The Norwegian rules on country-by-country (CbC) reporting have been approved by the Norwegian parliament. Norway’s CbC reporting rules will be effective beginning from the fiscal year 2016, with the first reporting to be made before 31 December 2017.
When a foreign parent company in the group has an obligation to file a CbC report in its country of residence, the Norwegian entity must notify the Norwegian tax authorities within the same time period as that for tax reporting—i.e., by 31 May. The duty to notify will be in effect from fiscal year 2016 and will be part of the annual tax reporting from the company (i.e., the first time by end of May 2017). The notification must include the name of the filing entity and in what country the CbC report was submitted.
A secondary reporting obligation may apply for a Norwegian subsidiary when a parent company within the group does not have an obligation to file the CbC report in its country of residence. The secondary reporting will be in effect from the fiscal year 2017, with the reporting to be made before 31 December 2018.
For more information, contact a tax professional with the KPMG member firm in Norway:
Fredrik Gule | +47 40 63 68 27 | firstname.lastname@example.org
Per Daniel Nyberg | + 47 40 63 92 65 | email@example.com
Svein Gunnar Andresen | + 47 40 63 90 22 | firstname.lastname@example.org
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.