29 June 2016
Norway plan to change the rules on accounting for VAT when importing goods into the country by allowing VAT registered businesses to defer the import VAT to their VAT returns.
This will in effect remove the requirement to pay import VAT on goods at the time they are imported which could result in savings on shipping costs and bank charges. It should also improve cash flow for businesses importing into the country, as they will no longer need to wait for the VAT to be refunded from the Norwegian tax authorities.
It is hoped that this will be introduced on 1 January 2017 and due to the new reporting requirements it will require a new Norwegian VAT return form to be implemented.
LATEST NEWS
Belgium approves draft law for near-real-time...
July saw the Belgian Council of Ministers approve a preliminary draft law to introduce near-real-time electronic reporting of certain invoice data to the tax...
SEE MORE
LATEST NEWS
Luxembourg proposes the introduction of electronic...
This month Luxembourg’s Government approved a draft law to introduce mandatory structured business-to-business (B2B) e-invoicing for domestic transactions...
SEE MORE
LATEST NEWS
Germany's action plan signals move toward...
Germany has announced a 26-point “Action Plan” against tax and financial crime, which aims to increase detection risk, strengthen enforcement, and improve...
SEE MORE