VAT Return

Everybody running a business that is VAT eligible must submit a VAT Return every second month.

The VAT Return must be submitted, even if the company did not engage in business activities the previous period.
The accounts must not be altered after the VAT Return has been submitted. Submitting the return may be considered the final confirmation of the accounts for the actual period. If you do not submit the return, the tax collector will stipulate a VAT sum that later on will be collected. If you, before the stipulated sum is charged, submit the return, the actual value plus a penalty of 3% will be charged instead.

The tax collector calculates penalty when the payment of the VAT is late. Note that the tax authority quickly will engage the legal apparatus to demand the outstanding money. It is well advised to be punctual with respect to submission of the VAT Return and payment of the VAT.

If you visit https://www.altinn.no/ you have the choice of entering the VAT Return via internet. You will be assigned a personal password and will immediately be told if the calculations of the return are erroneous or require additional information. The deadlines for submission of the periodic returns are the same as for the paper based returns.

Read more about VAT in our VAT Guide.

Annual Accounts

All limited liability companies (AS), public limited liability companies (ANS), non-commercial banks (sparebanker), insurance companies, foundations, companies owned by the state (SF) and companies in the oil and gas sector have a duty to submit their annual accounts, pursuant to the Accounting Act, § 1-2.

Not later than one month after the annual accounts has been adopted by the general assembly, those enterprises obliged to do so must send one copy of the annual accounts, the annual report and the auditor’s report to the Register of Company Accounts.

The duty to report the annual accounts starts when the company is founded and comprises also companies that are in the process of termination, until the company is finally deleted from the Register of Business Enterprises. The duty is maintained even if the company has no business activities.

If the annual accounts are not submitted by 1 August, the company must pay a penalty. The penalty is raised every week and there is no upper limit. The chairperson of the board is, together with the company, responsible for the payment of the penalty. Note that the penalty, which may reach NOK 10 000 - 20 000 after a few months is rarely cancelled.

Tax Return

Prepared form
As from 2008, the tax return for businesses (form RF-1027) is prepared by the tax authorities, using information from employers, banks, other finance institutions and kindergartens, just like the personal tax return for employees. One of the pages of the return is reserved for information related to the business. Note however that the self employed persons still have to prepare the required business forms.

The tax return for self employed persons will be issued from the tax authorities about 1 April.

Un-complicated submission via internet
Unless you have engaged an accountant or have annual accounts software to your disposal, the internet provides the fastest and simplest way to submit the tax return.

You will find the return with the prepared information and all required annexes in your own work list on the www.altinn.no. Note however that the information and forms are in Norwegian only.

For self employed persons using the business form 1 (RF-1175), the net based solution helps entering data in the additional required forms (annexes) and transfer results between the forms.

Certain control and help functions aid the entering of data in the actual tax return.

The tax return is stored 10 years in your personal electronic archive at www.altinn.no.

Submission via internet results in return of the taxation outcome in electronic form.

For users of annual accounts software

The users of such software are already familiar with the electronic submission of the tax return. From 2008 the internet based service is extended so that prepared information from the tax authorities may be downloaded to the annual accounts software. Another novelty for 2008 is that personal tax payers may submit their tax returns via such software.

Self employed persons and partners of unlimited companies who wish to submit their returns prior to 1 April may do so from mid February via their annual accounts software. However, the prepared information from the tax authorities will not be available until April.

Important dates

Approximately 1 April: The tax return form is issued.
30 April: Deadline for submission of the tax return on paper.
31 May: Deadline for electronic submission at www.altinn.no.

For limited companies and other legal entities subject to taxation:

31 March: Deadline for submission of the tax return on paper.
31 May: Deadline for electronic submission at www.altinn.no.

Payroll tax and income taxation

The payroll and income taxes (for the employees) are paid bi-monthly to the local Tax Collection Office.

Tax deductions must be deposited in the bank account opened for that purpose not later than one working day after the wages have been transferred to the employees. The money stays in that particular account until paid to the Tax Collection Office.

You have to calculate the payroll tax and pay the amount to the local tax collection office. One must use the correct type of payment form. Payroll tax is paid directly from the company’s bank operating bank account.

The annual certificates of pay and tax deducted are due the year following the income year, with the following deadlines:
20 January: Paper version
31 January: Electronic version.