Norway

Country Information

Continent Europe
GDP (2012 est.) $274.1 billion (2012 est.)
Currency & Exchange Rate Norwegian kroner (NOK) per US dollar 5.82
Dialling Code
+47

Oil fields greater than 1 billion barrels

Ekofisk, Troll Vest, Statfjord, Gullfaks, Oseberg, Snorre.

Social Security

Residents and non-residents working in Norway are required to pay social security contributions on their gross salary in Norway (Folketrygden, Norwegian National Insurance scheme) or in the country of their employer after an E101 has been issued.

  • 0%-14.10% for employers on wages paid (differs from regions)
  • 7.80% for employees on taxable income for the surtax

Witholding Tax

Crude oil - production(bbl/day) 1,902,000
Crude oil - exports(bbl/day) 1,602,000
Crude oil - imports(bbl/day) 11,320
Crude oil - proved reserves(bbl) 5,366,000,000
Refined petroleum products - production(bbl/day) 307,700
Refined petroleum products - consumption(bbl/day) 255,200
Natural gas - production(cu m) 114,700,000,000
Natural gas - proved reserves(cu m) 2,070,000,000,000

Income Tax Rates

The general combined rate of national and municipal income tax is 28% on all taxable income. A further national income tax, called “top tax” or “surtax”, is levied on gross income:

  • 9.00% on income between NOK 490'000and NOK 796'400
  • 12.00% on income above NOK 796'400
  • a special 10% deduction can be claimed by expatriates,staying less than 2 years in Norway; it is applicable to earned income for the national and municipal tax (not for the surtax which is levied on gross income)
  • the maximum deduction is NOK 40’000 and  replaces all other deductions except the minimum allowance and personal allowances

International Tax Regime

Residential taxation: foreigners taxed on local income; residents taxed on local and overseas income.

Individuals Are Regarded as Tax Residents If

they stay more than 6 months; tax residence is lost only by establishing a home in another state and being there less than 61 days per year.

Climate

Temperate along coast, modified by North Atlantic Current; colder interior with increased precipitation and colder summers; rainy year-round on west coast.

Location

Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden.

CCL Country Manager

Contact Details

Name:

Direct:

Email:

LinkedIn:

Richard Patterson

+353 (0)1 294 5519

richard.patterson@cclglobal.com

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