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- Common forms of Business in Norway
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The Kingdom of Norway is in the western part of the Scandinavian peninsula and extends about 1,100 miles (1,770 km) from the North Sea along the Norwegian Sea to more than 300 miles (483 km) above the Arctic Circle, the farthest north than any other European country. Oslo is the capital of Norway.
Political establishment of Norway
Norway is a constitutional monarchy. Despite the fact that Norway is a member of NATO, the UN, and the European Free Trade Association, it voted against joining the European Union in 1994.
Economy of Norway
Norway uses its own currency which is the Norwegian Krona (NOK). Norway is one of the world’s wealthiest countries measured per capita. The main industry focus of Norway includes oil and gas, telecommunications, hydropower equipment, timber and metal products and seafood. Its merchant and oil-tanker fleets are one the world’s largest. Furthermore, its fishing flotilla lands Western Europe’s biggest catch.
Taxation in Norway
Corporate Income Tax is paid by companies on the net income companies obtain while exercising their business activity, usually within one business year. Revenues from the Corporate Tax Rate are one of the most important sources of income for the Norwegian government. The Corporate Tax Rate is 27% on Corporate Profits and the Standard VAT rate is 25% (exceptions are applicable to certain services and goods as 15% and 8%).
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