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Norway’s Finance Minister sets out BEPS response

norway

OSLO: Norwegian Finance Minister Siv Jensen has briefed the country’s Parliament on the steps taken by the Government to address base erosion and profit shifting. In her letter submitted to the Parliament on May 4, 2016, Jensen said that Norway has been actively participating in the BEPS project. She added that the Government has submitted to Parliament its preliminary assessment ... Read More »

Norway police sets up Panama Papers hotline for people to confess to tax evasion

panama papers

OSLO: Norway’s white-collar crimes police unit on Tuesday established a telephone hotline for people seeking to confess to tax evasion linked to the Panama Papers documents leak and said those who come forward could expect more lenient treatment. The initiative was announced one day after the International Consortium of Investigative Journalists (ICIJ) released a database containing a small fraction of ... Read More »

Sunday opening laws could get overhaul in Norway

norway

OSLO: Norway’s strict Sunday trading rules could get an overhaul, after supermarket bosses met with the government here the other day. The bosses of Norway’s largest supermarket chains were summoned to meet Culture Minister Linda Hofstad Helleland over accusations that they are flouting the  laws on Sunday opening. Many large supermarkets open on Sundays, despite a law that says stores ... Read More »

Norway to cut corporate, personal tax rates to 23%

cut

OSLO: Norway will cut the corporate income tax rate to 23 percent from the current 27 percent by 2018 and will introduce a tax on financial-services companies in 2017 after lawmakers reached a compromise agreement, the country’s political parties announced here the other day. The basic personal tax rate will also be cut to 23 percent from 27 percent. Personal ... Read More »

Norwegian salmon exports grow strongly in the first quarter

fish

OSLO: Norwegian salmon exports reached a market value of NOK 13.4 billion (USD 1.6 billion) in Q1 this year, representing a 21 per cent growth year on year. However, these exports experienced a 6 per cent decline as to volume, to 227,464 tonnes compared with the first quarter last year. Only in March, these exports were worth NOK 4.9 billion, ... Read More »

EU clears 848,000 tonnes soft wheat export licences this week

wheat

OSLO: The European Union granted export licences for 848,000 tonnes of soft wheat this week, taking the total since the beginning of the 2015/16 season on July 1 to 25.9 million tonnes, official data showed on Wednesday. The volume so far this season was down 7 percent compared with the same stage in 2014/15. The EU also awarded licences this ... Read More »

Looming strike could paralyse Norway public services

Strike

OSLO: The police, the national tax administration, customs, the Norwegian Labour and Welfare Organization (NAV) and the nation’s universities and colleges are among the orgranizations that could be paralysed if a threatened public strike becomes reality. The danger of a public sector strike was viewed as likely on Monday after three of four labour unions broke off negotiations with the ... Read More »

Norway’s oil fund to take on executive pay controversy

norway

OSLO: Norway’s sovereign wealth fund, the biggest in the world with shares in more than 9,000 companies, will take a closer look at the controversial issue of executive pay, the country’s central bank said on Monday. “It is a theme that we will watch,” Martha Skaar, a spokeswoman for the division of the Norwegian central bank responsible for managing the ... Read More »

EU adopts new prior-surveillance system for steel imports to protect industry

steel

OSLO: The European Union (EU) announced on Friday that it had established a prior-surveillance system for import of steel products into the bloc in order to further protect its own steel industry. Based on the regulation adopted on Friday, imports of steel products into the EU will now need an import license, said the EU’s executive arm the European Commission ... Read More »

Nordea profit falls 28%

PRICES FALL

OSLO: Scandinavia’s biggest bank yesterday posted a 28 percent plunge in profits last quarter as revenue sank after negative rates and market selloffs created an inhospitable environment for the industry. Nordea Bank AB reported net income of 782 million euros, missing the 792 million euro estimate of analysts surveyed by Bloomberg. Net interest income slipped 7 percent, while total operating ... Read More »

