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Norway avoids financial services VAT

  • 12 October 2016 | Richard Asquith

Norway avoids financial services VAT

Norway has decided not to charge VAT or a Financial Transaction Tax (FTT) on financial services, mirroring the European Union.

Instead, it will impose a payroll tax of 5% on banks, insurance companies and other companies whose financial services activities are over 30% of their sales. The measure is included within its 2017 budget which comes into force on 1 January 2017.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.