ØBR111 Tax Law 1

Contents and structure

The subject covers the Norwegian tax and value added tax (vat) system and aims to enable the student to interpret tax legislation and calculate tax and vat. The subject is divided into three parts. The first is the taxation of private persons, the second is corporate taxation (focusing on the private stock company and its owners), and the third part covers general value added tax matters.

Together with ØBR112 Tax law II, the subject covers the requirements for the profiling subject Tax law in the Recommended plan, Bachelor in Business Administration - profile accountant.

The subject assumes that BØA117 Finance accounting with analysis or a similar course has been attended.

Contents

The subject is divided into three parts:

Taxation of persons

· Calculation of personal income taxation for individuals

· Calculation of common income for personal tax payers

· Taxation of persons - the share holder model

· The main rules of deductions for persons

· The main rules of taxation subjects regarding individuals

· Calculation of taxes for individuals

· The main rules of wealth taxation and how to calculate wealth tax for persons

Corporate taxation

The subject covers taxation of private stock companies and their owners.

· The main rules of corporate income taxation

· The deferred tax model and temporary differences between accounting and tax results

· The main rules of permanent differences between accounting and tax results

· Tax calculation - including handling of losses carried forward

· Taxation of share holders - the method of freedom from taxation

Value added tax (vat)

· Requirements of and handling of registration for vat

· The main rules of vat turnover, withdrawals, and import

· The main rules of the basis of vat and its calculation

· Exemptions with zero vat

· Exemptions from the vat law; including an introduction to real estate vat matters

· Deductions due to incoming vat

Learning Outcome

The student has knowledge of

· Basic rules regarding taxation of income and assets for personal taxpayers

· Basic rules regarding taxation of business activities for limited companies

· Basic rules regarding the taxation of personal and impersonal shareholders

· Basic rules regarding value added tax (VAT) for businesses

The student knows how to

Personal taxation

· Interpret and determine which is personal income and general income for personal income

· Tax on personal income and general income for personal income

· Taxable assets, and wealth tax for personal tax agencies

Business taxation

· Interpret and determine which are taxable income, costs that are deducted and make correct timing of the records for the assessment of ordinary income in industry for limited liability companies

· Assessed tax costs, taxes payable and deferral tax for limited liability companies

· Establish the basis for taxation of shareholders; both by the shareholder model and by the exemption method

Value added tax (VAT)

· Assess VAT aspects of a business

· Manage general transactions regarding VAT

Entry requirements

None

Recommended previous knowledge

The course BØA117 Financial Accounting with Analysis or equivalent course

Teaching methods

Lectures, assignments and compulsory assignment.

Compulsory learning activities

One individual written submission must be approved before the exam can be taken.

This is a written answer to a task that will be handed out.

The subject is in constant change, and the following is instituted as focus is on updated knowledge:

Approved coursework requirements are valid in the exam semester and the following semester.

Assessment

Written school exam, 5 hours. The exam may be held on a digital exam system.

The time and place of the exam will be stated on Studentweb.

Grading scale A-F, where F equals fail.

Examination support material

Lovdata Pro in general examination mode.

Simple calculator of type:

- Casio fx-82, Casio fx-85 (all types of both fx-82 og fx-85 are allowed: CW, ES, ES Plus, EX, Solar etc.)

- TI-30Xa, TI-30XIIS, TI-30XS MultiView

- Sharp EL-531TG, Sharp EL-531TH, Sharp EL-531TS

More about examination support material

Course reductions

• ØBR102 - Skatterett I - Reduction: 5 studypoints
• ØBR105 - Avgiftsrett - Reduction: 2.5 studypoints
• ØKB2006 - Skatte- og avgiftsrett 1 - Reduction: 7.5 studypoints
• JU6-1001 - Skatte- og avgiftsrett 1 - Reduction: 7.5 studypoints