TAX – VIEW Group

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Tax with VIEW

VIEW Procurator is an authorised accounting firm providing services such as accountancy, corporate management, tax and corporate advisory, outsourcing of financial management and depositary services.

VIEW Procurator has a long and solid history as the original company was founded in 1983.

We mainly delivers services to investment companies, funds, real estate- and shipping companies, and we are one of the leading accountancy and corporate management firms in Norway within these industries.

We can also contribute with advisory related to tax and corporate law, mergers and demergers, restructuring and establishment of new entities, due diligence, inheritance and generational changes etc. Since January 2015, the company has had permission from the Norwegian FSA (Finanstilsynet) to act as depositary for certain Alternative Investment Funds (AIF’s).

Taking care of family business

Management for investors and privately held investment companies has always been one of the core services rendered by Procurator. Our services are coordinated with the owners and the board of directors and are executed according to decisions made by the board. Management services are always kept within the mandate given by the customer. We present complete summaries of all kinds of investments, including gains and losses on a monthly basis or as often as the clients request the reports.

We report on a company level, prepare tax returns and statutory accounts, including consolidation whenever necessary, attend to all formalities such as minutes and protocols and assist the owners with their private tax returns. Privately held investment companies develop over time resulting in new challenges and demand for our services.
New generations are gradually taking over, investments must be reorganized into separate companies and holding companies may be established. We ensure succession processes and that restructurings are carried out as cost-efficient and optimal as possible; through spin-offs, mergers, establishment of holding companies or single purpose companies.

Services

  • Accounting, Salary, Statutory accounts
  • Accountancy and corporate management for real estate companies
  • Depositary for certain Alternative Investment Funds (AIF)
  • Financial analysis, budgeting and private reporting
  • IFRS, simplified IFRS
  • Inheritance and change in ownership
  • Tax, tax return and tax planning
  • Outsourcing of financial management
  • Management for:
    • Investors and privately held investment companies
  • Corporate management for:
    • Shipping investments
    • Shipping and real estate funds
  • Corporate structure for:
    • Mergers
    • Demergers
    • Establishing new entities
økonomisk rådgivning i view

IFRS, simplified IFRS

Companies listed on the Stock Exchange are required to apply IFRS as an accounting standard. Other companies use simplified IFRS (voluntary) to highlight their assets in long-term investments in reporting purposes. IFRS are large and complex with frequent updates of standards. This requires substantial additional expertise. We assist our clients in both IFRS as finance director’s extended arm and with full IFRS reporting in Norwegian, as well as in English.

The Important Decisions

We assist our clients in optimizing corporate structures whether this may be mergers, demergers, establishment of new companies, transformations or liquidations. We prepare the necessary documentation and ensure that all formalities are taken care of and all tax consequences discussed. We collaborate with experienced external advisors whenever necessary to obtain quality assurance for our work.

Outsourcing of financial management

Outsourcing of financial management usually increases the efficiency of small and middle-sized companies. Our employees engaged in financial management outsourcing possess adequate experience from previous executive positions within business administration and audit. Hence, we may render services as a financial partner or chief financial officer (CFO). We focus on financials and reporting, and take command of the financial operations.

Minimize tax on all business levels

We may assist in organizing company structures to achieve minimum taxes on all levels. In case of equity transactions, initiated by a succession process or some other structural adjustment, we may assist in the implementation and evaluation of tax positions to prevent errors that may trigger extra taxes. We may also assist our clients with their private tax returns and other tax-related issues.

Taxes & VAT

Companies and businesses that are not domiciled in Norway and self-employed persons who are not resident in Norway may become liable for tax in Norway on income generated through activity that they carry on or participate in and which is operated or managed from Norway. They may also become liable to pay tax for the hiring of labour to Norway.

  • Taxes in Norway
  • VAT Reporting
  • VAT Representation
  • Transfer Pricing Services

Accountancy

VIEW Tax reports to the tax authorities through the portal Altinn. Yearly controls and reconciliations of all routines and procedures are carried out to ensure that the reporting and the quality is in accordance with the existing laws and regulations.

  • Bookkeeping & Invoicing
  • Reporting
  • Cloud Storage

Payroll & HR Services

Based on the information related to the employment contract and the information from the RF-1199-scheme, the employee is remunerated in accordance with the reported hours worked, and of which can be registered directly in the system. Full service related to withholding tax, payroll tax, salary slips, “a-melding” etc. is part of the delivery.

  • D-number
  • Payroll Settlement
  • Forms and Identity Verification
  • Hiring and Contracts
  • A1 & Pay as you Earn
  • HSE-Cards for Construction
  • Workers & Cleaning Industry

Advisory

We always stretch far to help our clients with whatever questions or worries they have. We make sure we always find the answers for our clients. We carry out all sorts of advisory, and if we do not have the right tools to answer, we make sure we lead the client in the right direction.

