LATVIAN CONSTRUCTION COMPANIES DOING BUSINESS IN NORWAY

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1 LATVIAN CONSTRUCTION COMPANIES DOING BUSINESS IN NORWAY RIGA, FEBRUARY 4, 2014 JENS LIENG & MARTIN WIKBORG Page 1

2 VISMA The leading provider of business software and services (BPO) in the Nordic More than 100 offices employees Headquarter in Oslo Business Process Outsourcing (BPO) Accounting services Payroll services Financial consultancy Online accounting services Legal services Staffing (accountants/economists) Page 2

3 Construction work in Norway - topics Legal entity in Norway Single contract, branch, company, partnership Registration in Norway VAT Corporate tax Books of accounts and audit Employees Employee registration ID card Employee taxation Payroll tax / social security contribution Employees rights contract, salary level, work hours Use of sub-contractors Page 3

4 Construction work in Norway Norwegian entities Latvian SIA Partner Branch office Norwegian AS Partnership ANS / DA / KS / SP Single contract / NUF Registered branch office / NUF AS Private Ltd ASA Public Ltd Limitation of liability? NUF = Norskregistrert utenlandsk foretak Page 4

5 Registration in Norway Norwegian registration The centralized registers in Brønnøysund The Central Coordinating Register for Legal Entities Norwegian organisation number org.nr. of 9 digits The Register of Business Enterprises The Employer Register - NAV The VAT-register The Register of Company Accounts The employee register (NAV) Central Office Foreign Tax Affairs COFTA Tax registration of foreign entities & individuals form RF-1199 VISMA may help you with all registrations Page 5

6 Reporting to COFTA Reporting to COFTA on form RF-1199 Contract, employees and sub-contractors Within 14 days after work has commenced in Norway Upon termination of work / exit of employees Norway co = liable to report = subject to report Foreign co Norway co Foreign co Page 6

7 Tax Administration in Norway The Norwegian Ministry of Finance The Tax Directorate VAT and Customs Directorate Tax Offices (Corporate tax, individual tax, VAT) 5 Regional Offices Petroleum Tax Office Tax Office - Larger Enterprises Central Office Foreign Tax Affairs COFTA Regional Tax Collector Offices Page 7

8 Some important Norwegian Tax Rates (2014) VAT rate: 25 % (food 15 %, transportation 8%) Corporate tax rate: 27 % Employee tax rate: Up to 39 % Net tax rate: 27 % Top tax rate: 9 % > NOK Additional top tax: 3 % > NOK Social security contribution Employer contribution rate: 14.1% (reduced in certain zones) Employee contribution rate: 8.2 % Page 8

9 Norwegian VAT system brief introduction VAT shall be calculated and paid on sales of all good and services Various exemption Construction work in Norway always VAT-liable VAT is due on importation of goods VAT-register liability when turnover exceeds NOK during a 12-month period Reverse charged mechanism on invoices from foreign non-vat registered service providers VAT-registered person receives refund of input VAT I.e. end consumer tax Filing of VAT-returns Six times a year covering two months period Page 9

10 Norwegian VAT system brief introduction Registration via Norwegian based VAT-representative Foreign businesses that establish a business activity in Norway without having a place of business in Norway must register through a Norwegian VATrepresentative As from July 1, 2013 rules are eased for companies from Belgium, Denmark, Finland, France, Iceland, Italy, the Netherlands, Poland, Portugal, Slovenia, Spain, Sweden, Great Britain, Czech Republic and Malta, but not for Latvian entities I.e. Single contract / NUF in Norway requires VAT-rep VAT-rep procedures, e.g. Invoices via VAT-rep VAT-rep keeps VAT books of accounts VAT-rep files VAT returns VISMA may be your VAT-representative Page 10

11 Norwegian taxation brief introduction Norwegian Tax Act Low threshold for corporate tax liability for non-norwegian entities Business activities performed in Norway One day of activity is sufficient Norwegian tax treaties Tax treaties can only give relief from Norwegian tax liability avoid double taxation Around 90 tax treaties - Based on OECD model tax convention Tax treaty of July 19, 1993 with Latvia Construction project - Permanent Establish if last for 6 months Norwegian corporate tax base Main rule does not follow the accounting principles for timing of income Completed contract method when turnkey contract Let VISMA Norwegian corporate tax return do your Due date end March (paper), and end May (electronically) tax return Page 11

12 Corporate tax issues and payments from Norway Transfer pricing Issue no 1 heavy focus from tax office Payments must be arm s length based Norwegian withholding tax (WHT) regime Interest no WHT Royalty no WHT Technical / managerial fees no WHT Dividends Main rule 25 % dividend WHT, But no dividend WHT if corporate shareholder really established in the EEA Dividend WHT rate also reduced in tax treaties commonly to 15 % VISMA has several qualified and experienced tax lawyers Page 12

13 Books of accounts etc. brief introduction Duty to keep books of accounts All Norwegian companies Non-Norwegian companies that are tax liable according to the Norwegian Tax Act VISMA is the largest accounting bureau in Norway Audit of books of accounts Independent appointed auditor required if turnover exceeds NOK 5 million Filing of Annual Accounts - provided duty to keep books of accounts Annual accounts with director report (and audit report) must be filed within end July Fines for non compliance Page 13

14 Doing business in Norway Latvian cross border activities to Norway typical set ups Sale of goods to Norway Establishing sales representative in Norway 1. Single construction project in Norway 2. Branch in Norway 3. Subsidiary in Norway 4. Employees in Norway Page 14

