Norway Tax Agency Explains Supreme Court Decision on Exempt Securities Funds

The Norwegian Tax Administration Dec. 18, 2019 commented on a Supreme Court judgment rendered Sept. 11, 2019, on whether a foreign-registered investment company that was a tax resident of Norway was a “securities fund” entitled to tax exemptions on certain gains. At issue was a mutual fund with continuous redemption rights that was only open to customers who became aware of it through the investment company. The court held that a mutual fund under the exemption meets the legal definition of a “securities fund,” and that the fund at issue met the requirement of arising from capital derived from “an ...