The exemption method pursuant to Section 2-38 of the Norwegian tax code applies to limited company’s shares in companies within the EEA.
The consequence of a gain, loss or dividend being covered by the exemption method is that the company that sells the holding or receives the dividend cannot be taxed for gain or demand a deduction for loss in the year the holding is sold. For dividends, separate rules apply that follow from the Tax Act § 2-38 sixth paragraph. It is particularly important to note that a dividend covered by the exemption method must nevertheless be taxed at 3 percent. The latter only applies to Norwegian taxable companies that receive dividends and corresponding distributions.
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