Tax Minimization Strategies in Norway
Tax Minimization Strategies in NorwayUpdated on Monday 20th February 2023
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There are many legal options that a company might choose in order to reduce the amount of money paid to the government as taxes. The tax minimization strategies in Norway must be applied by taking into consideration the legal framework of this country. Our Norwegian lawyers can help you understand the legal context and to make use of those regulations of the Norwegian code that allow you to reduce the amounts you owe to the government.
Basic principles of tax minimization strategies in Norway
By choosing the right investment strategies you can influence as well the amount of taxes you will have to pay. There are investments that allow for the postponing of the payable amounts for enough time that they become negligible.
Moreover, some assets have lower tax rates than others, and putting your money in those is going to reduce significantly for example the VAT rate you must pay.
The structuring of your income and reorganization of your revenues is another tax minimization strategy and also a way through which you can confer to your assets a bigger protection.
You can rely on our attorneys in Norway for a complete overview of the tax minimization strategies available for the Norwegian legal framework.
Effective tax minimization strategies in Norway
A very frequent tax minimization strategy employed by company owners is the reinvestment of interest income in common stock or preferred shares. A similar strategy is to invest in other Norwegian financial devices, such as tax-efficient mutual funds
As a tax minimization strategy in Norway, each year you can bring forward tax deductions thus reducing the amount of taxable income for that fiscal year. Expenses which are allowed for deduction are travel expenses and other expenditures which might be included in the category of business services such as corporate gifts, business lunches and others.
According to the Norwegian lawyers, another very effective tax minimization strategy in Norway is to use a pension plan that can allow saving you earnings for the future, providing at the same time a tax free context for your revenues at the moment.
Our law firm in Norway provides a wide variety of legal services among which you might find as well tax planning. You can count on the help of our attorneys in matters regarding tax minimization in Norway. Please contact us confidently for any issue relating to taxation in this country. You do not require a residence visa to work in Norway if you are a sailor employed by a Norwegian shipping company traveling between Norway and a foreign port. However, you can become eligible for the Norwegian residence permit for skilled workers, if you do not meet any of these requirements but want to work in this country.