10% capital

France 15 0/5 25% capital/10% capital

Gambia 15 5

Germany 15 0

Greece 20 20

Greenland 15 5 10% capital

Hungary 10 10

Iceland 15 0 10% capital

India 25 15 New issues o capital only

Indonesia 15 15

Israel 15 5 50% voting powerItaly 15 15

Ivory Coast 15 15

Jamaica 15 15

Japan 15 5

Kazakhstan 15 5 10% capital

Kenya 25 15 10% capitalKorea 15 15

Latvia 15 5

Lithuania 15 5

Luxembourg 15 5Not Luxembourg except

holding companies

Malawi 5 0 50% voting power

Malaysia 0 0

Malta 15 15

Mexico 15 0

Morocco 15 15

Nepal 15 5/10At least 25%/10% o the

share capital

Netherlands 15 0

Norway

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PKF Worldwide Tax Guide 2012 5

Ordinarrate

Parent/ubidiar

(1) Parent/ubidiarrate requirement

NetherlandsAntilles

15 5

New Zealand 15 15

Pakistan 15 15

Philippines 25 15 10% voting power

Poland 15 0Company holding 10%

o the capital or at least2 years

Portugal 15 10

Qatar 15 5Company holding 10%

o the capital

Romania 10 10

Russia 10 10

Senegal 16 16

Sierra Leone 5 0 50% voting power

Singapore 15 5Slovak Republic 15 5

Slovenia 15 0Company holding 15%

o the capital

South Arica 15 5 25% capital participation

Spain 15 10

Sri Lanka 15 15

Sweden 15 0 10% capital

Switzerland 15 0 10% capital

Tanzania 20 20

Thailand 15 10 10% capital

Trinidadand Tobago

20 10

Tunisia 20 20

Turkey 25 20

From 1 Jan2012

5 1520% capital or dividend

derived by the NorwegianGovernment Pension Fund

Uganda 15 10

Ukraine 15 5

United Kingdom 15 5 10% voting power

United States 15 15

Venezuela 10 5 10% capital participation

Vietnam 15 5/10At least 70%/25% o the

share capital

Zambia 15 15

Zimbabwe 20 15

1 Unless otherwise indicated, the reduced treaty rates given in this column applyi the recipient company owns at least 25% o the capital in the Norwegiancompany.

oman

Currency: Rial Omani Dial Code To: 968 Dial Code Out: 00 (RO)

Member Firm:City: Name: Contact Inormation:

Norway

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www.pkf.com$100