ØBR111 Tax Law 1

Contents and structure

Tax law provides an overview of the tax system and covers the most central parts of taxation of commercial activities. Value added tax law provides an overview of the value added tax system.

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

• about the tax system
• on the tax rules relating to business activities and companies
• on the system for value added tax linked to commercial activities, including registration and reporting

skills

• can determine what is taxable income and deductible costs
• can determine the basis for taxation of shareholders (the shareholder model)
• can process ordinary transactions in terms of VAT, including within/outside the law

competence

• knows the main rules on income and wealth taxation for individuals
• knows tax planning

Entry requirements

None

Recommended previous knowledge

The course BØA117 Financial Accounting with Analysis or equivalent course

Teaching methods

The teaching consists mainly of lectures and case solving.

Compulsory learning activities

None

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