Accountancy in Norway

>> Allowances in Norway

Depreciation

Fixed assets are valued at purchase and are depreciated in accordance with a reasonable depreciation plan if their useful life is limited. Fixed assets that are believed to have infinite duration cannot be depreciated. The depreciation must be made systematically and rationally. Linear depreciation (identical annual amount) is common practice among most firms, but it is not a mandatory choice of depreciation.

Any person engaged in trade or business is required to register and to charge and pay VAT on goods supplied. VAT on inputs purchased by the registrants is deductible in the VAT accounts. VAT is thus not a tax on the registrants but a tax on final consumption.

VAT is presently calculated at a rate from  0 to 25 per cent of net price.

VAT registered businesses must complete and submit a two months VAT return form. The return is used to calculate the difference between VAT reclaimed from customs & excise and VAT to be paid to customs & excise. The difference results either in a credit or a payment to be made.


Latest version updated 20th December 2017

Country Breakdown

5.233

Million

Population

kr

Norwegian Krone

Currency

$ 370.6

Billion

GDP

385,203

km2