  • TAX Treaty
  • Ad hoc Advisory
  • Permanent Establishment in Norway?
  • Labor Hire- or the Enterprise Condition?

One stop compliance service for foreign companies settling in Norway

VIEW Tax, through strategic partnership with a Norwegian transfer pricing boutique networked in over 40 countries, can provide transfer pricing advisory and compliance services to reduce your company’s risk and optimize your tax position in Norway. Transfer pricing confirmed as tax audit area of focus by Norwegian Minister of Finance On 3 February 2020 the Minister of Finance reaffirmed to the Norwegian Parliament that transfer pricing remains a primary focus area of tax audit and scrutiny for historical, current and future tax years.

Transfer pricing documentation
The starting point for the Norwegian audits is typically a taxpayer’s transfer pricing documentation. This documentation is a compliance requirement for many companies, branches and permanent establishments operating in Norway. Failure to provide transfer pricing documentation allows for the Tax Authority to make a “discretionary adjustment”, which means that the Tax Authority can determine the amount of tax they believe the taxpayer has underpaid. Thus, the burden of proof is transferred from the Tax Authority to the taxpayer making it substantially more difficult for the taxpayer to successfully argue its position.

Are you liable to produce documentation
In general, Norwegian taxpayers with NOK 10 million or more in intercompany transactions in the year are required to submit transfer pricing documentation.

A small group exemption to the documentation requirements is provided for taxpayers that are members of a group of companies with fewer than 250 employees worldwide AND with aggregate group revenue in the year under NOK 400 million (or an outstanding group balance of under NOK 350 million).

Feel free to contact us if you’d like to discuss Norwegian transfer pricing considerations further.

Accounting, Salary, Statutory accounts

VIEW Procurator is an authorized accounting firm with efficient assignment routines. All employees are well qualified within accounting procedures and possess comprehensive and relevant work experience from various business activities. Our services include ordinary accounting services, remittance services, public reporting, periodical statements, tax returns and statutory accounts. The services rendered are adjusted to the needs, size and activities of our clients. All assignments are monitored by an employee and a group leader responsible for the assignments to ensure availability for our clients.

Accountancy and corporate management for real estate companies

VIEW Procurator has extensive experience within real estate and offers business management for real estate companies. The service includes bookkeeping, remittances, billing of rent and joint costs, settlement of joint costs, running updates on tenants, adjustment of rentals, tax assessments for tenants etc. In addition, NRP Procurator AS can assist real estate owners with financial statements and tax assessments for holding companies, board meetings, budgeting and company documentation. NRP Procurator AS also has extensive experience with transactions, purchase price calculations and settlement. NRP Procurator AS works closely with real estate owners and managers for different properties. Together they ensure the best interest for the owners when it comes to managing the properties.

Accountancy and corporate management for real estate companies

VIEW Procurator has extensive experience within real estate and offers business management for real estate companies. The service includes bookkeeping, remittances, billing of rent and joint costs, settlement of joint costs, running updates on tenants, adjustment of rentals, tax assessments for tenants etc.

In addition, VIEW Procurator can assist real estate owners with financial statements and tax assessments for holding companies, board meetings, budgeting and company documentation. VIEW Procurator also has extensive experience with transactions, purchase price calculations and settlement.

VIEW Procurator works closely with real estate owners and managers for different properties. Together they ensure the best interest for the owners when it comes to managing the properties.

Bookkeeping & Invoicing

VIEW Tax offers invoicing through the Internet application Xledger. We customize the layout with the client’s logo, legal notice and the product codes as a part of the start-up procedure. The client may carry out the invoicing himself through his own user profile and access to the application. The client’s need of storage and documentation is covered by using this invoicing solution, where all transactions are documented by an image of the invoice document(s). The application allows sending out dunning letters and interest notes on overdue payments. The procedures are in accordance with Norwegian law, but it is entirely possible with individual customization of the reminders.

The bank integration allows real-time information on the Accounts Receivable and liquidity. For clients who use the service of VIEW Tax’ Client Account, the settlement towards the customer will be ongoing.

Norwegian law allows clients to invoice through their own system. However, the requirements for an invoice number, ledger specification, sales documentation and storage of information will remain the same – independent of which system is in use. By selecting this option, the client will have to make the information available for inspection upon request of a representative or a public authority.

Corporate management for shipping investments

VIEW Procurator facilitates direct investments within shipping and offshore. The investments are facilitated with different company structures, such as AS, KS andDIS in Norway. VIEW Procurator is responsible for the business management of all these investment companies.

As a business manager, VIEW Procurator conducts a wide range of tasks, such as accounting, budgeting, investor relations, arranging board meetings, financial statements and tax returns, dialogues with external accountants, lawyers, lenders and public services, tax and tax assessments, establishing of new entities, capital changes, restructuring, liquidation etc.

