New accounting rules for multinationals companies in Norway

27.06.2012 The Government of Norway intends to introduce new rules for reporting (country-by-country reporting) for multinationals companies, which will take effect starting from January 2014.

According to new rules, multinationals companies in reporting should indicate, how much taxes were paid by them in each country, where they conduct operations.  

Despite the fact, that European Union is already working on the implementation of these rules, Norway has decided to be independent, and to commit these requirements, regardless of the readiness of the EU.

Expert’s opinion

“When I come to foreign country, I don’t ask well or bad are the laws. I just ask do they fulfill or not”. It said Confucius. This was always true. And for all of Norway is also important.

By itself, the law is neither good nor bad. What will be given information about the legal taxes paid abroad Norway - nothing. If taxes are paid fully and legally, this is just an additional element in the life of the order of the Norwegians. It is possible that the taxes unnecessarily overpaid abroad will be return to taxpayers.

But, if this tax law will apply for additional taxation and pressure on businessmen. I suspect that with business in Norway will be the same as that with the butter. But, if the butter can import and to establish a “black” market, where they will take energetic people who have spent their lives for the organization of the case, the income from which will be fully withdrawn in the budget?

Confucius said: "When a state governed by the mind, shameful poverty and need, and when the state is not governed according to reason, then the shameful wealth and honor."

Norway has been shameful to be rich ...

On the basis: www.regjeringen.no

Lomakin Yaroslav ( Managing Partner of Honest & Bright Company Ltd)