Law Amending The Law Of 26 March 1999 No. 14 Relating To Tax On Income And Wealth (Taxation)

Original Language Title: Lov om endringer i lov 26. mars 1999 nr. 14 om skatt av formue og inntekt (skatteloven)

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2008-12-12-99

Law amending the Law of 26 March 1999 no. 14 relating to tax on income and wealth (Taxation).


Date LOV-2008-12-12-99


Affairs Ministry

Edited



Published in 2008 Booklet 13


Commencement King decides, 12.12.2008, 01.01.2009

Changes
LOV-1999-03-26-14

Promulgated
12.12.2008 kl. 15.15

Short Title
changes to the Tax

Chapter Overview:


VII IX XI


In the Act of 26 March 1999 No.. 14 relating to tax on income and wealth (Taxation) is amended as follows: - - -

VII

Headline in § 10-50 should read:
cooperative arrears and provisions for share capital
§ 10-50 first paragraph should read:

(1) Cooperatives can claim a deduction from income for after payments to members of cooperative law § 27. In addition, a deduction for provisions for jointly share capital by up to 15 percent of your income. Deduction is only granted in income from sales by its members. Reaction with members and equivalent turnover must be stated in the financial statements and could legitimized.
§ 10-50 sixth paragraph should read:

(6) Building societies covered by the law on building societies, may require less provisions for jointly owned capital. First paragraph, second to fourth sentences apply correspondingly, but so that deductions can be granted in income from trading with members and affiliated cooperatives.
Current § 10-50 sixth paragraph becomes the seventh subparagraph.

IX

- - -
Changes under VII shall enter into force on the date decided by the King.
- - -

XI

By the entry into force of the amendments under VIII following transitional rule applies:
For the determination of the input value in fiscal opening balance sheet for assets that have entered into the business by the abolishment of the tax exemption in § 2-30 subsection h following applies:
opening value set either to

A.
Acquisition value plus later additions, or

B.
Documented market.

Acquisition value after a decrease by estimated depreciation for the depreciation rules and rates of depreciation applicable to the asset, for the period of ownership until fiscal year 2009.
Input value of stocks, bonds and other financial assets is set at market value.
This transitional rule does not apply to mutual fire and hysdyrforsikringsselskap, 1 ref. Taxation § 2-30 subsection h no. 1 in providing tax return for the tax year 2007.
Ministry may issue further regulations to supplement and implement this transition rule.