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Norway Publishes Law for Additional Depreciation for 2020

01 July 2020

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Approved Changes

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Norway

Norway has published Law No. LOV-2020-06-23-103 in the Official Gazette, which includes the measure for additional depreciation included as part of the Revised National Budget for 2020, which is largely meant to support businesses impacted by the COVID-19 pandemic. The measure provides for an additional 10% depreciation (from 20% to 30%) for group D assets (machinery, personal vehicles, movable furnishings, etc.) in the 2020 fiscal year. The increased depreciation applies for group D assets acquired from the date fixed by the Ministry through fiscal year 2020. However, the additional depreciation is not available for assets acquired from related parties. The...