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
© 2017 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.