Starting up or growing a business can be a challenging task. As a business owner you wear many hats, operations, HR, admin, accountant, handyman, and the list goes on.
With increased globalisation, and information sharing agreements in place between countries, firms working internationally are facing global tax headaches as Governments aggressively attack companies using tax audits and assessments. Overseas authorities are focusing on direct taxes, such as personal taxes of globally mobile employees or corporation taxes on intercompany transactions. Attention is also paid to indirect taxes, ensuring companies have correct processes dealing with customs duties, VAT invoices, payments and returns.
Following a period of consolidation and cost efficiency programmes, oil and gas related companies are beginning to see an improvement in performance and trade. This has been aided by the increase in the oil price which has doubled in two years. Companies have been exploring international opportunities as well as building on the foundations in the North Sea.
As soon as the Norwegian tax authorities have assessed the Norwegian tax returns, they will issue a Norwegian Tax Assessment Notice (TAN) between June and October, following the year of duties in Norway.