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

Date LOV-2007-12-14-107

Affairs Ministry


LOV-2011-12-09-54 from 01/01/2012

Published in 2007 Booklet 12

Effective 01.07.2008, 14.12.2007, 01.01.2008



Short Title
changes to the Tax

Chapter Overview:
X. Transitional rules.

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

X. Transitional rules.

By the entry into force of the amendments under V §§ 8-14, 8-15 and 8-17, the following transitional provisions:

(1) For companies that are assessed by the special tax regime pursuant to the Tax § 8-10 to 8-20 for the 2006 fiscal year, and that for the 2007 tax year are still going likened by the special tax regime, shall be made a revenue settlement per 1 January 2007. the output value of this income settlement set at the sum of the purchase price of the company's financial assets and shares of companies mentioned in § 8-11 subsection d and g that would be exempt from tax on the sale under § 2-38, the taxable value of other financial assets, and the accounting value at 31 December 2006 of the company's other assets, net of tax value of liabilities. The input value is set at the account balance for retained taxed income of the company by uttredelsesårets beginning, plus earlier paid up share capital and share premium. The Ministry may issue regulations concerning the adjustment of book values ​​after the second sentence.

(2) Gains calculated pursuant to subsection shall be in a separate retirement account. Deductions are made in the settlement account:

Gains that are tax exempt under subsection,

Correction income under the Tax Act § 10-5 first paragraph for fiscal years 2007, 2008 and 2009, resulting from the distribution of remaining untaxed gains computed in the first paragraph and which has not subsequently been deducted Taxation 10-5 sixth paragraph,

Amounts recognized under the fifth paragraph, and

Amount that was recognized by the twelfth paragraph.

(3) Up to a third of the gain calculated under subsection are exempt from taxation, so far an amount equal to 28 percent of the gain used for environmental measures Exemption pursuant to the preceding sentence are only paid expenses for environmental measures when it until 26 March, 2010 has arisen an unconditional obligation on the taxpayer to cover or meet the cost or when it until March 26, 2010, entered into a binding agreement involving such unconditional commitment. The Ministry may issue regulations regarding qualifying environmental measures under the preceding sentence, the deadline for when costs must be incurred and the income when environmental measures are not implemented by the deadline.

(4) Losses calculated under subsection can be deducted from future financial income to the extent that the loss is within losses fiscal deficit at December 31, 2006.

(5) Upon distribution shall be recognized as income an amount that, after estimated taxes of the gross amount is deducted, corresponding to the dividend or group contribution that is allocated or distributed. As distributions are calculated:

Proposed distribution of dividends by Act § 8-2 or Public Limited Companies Act § 8-2 the presentation of the company's annual accounts, or

Group contribution paid, or

Dividends paid during the tax year, cf. Taxation § 10-11, which exceeds last year's Board proposal for dividend distribution or payment of more than the share's proportionate share of the paid up share capital, including share premium, by reduction of share capital by redemption of single stock, cf. Taxation § 10-37, second paragraph.

- - -

(6) Upon termination of the tax regime, cf.. Taxation § 8-17 subsection A and B, and on liquidation, any remaining untaxed gains under subsection be cited in uttredelsesåret. For companies that choose a settlement of gains computed in the first paragraph, cf. The eleventh paragraph shall any remaining untaxed gains after the eleventh paragraph, second sentence be cited in uttredelsesåret.

(7) For the company that has remaining untaxed gain after the second paragraph, income after fifth paragraph and Taxation Act § 10-5 second paragraph omitted in an amount equal to the total net profit before tax for the fiscal years 2007 and 2008. The Ministry may issue further regulations on the calculation of total net operating income before tax for the preceding sentence.

(8) - - -

(9) Losses determined under the rules of Taxation § 8-15, second to fourth paragraphs shall not be deducted from income laid down under the fifth, eighth, eleventh and twelfth paragraphs.

(10) Company with a remaining untaxed gain after the second paragraph may not grant loans to or provide security for the benefit of taxpayers with direct or indirect interests in the company. The same applies for loans or guarantees in favor of the company that such taxpayer has a direct or indirect ownership interests in, or to the taxpayer's related. Closely related is considered the taxpayer's parents, spouse, spouse's parents, children, grandchildren, spouse or cohabitant parents. The loan also means additional loans related to existing loan agreements. First and second sentence shall not agreement on collateral in favor of the company under the scheme entered into before 26 March 2010 or agreement collateral to the benefit of companies outside the scheme entered into before 26 March 2010, when security is faced with a financial institution with a license to provide credit for financial Institutions Act or similar financial institution licensed to provide credit in another state. First and second sentences do not apply to loans to companies within the scheme granted before 11 May 2010. The Ministry may issue regulations on exemptions from the first and second sentences of further lending related to existing loan agreements entered into before 11 May 2010. Furthermore, the first and second sentence not for claims arising as a result of decision to provide group, cf. Act § 8-5 and the Act § 8-5, cf. Act § 8-2 and the Act § 8-2. Company deemed to have left the scheme from the fiscal year when the terms of this paragraph is broken. Taxation § 8-17 second and third paragraphs shall apply correspondingly.

(11) - - -

(12) Company with a remaining untaxed gains under subsection can not have a lower capital formation proportion than the average of the company's real capital ratio for fiscal years 2007 to 2009, calculated on the basis of the assets' value at the end of each fiscal year. If violations of the requirement in this paragraph are not corrected by December 31 of the subsequent fiscal year, the company for this fiscal year and each subsequent fiscal year until the conditions breach is remedied recognize a part of the balance on the settlement account at the fiscal year's end. Recognised revenue from settlement account shall correspond to the proportionate reduction of capital formation share, compared with the average of the company's real capital ratio for fiscal years 2007 to 2009, calculated as of December 31 in each fiscal year. In the calculation of real capital ratio shall be based on the company's balance sheet financial and real capital with the following adjustments:

Book value of the shares or other securities referred to in the Tax Act § 8-11 first paragraph I shall be divided between real capital and financial capital corresponding relationship between the financial and real capital in the underlying company. For the purposes of the preceding sentence shall assets' value is set at the value at the fiscal year's end. Book value of shares or other securities referred to in the Tax Act § 8-11 subsection d shall be included as part of finance capital.

Remaining contract sums for ships that are not delivered as of December 31 of the fiscal year, shall be included as part of the company's total capital and are deducted from the company's financial capital, but so that the estimated financial capital should be set to 0 if it is negative. The preceding sentence shall apply mutatis mutandis to company mentioned in Taxation § 8.11 e to g. This letter shall not apply when calculating the average of the company's real capital ratio for fiscal years 2007 to 2009.

Book value of ships leased on bareboat charter terms to a group associated company, shall be included as part of the company's financial capital, if the tax on income from the operation of ship chartering hand is less than a third of the taxes the company would have been assessed if it had been taxed as a resident of Norway and the scheme, and an agreement to lease the ship has been signed on 11 May 2010 or later. With consolidated associated company refers to Norwegian or foreign company belonging to the same group,. Accounting Act § 1-3 first paragraph. The condition of a controlling interest in the Accounting Act § 1-3 second paragraph, first sentence, cf. Second sentence as well as third and fourth paragraphs, shall apply correspondingly.

Company that prepare financial statements according to the Accounting Act § 3-9 third or fourth paragraph, the correct elements of the revaluation reserve by Act § 3-3a or Public Limited Companies Act § 3-3a.

Ministry may issue further rules on the calculation of capital formation ratio.