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
Emergency VAT measures to combat the financial impact...
Due to the negative financial impact that the Coronavirus pandemic is having on businesses all over the world, a number of tax authorities have implemented...
SEE MORE
LATEST NEWS
Portugal to reduce the VAT rate on gym and health club...
The Portuguese tax office has announced that the VAT rate on gym and health club memberships is to be reduced to 6%. To find out how this update could impact...
SEE MORE
LATEST NEWS
Netherlands extends COVID-19 VAT easements and payment...
The Dutch tax office has extended their Coronavirus VAT easements and payment extensions to 30 September 2020. To find out how this update could impact your...
SEE MORE