BUS260 Tax Law

Introduction to Business Taxation, with particular emphasis on differences from personal taxation. Income from business activities, with particular emphasis on the timing of revenues and expenses, including differences from the accounting Act. Special provisions relating to shareholders and companies, including deferred tax. Special provisions relating to participant taxed companies. Personal income from business activities, including the conditions, the calculation and allocation/distribution of current owners. Restructuring, business and succession, including taxable and reorganization free of tax. Value added tax system, including the liability for tax scale (taxation area) and the possibility of a voluntary registration fee, tax base and specific exemption for value added tax and special restrictions on the right to deduct value added tax.

The student knows of

• the tax and duty rules (value-added tax) relating to business activities and companies

• which transactions and events regarding ownership and equity may entail taxation

• tax effects of cessation of business and liquidation of a company

• rules for calculating employer's contribution

• the main rules on income and wealth taxation for individuals

• asset determination for non-listed shares and shares in responsible companies

• relevant rules on deductions in equalized 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 payment and central rules for overriding

The student can

• determine what taxable income and deductible costs are and make the correct timing of the items for calculating ordinary income in business (EPF, AS, ANS).

• calculate tax costs, payable tax and deferred tax for limited liability companies

• determine the basis for taxation of shareholders (aksjonærmodellen og fritaksmetoden), participants in responsible companies (deltakermodellen) and proprietors of sole proprietorships (foretaksmodellen)

• tax-wise process the conversion of EPF to AS

• assess the tax implications of business transfers

• assess a business's VAT situation

• process ordinary transactions in terms of value-added tax