The Norwegian government introduced initial measures that are intended to support employment and help businesses address the economic situation resulting from COVID-19.
As part of a larger package, the government will establish two state-backed loan and guarantee schemes in the total amount of NOK 100 billion (approximately U.S. $10 billion) in an effort to provide liquidity for Norwegian enterprises.
The government is also focused on certain targeted measures in three phases.
Phase one includes direct and indirect tax measures intended to deal with liquidity, such as:
Phase two is expected in the near future and will reflect further targeted measures towards sectors and businesses affected by the virus outbreak. The government is prepared to respond quickly with new measures.
Phase three is not yet certain but, if needed, may reflect broader measures to sustain economic activity.
Businesses that may anticipate significantly lower profits in 2020 (compared to previous years) may want to consider applying so as to reduce the amount of advance payment of tax—possibly to zero.
For more information, contact a KPMG tax professional in Norway:
Per Daniel Nyberg | +47 40 63 92 65 | firstname.lastname@example.org
Thor Leegaard | +47 40 63 91 83 | email@example.com
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