Insights

The United Kingdom left the EU and the EEA on 1 February 2020, for a transitional period until 31 December 2020, the United Kingdom will be treated as a member of the EU and the EEA, also in the tax area and all EEA-relevant tax rules will be continued. After the transition period, cross-border activities between Norway and the United Kingdom will in principle be treated in the same way as cross-border activities between Norway and countries that are not parties to the EEA Agreement.

In a press release on the 16th April, the Norwegian tax authorities have announced that due to the Corona situation the deadline for filing of tax return for the fiscal year 2019 will be extended. Given the current situation with layoffs, working from home and other issues related to Corona the authorities have given companies more time to file their returns.

Government compensates SMBs that have 30% or more in revenue loss due to COVID-19

Tax exemption for some payments in kind

Dividend is adopted by the company's general meeting and is taxable, if not tax exempt, at the time of the general meeting even though the dividend is paid out later.

In a pressconference on Friday the government has introduced further releifs for businesses. The main measures are related to a delayed date of payment for many of the direct and indirecet taxes for businesses. Please be aware that the filing deadlines have not been changed only the payment deadlines are postponed. In addItion the authorities have taken further measures by stopping the fines for late submission of several tax and indirect tax reports. Lastly, some indirect taxes will be reduced for a limited time period to help businesses in this crisis situation.

CASH RELIEF - The latest update of measures taken by the Norwegian government

In a press release on March 25, the tax authority informed that the tax authority will temporarily stop the use of penalty for late filing due to the corona pandemic. This applies to late filing of payroll reporting, VAT returns and tax return for self-employed and limited liability companies.

The Norwegian Government has agreed on part 2 of the coronavirus crisis package