ØKB2006 Tax Laws 1

Course description for academic year 2020/2021

The course shall give the student knowledge abut the tax system, such as calculating taxes for individuals. The course includes mainly:

Tax liability to Norway: Full tax liability and limited tax liability.

Tax domicile: Tax domicile and location based taxes.

Accruals: The realization principle and the cash principle.

Taxable income: Work income, capital income, and capital profits.

Deductible expenses: Deductions related to your income and other deductible expenses.

The correct tax object: Taxation of married couples, common-law spouses, and children.

Taxable property: Taxable property in local and national equations.

Principles for taxation of businesses.

Fundamental principles of Norwegian value-added tax legislation.

Knowledge

The Student :

Knows the main rules for income- and property taxation for individuals.
Knows the main principles for determination of input value for assets received as gift or heritage.
Knows how to plan the future taxation.
Knows the basic tax administration law, tax payment and central rules for severability.
Knows basic principles for taxation of businesses
Knows fundamental principles of Norwegian value-added tax legislation

Skills

The Student :

Can calculate general income, personal income, and taxable property based on the Norwegian tax laws, regulations, tax decisions and tax assessments.
Knows how to calculate net taxes, social security, bracket tax, and property tax based on Norwegian tax laws, directives, tax decisions and tax assessments.
Can estimate the consequences of alternative tax decisions.
Is able to do ethical reflections regarding future taxation
Can calculate outgoing and incoming VAT, as well as carry out simple tax settlement.

General Qualifications

The Student :

Can acquire relevant new knowledge within the areas of knowledge and skills as mentioned above.
Is able to express central subject matter through relevant forms of expression and discuss views and experiences with other professionals.
Can consider the course in a larger context in a social perspective.

None

None

Lectures, group exercises, and guidance on taxation problems.

None

Individual home examination, 10 days, 30%

Written school exam, 4 hours, 70%

A pass is needed in both parts

Grade scale A-F

Part 1, Home exam (individual); All printed and written study aids may be used

Part 2, written exam; All calculator models allowed, Tax Law with regulations (Skattelovsamling med forskrifter)

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