Norway to streamlines VAT registration for non-residents

Stacks of coins with the letters VAT isolated on white background

OSLO: Foreign companies in Norway will be given the option to choose whether or not to register through a VAT representative under amendments to the VAT Act proposed by the Government. In a statement published on April 22, the Government said that the proposed changes are designed to streamline the VAT registration process and therefore reduce administrative costs for non-resident ... Read More »

ECB details bond buying

bank

OSLO: The European Central Bank (ECB) said it plans to start buying corporate bonds in June as it unveiled more details of its purchase program. The bank will start buying corporate bonds maturing between six months and 30 years, according to a statement on the bank’s Web site. Purchases will include bonds issued by insurance companies, while excluding those sold ... Read More »

Norwegian loses one billion kroner in three months

loss

OSLO: Norwegian, Scandinavia’s second biggest airline, posted the results from the first quarter of 2016 in a press release on its website on Thursday. While the company reported an underlying improvement of more than 400 million kroner ($49 million), losses of 528 million kroner ($65 million) from forward jet-fuel contracts resulted in an overall pre-tax loss of 992 million kroner. ... Read More »

Norway tax administration asking tax evaders to confess and seek amnesty

tax evadors

OSLO: Tax Director Hans Christian Holte recommended people who have hidden money abroad to declare their fortunes. Then they can get amnesty before being revealed. In the light of Panama Papers, the tax director says that it’s time for tax evaders to declare their wealth to the Tax Administration to get amnesty. According to VG’s report, the scheme of amnesty ... Read More »

Highest carbon tax in Norway prods statoil to try ‘Batwind’

Statoil har tatt endelig investeringsbeslutning om å bygge verdens første flytende vindpark: Hywind pilotpark utenfor kysten av Peterhead i Aberdeenshire, Skottland.

OSLO: The highest carbon tax in an oil producing nation has persuaded Norway’s state-owned driller to experiment with batteries and wind turbines as an alternative for supplying electricity to offshore rigs. Statoil ASA is planning to park its floating Hywind turbines next to rigs, using lithium-ion batteries to store energy for times when the wind isn’t blowing, said Stephen Bull, ... Read More »

Exec at Norway’s top bank aware of tax haven use: report

tax

OSLO: One of the top executives at DNB, Norway’s largest bank, knew for five years that the bank’s subsidiary DNB Luxembourg helped customers set up companies in the Seychelles, VG reported. That goes against the bank’s claims that its current management knew nothing about helping clients set up companies in the tax haven. According to VG’s report, top executive Terje ... Read More »

Norway’s wealth fund drops 52 coal companies

coal

OSLO: Norway’s sovereign wealth fund, the world’s biggest, has excluded 52 coal-related companies after new ethical guidelines went into effect barring it from investing in such groups, Norway’s central bank said here the other day. In June 2015, parliament agreed to pull the fund out of mining or energy groups which derive more than 30 percent of their sales or ... Read More »

Norway customs agents tout record drug bust

drugs

OSLO: The Directorate of Norwegian Customs revealed here the other day that officials have pulled off the largest ever drug confiscation in the county of Hedmark. Several hundred kilogrammes of hash and large amounts of marijuana, amphetamines and pills were found in a Swedish van that crossed into Norway at Kongsvinger on November 28. It was two rented vehicles with ... Read More »

Norway reaffirms corporate tax cut pledge

tax

OSLO: Norwegian Finance Minister Siv Jensen has said that Norway’s corporate tax is too high and should be reduced as part of a wider package of measures designed to boost economic growth. Jensen told the Norwegian Shipowners’ Association annual conference that private ownership is “essential to a versatile Norwegian business environment. It is therefore important to both lower the corporate ... Read More »

ABB wins key contract to electrify new Norwegian hybrid car ferry

ferry

OSLO: ABB, the leading power and automation technology group, will supply the power system for a hybrid car ferry serving an important passenger route in Norway. Designed with flexibility in mind, the vessel will run as a hybrid but can be modified to run as a full electric ferry with shore charging system. The order is another success for ABB ... Read More »