Norway Tax Agency Posts Board Ruling Clarifying Tax Treatment of Swedish Convertibles

The Norwegian Tax Administration July 11 posted online Tax Appeals Board Decision No. SKNS1-2024-58, clarifying the tax treatment of Swedish convertibles. The taxpayer, a company involved in investing, was inspected by the tax office. The inspection revealed that the taxpayer invested in Swedish convertibles governed by a co-investment agreement and three additional agreements. The taxpayer realized a gain from the convertibles, and treated it as tax-free income covered by the exemption method. The Tax Office determined the specified investment to be a bond, making the gain taxable upon realization. On appeal, the Tax Appeals Board’s Secretariat agreed with the taxpayer, ...