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TAXES

Tax returns in Norway: Five things you need to know

Norway’s tax season is upon us. We’ve put together some essential tips and information to help you understand the Norwegian tax system better. 

Pictured is somebody filling out paperwork.
These are a few key things you need to about taxes in Norway. Pictured is somebody filing paperwork. Photo by Scott Graham on Unsplash

Keeping track of the key dates

Taxes can be tricky for some, but it can pay to be prepared. Keeping track of this year’s key dates when it comes to tax season can be a huge helping hand. 

Tax returns are already being sent out and will continue to be posted until April 4th. Then, April 30th will see the deadline to submit your tax return. 

If you feel like you need more time to assess the previous year’s finances, the end of April also sees the deadline for applications for a postponed deadline. 

READ MORE: The key Norwegian tax season dates you need to know about

You are able (and meant) to add any student loans from abroad to your tax return

You can add your student loan to your debts and claim the interest as tax-deductible. In fact, you are supposed to declare all overseas assets, received and earned interest, in addition to any debts and loans.  

However, this means the debt is visible to Norwegian lenders, which can impact your lending ability.

You can get a rough idea of whether you can expect a rebate or repay tax

After submitting your tax return, you will receive a tax assessment notice. In addition, you’ll receive a notice with information regarding how much money you’ll receive as a rebate or how much you’ll need to repay if you’ve overpaid. 

When you receive this will give you a fair idea of whether you can expect money back or if you’ll need to dig into your pockets to pay back any money you owe. 

If you receive your tax assessment notice in May, you will likely be due a refund, whereas if you receive it from June onwards, you’ll probably owe the tax man money. 

Tax return versus a tax receipt

Most people working in Norway will receive a tax return, which is an outline of your income, deductions, wealth and debt. However, not all people will receive a tax return, and some will receive a tax receipt. 

If you participate in the PAYE (Pay as You Earn) scheme, you will not receive a tax return. Instead, you will receive a tax receipt, which shows the amount of tax that you’ve paid in Norway. Those in the PAYE scheme play a flat rate of 25 percent. 

One of the key differences is that you cannot claim deductions with a tax receipt. Also, some lenders only accept tax returns rather than receipts when it comes to giving credit. This means those on the PAYE scheme may find it challenging to build a credit history in Norway as their income and earnings are not taken into account. 

You are expected to pay tax on your worldwide income 

Once you are considered a tax resident of Norway, you generally are required to pay tax on your worldwide income. Tax residency is slightly different to legal residence. 

The rules can be a bit complex, and if you are earning an income in two countries, several factors will come into play, such as whether Norway has a tax treaty with those countries and how much you are taxed on that income in other countries. 

If you have any questions or queries regarding your tax, it is best to contact The Norwegian Tax Administration or a qualified accountant. 

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MONEY

The key Norwegian tax season dates you need to know about

It's that time of year again when you need to start thinking about your Norwegian tax return. Here are a few key dates to ensure you stay on top of things. 

The key Norwegian tax season dates you need to know about

Taxes, one of the two things said to be guaranteed in life, can be a tricky thing for some. Luckily in Norway, much of the process can be done online, simplifying things somewhat. 

In some cases, it pays to be on top of things, and the sooner you submit your declaration, the sooner you can expect any potential rebate. 

Therefore, keeping track of the key dates can help make this year’s tax season more straightforward. So be sure to put these deadlines in your diary, calendar or phone. 

March 16th 

On March 16th, the Norwegian Tax Administration began the process of sending out the country’s tax returns

Not everyone will receive their tax return for 2021 at the same time, and the returns will be sent out until April 4th, so if you haven’t received it yet, it should come eventually. 

You will receive your tax return either by mail or by logging onto the tax administration’s website

Once you have received your return, you will need to check your salary and paid tax. You will also need to check that the debts and assets listed are correct. 

You will then need to correct anything incorrect and submit it. You can make changes to the tax return after you submit it. 

READ ALSO: What do I need to know about my Norwegian tax return?

April 4th

If you are expecting a tax return but have not received one after this date, you will need to contact the tax administration as this is the last day they will be sent out. 

April 30th

The main deadline you will need to be aware of is the one for submitting tax returns. You will need to submit the main tax return by this date. The end of April also sees the deadline for applying for a postponed deadline if you need more time to get your affairs in order. 

April 30th is also the final day to submit a statement of any shares you own. 

May 31st

This is the deadline for business owners to submit their tax returns. This applies to sole proprietorships (Enkeltpersonforetak/EK) and companies (Selskap/AS). The process of handling the tax return is different for companies and sole proprietorships.

You can read about the process of doing tax returns for both here.

May 31st is also a key date if you are expecting a rebate. If you have overpaid in the last year and are set to receive a refund, you will be notified by the end of May in the form of a tax assessment. 

June 15th 

When your tax return has been processed, you will be sent a tax assessment notice. In addition, you’ll receive a notice with information regarding how much money you’ll receive as a rebate or how much you’ll need to repay if you’ve overpaid. The middle of June sees the last batch of assessments sent out until the end of summer. 

Tax assessments for underpaid tax will be sent from June onwards, meaning you’ll need to pay tax back if you receive one after the end of May. 

August 17th 

This is when the tax authorities will begin sending tax assessment forms out to those who have underpaid again. They will continue to do this until November. 

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