{"id":23395,"date":"2025-08-13T14:20:04","date_gmt":"2025-08-13T12:20:04","guid":{"rendered":"https:\/\/wiersholm.no\/en\/?post_type=newsletter&p=23395"},"modified":"2025-08-13T14:21:02","modified_gmt":"2025-08-13T12:21:02","slug":"norway-international-update-q2-2025","status":"publish","type":"newsletter","link":"https:\/\/wiersholm.no\/en\/newsletters\/norway-international-update-q2-2025\/","title":{"rendered":"Norway International Update Q2 2025"},"content":{"rendered":"

Norway International Update Q2 2025<\/h1>\n\n\n
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This update highlights key legal developments and market trends from the second quarter of 2025 across sectors of strategic importance in Norway, including Tax and Duties, Renewable Energy, ESG and Compliance, Financial Regulatory. We also bring you select business updates from Wiersholm, relevant for both our international and domestic clients.<\/em><\/p>\n\n

Financial Regulatory<\/a>Tax and Duties<\/a><\/div><\/div>\n\n\n

Some highlights include:<\/u><\/em><\/p>\n\n\n\n

Financial Regulatory:<\/strong> The Norwegian Ministry of Finance has proposed implementing the IFD and IFR regulatory frameworks, introducing rules on investment firms\u2019 capital and liquidity requirements, governance, remuneration, reporting and supervision. From 1 July 2025, the Norwegian Acts implementing MiCA and DORA will enter into force, aligning Norway with EU rules on crypto-asset services and digital operational resilience in the financial sector. A proposal for implementing ELTIF 2 has also been published, aiming to make long-term investment funds more attractive through greater flexibility, broader asset eligibility, and improved retail access. Finally, the Securitization Regulation, including provisions on synthetic securitization and reduced capital requirements, will apply in Norway from 1 August 2025, with the goal of increasing financial system efficiency and investment opportunities.<\/p>\n\n\n\n

Tax and Duties: <\/strong>Recent developments in Norwegian tax law highlight three key areas. First, the government is considering short-term adjustments to the Norwegian CFC (NOKUS) rules in light of Pillar 2 implementation, particularly simplifying rules for large multinational groups already subject to the Supplementary Tax Act and reassessing exemptions for entities in tax treaty jurisdictions. Second, the Norwegian Tax Appeals Board has ruled that a Norwegian parent company cannot deduct expenses incurred and invoiced to its foreign subsidiary, even if the costs benefit the group, reaffirming the principle that only formally incurred expenses are deductible. Third, the Oslo District Court upheld a VAT assessment against Hurtigruten for international cruises with Norwegian stops, rejecting the company\u2019s reliance on longstanding administrative practice and emphasizing that such practice must be grounded in law to have legal effect. The decision has been appealed.<\/p>\n\n\n\n

We hope you find these updates useful and informative. If you have any comments or wish to receive further information on any topic in this update, please feel free to get in touch with one of the displayed contacts.<\/em><\/p>\n\n\n\n

Financial Regulatory<\/h2>\n\n\n\n

Key contacts: Kjersti T. Tr\u00f8br\u00e5ten<\/a> & Stian A. Endre<\/a><\/em><\/p>\n\n\n\n

In the second quarter of 2025, among other things, the long-awaited proposal for the implementation of the Investments Firms Directive and Investments Firm Regulation (“IFD” and “IFR”) into Norwegian law was published. In addition, the regulation on Markets in Crypto-Assets (“MiCA”) and the Digital Operational Resilience Act (“DORA”) entered into force on July 1.<\/p>\n\n\n\n

In the following section, we will give you the latest updates in Norwegian financial regulation.<\/em><\/p>\n\n\n

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