On 15 June 2012, the revised Budget was adopted by the parliament.
The following changes are made as a consequence to the recent developments in the EU/EEA, especially in the decision of the European Court of Justice in National Grid Indus (Case C-371/10):
|–||an interest charge is introduced on the exit tax which has been deferred and is charged until the date of realization of the asset. The interest is set annually on 1 January of the relevant year (the rate for 2012 is 2.75%);|
|–||a taxpayer has to provide a guarantee for the deferred exit tax, even though there is a tax treaty providing for exchange of information and the assistance in the collection of taxes in force between Norway and the country to which the taxpayer moves;|
|–||exit tax liability lasts indefinitely (currently, the exit tax liability is extinguished if the assets are not alienated within 5 years);|
|–||the deferral is restricted to apply only when the taxpayer moves to another EEA country;|
|–||the exit tax is not reduced even though the value of the asset decreases (currently, the tax liability may be reduced provided that the value of the assets decreases after the exit taxation is calculated);|
|–||no tax credit can be claimed for any tax paid in the other state against the exit tax liability in Norway; and|
|–||losses can be claimed in the year of exit (currently, only at the date of exit from Norway).|
The changes of the exit tax rules, if adopted, have effect from 15 May 2012.
Tax Procedure Act
The following amendments in the Tax Procedure Act, if adopted, have effect from fiscal year 2011:
|–||the additional tax / surtax is reduced from 30% to 10% in cases where:
|–||the taxpayer retains the right to appeal on the tax authorities' decision even though he has not provided the tax authorities with sufficient and/or correct information (currently, the right to appeal may in such cases be forfeited).|
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