ØBR112 Tax Law 2

Contents and structure

The course will provide the student with sound knowledge of the Norwegian tax system, as well as enable the student to interpret the regulations and make calculations of taxes and duties. The course is based on ØBR111 Tax Law I, and goes deeper into the tax system. The course is twofold; with the main focus on taxation of business activities and owners of such activities, and special VAT matters.

Together with ØBR111 Tax Law 1, the course covers the requirements for the profiling course Tax law in the Recommended plan, Bachelor in Business Administration - profiling accountant.

The course assumes that ØBR111 Tax Law 1 has been completed.

The course is twofold; and the central content of each section is as follows;

Business taxation

· Calculation of taxable ordinary income in business activities, based both on the profit and loss account's profit before tax expense and directly on the tax act's rules for sole proprietorships without an accounting obligation

· Review of key tax assessment and accrual rules in business activities, including the rules for gains and losses in business and treatment of losses

· Calculation of personal income in business activities (enterprise model)

· Taxation of personal shareholders, including the shareholder model

· Taxation of company shareholders, including the exemption method, rules for group contributions, cut-through, etc.

· Taxation of participants in general partnerships (participant model)

· Tax effects of reorganisation, conversion and winding up of business activities

· Asset determination for non-listed shares and shares in general partnerships

· Relevant rules on deductions from assessed tax

Employer's National Insurance contributions and financial tax

· Tax administration law in brief, based on ØBR111

Value added tax

· Main rules for VAT registration, sales subject to VAT, withdrawals and imports, exemptions and exemptions, and deductions for input VAT

· Value added tax and real estate (builds on ØBR111)

The adjustment rules

· Value added tax and public sector

· VAT treatment of imports and exports

Learning Outcome

The student has knowledge of

· Interpretation of the tax rules related to business activities for private limited companies, companies with participant assessment (focusing on general partnerships) and sole proprietorships

· VAT rules relating to business activities and companies

· What transactions and events regarding ownership and equity may result in taxation; based on both personal and company shareholders

· Tax effects of cessation of operations and liquidation of companies

· Rules for calculating employer's National Insurance contributions

· Asset determination for non-listed shares and interests in companies with a participant rating

· Relevant rules on deductions from assessed tax

· Main principles for determining the input value of assets received as a gift or inheritance

· Tax planning and ethical reflections

· Basic tax administration law and tax payments, and central rules for tax payments

The student can

Business taxation:

· Determine what constitutes taxable income, deductible costs and make correct timing of the items for calculating ordinary income in industry for limited companies, sole proprietorships and companies with participant assessment

· Calculate tax costs, tax payable and deferred tax for limited liability companies

· Establish a basis for taxation of shareholders (the shareholder model and the exemption method), participants in general partnerships (the Participant Model) and holders of sole proprietorships (the Enterprise Model)

· Tax treatment of conversion of sole proprietorships into limited liability companies

· Assess the tax consequences of business transfers and winding up business activities

Value added tax

· Assess an enterprise's VAT issues

· Processing general transactions for VAT purposes

· Vat process adjustment of input VAT

Entry requirements

None

Recommended previous knowledge

The course ØBR111 Tax Law 1 or equivalent courses are recommended previous knowledge. A similar course means courses that cover ØBR111's content within personal taxation, business taxation and VAT.

Teaching methods

Lectures, assignments and compulsory assignment.

Compulsory learning activities

An indidual 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 can 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

All calculator models are allowed, with the following exceptions

- the calculator should not have the possibility of receiving / sending

- the calculator should not be able to process symbolic mathematical expressions

- the calculator cannot be connected to the mains

- the calculator must not make noise

More about examination support material