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All foreign companies that choose to do business in Norway are required to follow Norwegian bookkeeping and reporting obligations. Do you know what these obligations are?
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Contents
New size limits for “small enterprises” in the Accounting Act of NOK 84 million in balance sheet total and NOK 168 million in sales revenues will enter into force on 1. November 2024 and will be applied from the financial year starting 1 January 2024, or later. This will lead to more enterprises classifying for the category of "small enterprises" and can use simplified rules for small enterprises.
The new limits for small enterprises are:
Sales revenues: NOK 168 million (NOK 70 million*)
Balance sheet total: NOK 84 million (NOK 35 million*)
Number of full-time equivalents: 50 (50*)
*Previous limit in the Accounting Act
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