Italy vs Norway

24

22 (25% of some companies in the financial sector).

By the end of the 10th month after the end of the tax year.

At the end of May of the next fiscal year (according to the oil tax system, the end of April). Other requirements may apply to specific business sectors, such as hydroelectric power.

The last day of the sixth month after the end of the tax year.

Tax arrears must be paid within three weeks after the assessment is announced.

Advance payment: 1) Pay 40% on the last day of the sixth month after the end of the tax year, 2) Pay 60% at the end of the eleventh month after the end of the tax year. Taxpayers subject to the ISA reliability indices pay 50% in each instalment.

February 15 and April 15.

0-26/0-26/0-20

26/26/30

22

25

Capital gains are subject to the normal corporate income tax rate. A gain on a shareholding realised by a company is exempt as to 95% of its amount where four cumulative conditions are met: uninterrupted possession from the first day of the twelfth month before the disposal; classification among financial fixed assets in the first balance sheet closed during the holding period; the participated company not being resident or located in a preferential tax regime, that condition holding uninterruptedly for the period the statute requires; and the participated company carrying on a commercial enterprise, which is conclusively presumed absent where its assets consist mainly of property not used in its own business, and which must have been satisfied from the beginning of the third tax period before the disposal. The remaining 5% of the gain is taxed as business income.

Capital gains are constrained by the normal corporate income tax rate. Gains on shares covered by the participation exemption (skatteloven § 2-38) are tax-free, and losses on them are not deductible.

21.18%

21.41%

-22.74%

23.11%