Norway MOF Seeks Comments on Right of Deduction for Losses on Receivables Between Related Parties

The Norwegian Ministry of Finance May 14 opened a consultation on a draft proposal to introduce a 12-month time limit for companies to claim an income tax deduction on uncollectible trade receivables from a related party. The draft proposal includes measures to: 1) apply the time limit to trade receivables calculated from the date the trade receivable is established, provided that the creditor hasn’t implemented qualified collection measures; 2) apply a corresponding time limit to interest claims, calculated from the date the interest claim first arose; and 3) apply a corresponding time limit for the ability to claim VAT deductions ...