NOR GVT issued Act 2 and Act 4 on changes to Wealth and Income Tax Act (Tax Act).
Follows NOR GVT Dec. 2022 issued Act 105 on amendments to Tax Act 1999 #157285.
Act 2
It covers various aspects e.g. special operating assets in power plants (§9.3 para 7).
Taxation of income re production, turnover, transfer or distribution of hydropower and wind power on land in Norway (§18.1 para 1), new letter e) in §18.1 pararaph 2.
Also specific rules on taxation of hydropower and taxation of onshore wind power.
The act is divided in 3 parts, the above is part 1, part 3 is entry into force, part 2 deals with changes to §18-10 fourth subsection and ads new third and fourth sentences.
Instead of carrying forward, tax value of negative ground rent income for new onshore wind power plants is paid out when plant is put into operation and NOR Tax has carried out inspection of determined tax; ministry can issue supplementary provisions in regs.
Act 4
Tax Act 14/1999 §4-1 para 2 now reads: for taxpayers with deviating accounting years according to regs adopted per §8-16 Tax Administration Act, asset assessment must include assets at end of last accounting year before Jan. 1 of the tax assessment year.
Effectiveness
Act 4 enters into force on Jan. 1, 2024.
Act 2 Part 1 in force immediately with effect from and including income year 2024.
Whereas the changes under part 2 come into force from a date to be appointed.
Jun. 2024 Amending Act
On Jun. 25, 2024, NOR GVT published Act LOV-2024-06-25-61 on amendments to the Wealth and Income Tax Act (Tax Act) regarding mainly energy-related provisions.
Change under I take effect immediately; change under II applies from and including the year 2024; change under III takes effect on Jan. 1, 2025 with effect from 2025.
Regulators
NOR GVT
Entity Types
Auditor; Corp
Reference
LOV-2024-06-25-61, OG 2024-0668, 6/25/2024; OG 2024-0010, 2024-0008, Act 2, Act 4, 1/12/2024; Act 14/1999; Citation: LOV-2024-06-25-61;
