A political agreement on future tax amendments has been reached, and included in the agreement are proposed measures for country-by-country reporting that generally are in line with the final recommendations under OECD’s base erosion and profit shifting (BEPS) Action 13 relating to transfer pricing documentation and country-by-country reporting.
Preliminary discussions on tax reform were finalised in Norway’s Parliament in early May 2016 when an agreement among six of the political parties was reached. The parties agreed to 17 “action points” for the direction of the future tax changes. Among the proposals in the agreement are measures for:
The agreement is a result of extended political bargaining, and in line with the tradition of cross-party consensus on tax reform. Tax professionals, therefore, expect that future work on tax reform proposals would follow or be in line with the agreement, and that any changes would be stable regardless of whether there is a change of government after the general election in 2017. More detailed information on the development of the tax reform is expected once the Committee for Financial Affairs issues its review of the tax reform later this year.
Read a more detailed May 2016 report about the proposals in the political agreement.
For more information, contact a tax professional with KPMG’s Global Transfer Pricing Services group in Norway:
Per Daniel Nyberg | +47 40639265 | firstname.lastname@example.org
Thor Leegaard | +47 40639183| email@example.com
Marius Aanstad | +47 40639551| firstname.lastname@example.org