Banks, brokerages and financial companies purchased services from abroad for NOK 400 million in 2015 and 2016, but without paying VAT.
The Tax Administration has completed their evaluations and have secured roughly NOK 100 million in additional tax due from these companies, writes the newspaper Dagens Næringsliv.
When Norwegian companies purchase goods and services from abroad, they are still obliged to calculate and pay 25 percent VAT to Norway.
In total, the Tax Authorities uncovered 85 cases where they found errors in the financial industry’s tax reports for the past two years.
Almost all the companies have been caught red-handed and will have to pay a surcharge on top of the VAT bill.
– There is an important social responsibility to ensure that VAT is also paid when buying services from abroad, which are taxable when buying them in Norway.
Otherwise operators who sell such services from Norway would have an overwhelming competitive disadvantage, says Svein Godager from the Tax Administration.
Source: NTB scanpix / Norway Today