Norway

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General information: Norwegian business culture
Norwegian business culture
Opening hours and days: The working-day is generally 8:00 a.m. to 4:00 p.m., from Monday to Friday. A 30-minute lunch is usually taken between 11:00 a.m. and 1:00 p.m.

New Year's Day	January 1st
Palm Sunday	The Sunday before Easter Sunday
Holy Thursday	The Thursday Before Easter Sunday
Good Friday	The Friday Before Easter Sunday
Easter Sunday	March-April
Easter Monday	The Day After Easter Sunday
May Day	1st of May
Ascension Day	40 days after Easter
Constitution day	May 17th
Whit Sunday	50 days after Easter
Whit Monday	51 days after Easter
Christmas Day	December 25th
Boxing Day	December 26th
Note	Banks, shops and offices usually close early on Christmas Eve and and December 31st.

Christmas Holiday	From Christmas
Summer Holiday	From July-August
Note:	Many Norwegians like to take time off between Palm Sunday and Easter Monday

Tax year: The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting standards: The Norwegian accounting conforms to the directives of the European Union and respects the standards for most of the time. The Norwegian Generally Accepted Accounting Principles (GAAP) consists out of the International Financial Reporting Standards (IFRS). The audit is mostly compulsory.
Accounting regulation bodies: The Norwegian Institute of Public Accountants
The Financial Supervisory Authority of Norway
Ministry of Finance of Norway
Accounting reports: Financial statements, cash flow statement and additional information.
Publication requirements: According to the Accounting Act, all limited liability companies have the duty to submit their annual accounts within one month after being adopted by the annual general meeting. To be published, the annual report must be deposited in the Register of Company Accounts.
Professional accountancy bodies: The Norwegian Institute of Public Accountants
The Institute of Internal Auditors Norway
Certification and auditing: The Financial Supervisory Authority of Norway.
Accounting news: Accountingweb.com

Nature of the tax: Value added tax is called MVA (Merverdiavgift or meirverdiavgift, informally moms).
Tax rate: 25%
Reduced tax rate: There is a 14% tax rate for food and 8% rate for passenger transport, hotel accommodation and cinema tickets.
Other consumption taxes: Taxes for alcohol, tobacco, cars and other vehicles, oil products, electric power, waste, dangerous chemicals, chocolate, sugar products, non-alcoholic beaverages, beaverage packaging and food production.

Company tax: 28 %
Tax rate for foreign companies: Resident companies are taxed on their worldwide income (unless income is extempt under an applicable tax treaty). Nonresidents are taxed on Norwegian-source income.
Capital gains taxation: Flat rate of 28%. Right to deduction for losses. Capital gains on shares and dividens recieved by companies are often exempt from tax.
Main allowable deductions and tax credit: Ordinary business expenses are generally deductible: research expenditure, depreciation, social security payments, losses, interest payments, royalty payments, but no entertainment expenditures.
Other corporate taxes: Excise taxes, 2,5% stamp duty on deeds of conveyance, property tax (0,2% - 0,7%), environmental taxes.

General combined rate of the municipal income taxes (24.5% - 28.0%) + Income national tax payable on gross personal income:	Progressive rate from 0 to 12%
From NOK 0 to 441,000	0%
From NOK 441,001 to 716,600	9%
Above NOK 716,600	12%

Allowable deductions and tax credit: All expenses incurred for the purpose of earning or securing income are deductible. Taxpayer can also claim deductions for interest paid on debt, supporting children younger than age 12 and pension plan premiums. Married taxpayers can file jointly.
Special expatriate tax regime: Expatriate personnel temporarily assigned to Norway are entitled to a special deduction of 15 % of gross income in addition to the standard deductions. Applicable for the first four years of stay.

Countries with whom a double taxation treaty have been signed: See the list of Tax conventions signed between Norway and other states.
Whithholding taxes: Dividends: 25%, Interest: 0, Royalties: 0

National organizations: The Industrial Property Office
Regional organizations: No
International membership: Member of the WIPO
Signatory to the Paris Convention for the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)

Type of property and law	Validity	International agreements signed
Patent Norwegian Patents Act	20 years	Patent Cooperation Treaty (PCT) Strasbourg agreement concerning the International Patent Classification
Trademark Trademarks Act	10 years, renewable for a further 10-year period	Nice agreement Protocol relating to the Madrid Agreement
Design Designs Act	5 years, renewable four times, for 5-year periods, for up to 25 years
Copyright Copyright Act	70 years, but varies depending on the type of product	Berne convention Convention for the Protection of Producers of Phonograms against unauthorized duplication of their phonograms Rome convention for the protection of performers, producers of phonograms and Broadcasting organizations
Industrial Models Designs Act	5 years, renewable four times, for 5-year periods, for up to 25 years

Independence of justice: Justice is free and independent.
Equal treatment of nationals and foreigners: Foreigners can expect an impartial trial from the country’s judicial system.
The language of justice: Norwegian and Sami. Citizens can use either bokmål or nynorsk.
Recourse to an interpreter: Yes.
Sources of the law and legal similarities: Mixture of customary law, civil law system, and common law traditions. The legal system is generally based on written statutes, but with some influence of common law principles. Supreme Court renders advisory opinions to legislature when asked. Accepts compulsory ICJ jurisdiction, but with reservations. Norway is a member of EEA and is required to adapt EU legislation in most policy areas.
Checking national laws online: Norwegian laws in English

National standards organizations: Standards Norway
The Norwegian Electrotechnical Committee
The Norwegian Post and Telecommunication Authority
Integration in the international standards network: Standards Norway participates in the International Standardization Organization (ISO) and the European Committee for Standardization(CEN). The Norwegian Electrotechnical Commitee is a member of the European Committee for Electrotechnical Standardization (CENELEC) and International Electrotechnical Commission (IEC). The Norwegian Post and Telecommunications Authority participates in the International Telecommunication Union and the European Telecommunication Standard Institute (ETSI)
Classification of standards: A CE mark is obligatory.
Online consultation of standards: Pronom is the sales company owned by Standards Norway

Information is available on the European Telecommunication Standard Institute (ETSI), the European Committee for Standardization and the European Committee for Electrotecnical Standardization's websites.
Certification organizations: Norwegian Accreditation

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