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.
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