DNB has lost a tax case on interest deductions in a case related to two branches abroad. The bank believes it will win in the appeal case against the Tax Administration.
The tax authorities believe that the bank has wrongfully deducted interest on internal receivables related to New York and the Cayman Islands branches. Thus, the bank’s revenues were adjusted, which resulted in an extra tax bill of NOK 1.7 billion, the newspaper Finansavisen writes.
The bank sued, but the Oslo District Court believes the tax authority’s decision was correct.
DNB’s communications director Vibeke Hansen Lewin says they still disagree with the Tax Administration’s interpretation of the regulations and believes the verdict is incorrect.
“We have studied the verdict. No circumstances have emerged that make us consider the case differently today. We believe we should win in an appeal case, and have decided to appeal the district court’s ruling,” Lewin stated.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews
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