Norway: New tax act proposal sent for public consultation

The Norwegian Government has published a consultation paper with regards to a proposal for a new tax act on administration.

The consultation paper addresses a number of key matters relating to withholding tax on Norwegian dividends, including:

Extension of the statutory deadline for tax reclaims to 5 years;
Amended process and time frame for the payment of withholding tax to the tax authorities;
Requirement of certificate of residence from beneficial owners in order to benefit from relief at source.

The deadline for comments was 2 March 2015. The proposal is, however, not expected to be implemented in Norwegian legislation and practice in the near future.

We continue to monitor the Norwegian market as more information becomes available.

This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.