15 1 Single construction project in Norway Registration VAT Yes, as a NUF in Coordinating Register and Business Enterprise Register Yes, via VAT-rep if no fixed place of business Corporate tax Yes, however only provided project last for more than 6 months Employee tax Yes, if corporate tax. And yes if no corporate tax but stay last for more than 183 days Payroll tax Yes, but not if employee holds E-101 / A-1 Books of accounts Yes Audit Yes, if turnover exceeds NOK 5 million Page 15

16 2 Branch in Norway Registration Yes, as a NUF in Coordinating Register and Business Enterprise Register VAT Yes, although certain in house services does not qualify Corporate tax Yes, provided Permanent establishment, i.e. fixed place of business or construction project last for more than 6 months Employee tax Yes, if corporate tax. And yes if no corporate tax but stay last for more than 183 days Payroll tax Yes, but not if employee holds E-101 / A-1 Books of accounts Yes Audit Yes, if turnover exceeds NOK 5 million Page 16

17 3 Norwegian subsidiary Limited liability company AS (private) or ASA (public) Minimum share capital for AS is NOK AS is tax resident in Norway provided effective management on board level conducted in Norway Registration Yes VAT Yes Corporate tax Yes Employee tax Yes Payroll tax Yes, but not if employee holds E-101 / A-1 Books of accounts Yes Audit Yes, if turnover exceeds NOK 5 million Page 17

18 4 Compliance Latvian employees in Norway Reporting to COFTA RF-1199, to obtain Norwegian D-number (social security number) Salary withholding tax (WHT) card Salary WHT bank account WHT on each payment of salary Bi-monthly reports and payment to tax collector End of year salary report (lønns- og trekkoppgave) Construction workers must carry ID card, see next slide Note that compliance obligations exist independent of final tax liability, and fines may be imposed for non-compliance VISMA may be your Norwegian payroll agent Page 18

19 4 ID card for construction workers All employees that works on a building or construction site must carry an ID card Applies to Norwegian and non-norwegian workers Required in order to get access to construction site Also short-term assignments The employer is responsible to order Order, forms and info on Two steps for ordering Employer registers as a card-orderer Upon receipt as card-orderer ID, you may order ID cards Must have D-number Photo Copy of passport Valid for two years Page 19

20 4 Taxation - Latvian employees in Norway Any employees that works in Norway is subject to Norwegian tax according to Norwegian Tax Act This is also the main rule according in the tax treaty I.e. remuneration for work provided in Norway is taxable to Norway, always if: The employer is Norwegian, or The employer is foreign and has a permanent establishment in Norway, or The employee is hired out to an employer who is taxable in Norway If none of the three situations are fulfilled then the employee is exempted from Norwegian tax provided the stay in Norway lasts for less than 183 days during a 12 months period Individual tax return Filing duty may exist even though finally tax exempted according to tax treaty Due date end of April Page 20

21 4 Contract on seconding employees to Norway Hired out employee contract vs. genuine contract Own risk and responsibility for the products Instruction rights, ownership to tools, paid by hour or lump sum etc. VISMA has dedicated experts on contract law Genuine contract Hired out employee Registration Yes Yes VAT Yes (no) No Corporate tax Yes / no No Individual tax Yes / no Yes Books of accounts Yes No Audit Yes / no No Page 21

22 4 Employees in Norway Social security Any employees that works in Norway is covered by the Norwegian national social security system according to Act Consequently the employee and the employer must pay social security contribution Rates: 8.2 % and 14.1 % respectively However exemption may be granted according to EEA-regulation e.g. on temporary stay in Norway Form A-1 (former E-101) must be issued by Latvian social security authorities Page 22

23 4 Employees in Norway - Rights Norwegian Employee Protection Act gives a wide range of benefits / rights to the employee, e.g. on main rules: Written employment contract Rules re safe working site Injuries must be reported Vacation Right to 25 working days (i.e. 4 weeks and one day) per year Vacation payment % (or 12 %) on prior year s earnings Mandatory private pension plan Mandatory injury insurance protection Minimum salary regulation in construction industry Regulations based on agreement with union VISMA has dedicated experts on employment law Skilled workers NOK per hour Unskilled workers NOK (but NOK if more than one year experience) Workers under 18 years of age NOK Page 23

24 4 Employees in Norway working hours Normal working hours (main rules) - no more than 9 hours per 24 hours 40 hours per seven days Maximum extra hours - no more than Basic rules: 10 hours per seven days, 25 hours in a four weeks period, or 200 hours in a 52 weeks period If employment contract based on agreement with union 15 hours per seven days, 40 hours in a four weeks period, or 300 hours in a 52 weeks period Upon application to the Norwegian Labour Inspection Authority 20 hours per seven days, and 200 hours in a 26 weeks period Page 24

25 5 The use of sub-contractors Reporting requirements, ref form RF-1199, see slide 5 Failure to report may imply Penalties for non-compliance or late filing Liability to pay tax, etc. related to sub-contactor and/ or employees of subcontractor Latvian company may be deemed subject to Norwegian tax solely due to work performed in Norway by sub-contractors Page 25

26 VISMA VISMA is the largest accounting firm in Norway with professionals VISMA Advokater is a fully fledged law firm with 22 lawyers VISMA provides One stop shopping for your compliance needs We may assist in planning, consulting, compliance, disputes and litigation Company law and registration in Norway Accounting Payroll agent Company secretary Tax and VAT, including VAT-representive Contract law Employment law One point of contact: Page 26

27 Thank you for your attention! Mob Visma Advokater AS _Respect_Reliability_Innovation_Competence_Team Spirit_ Page 27

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