The business manager works closely with the board, responsible asset manager, and investors when it comes to the administrative management of the companies.

Corporate structure, mergers, demergers and establishing new entities

The important decisions
We assist our clients in optimizing corporate structures whether this may be mergers, demergers, establishment of new companies, transformations or liquidations.

We prepare the necessary documentation and ensure that all formalities are taken care of and all tax consequences discussed. We collaborate with experienced external advisors whenever necessary to obtain quality assurance for our work.

Corporate management for shipping and real estate funds

VIEW Procurator facilitates and manages investment funds within shipping, offshore and real estate. VIEW Procurator is responsible for business management and company-related administration of these funds.

As a business manager, VIEW Procurator conducts a wide range of tasks, such as accounting, budgeting, investor relations, arranging board meetings, financial statements and tax returns, dialogue with external accountants, lawyers, lenders and public services, tax and tax assessments, establishing of new entities, capital changes, restructuring, liquidation etc.

Depositary for certain Alternative Investment Funds (AIF)

NRP Procurator AS was January 28th appointed as a depositary for certain AIFs by the Norwegian FSA. The function of a depositary is to take care of the investors best interests and involves several tasks. The most important tasks are:

  • Controlling the cash flow in the fund.
  • Overviewing the fund’s assets.
  • Monitoring agreements for the funds, including making sure the funds follow their investment strategy as stated in the prospectus.

VIEW Procurator has through our services and employees attained competence and experience that lays a solid foundation to fulfill our responsibilities as a depositary. VIEW Procurator currently holds 10 depositary assignments for different AIF, mainly within shipping and real estate.

We have established excellent routines and frameworks to execute these assignments, as well as routines for reporting to the Norwegian FSA.

Head of depositary in VIEW Procurator is Anne Aspelin. She has been with the company since 2011, and has extensive experience as a business manager for a broad range of investment companies. She has previously been with Gambak, Alfred Berg and ABG. She has also been head of compliance in previous positions and has good knowledge of the requirements from the Norwegian FSA.

VIEW Procurator wants to expand within this field of services. If appointment of depositary is relevant, do not hesitate to contact:

Ole Joachim Jonstang, Managing director of VIEW Procurator:
Phone: +47 92 05 75 45
Email:

Anne Aspelin, Head of Depository
Phone: +47 93 05 23 52
Email:

Financial analysis, budgeting and private reporting

Always present Many clients request our competence insupervision of the running operations. By close supervision through budgeting, reporting and analysis, the operations may be optimized and adjusted to meet new conditions for the enterprise.

We participate as a discussion partner in the establishment of strategic and financial objectives, preparation of budgets as well as the supervision through reporting and analysis.

Reporting

VIEW Tax reports to the tax authorities through the portal Altinn. The report is based on the book keeping that is performed during the specific period, including reconciliations and the quality control of documentation as well as full settlement. Yearly controls and reconciliations of all routines and procedures are carried out to ensure that the reporting and the quality is in accordance with the existing laws and regulations. In this respect, the client gets to experience that delivery is in line with what has been agreed upon as well as those expectations that underlie the mission.

Reporting VAT

VAT must be reported periodically six times a year. The reporting to the Tax Authorities will be made electronically through the portal Altinn.no. The payment of VAT needs to take place at scheduled times and transferred to a fixed bank account by using a specific identification number (Norwegian: KID). The Tax Authorities, on the other hand, will transfer any tax benefits to the client’s Norwegian bank account, should the client be entitled to such a refund.

If the enterprise’s turnover is less than NOK 1.000.000/year, it is possible to apply for yearly VAT reporting.

The requirement for reporting, documentation and storage of information is regulated by the Bookkeeping Act and the VAT Act. VIEW Tax is subject to authorization by the Accountants Act.

Storage

All documentation is stored in the application Xledger, as well as transactions, invoices and reports. The storage meets the Norwegian government’s requirement for electronic storage.

Tax, tax return and tax planning

Minimize tax on all business levels

We may assist in organizing company structures to achieve minimum taxes on all levels.

In case of equity transactions, initiated by a succession process or some other structural adjustment, we may assist in the implementation and evaluation of tax positions to prevent errors that may trigger extra taxes. We may also assist our clients with their private tax returns and other tax-related issues.

IFRS, simplified IFRS

Companies listed on the Stock Exchange are required to apply IFRS as an accounting standard. Other companies use simplified IFRS (voluntary) to highlight their assets in long-term investments in reporting purposes. IFRS are large and complex with frequent updates of standards. This requires substantial additional expertise.

We assist our clients in both IFRS as finance director’s extended arm and with full IFRS reporting in Norwegian, as well as in English.

Inheritance and change in ownership

New times – new challenges

Future generations may be involved in the family business. Their involvement could be implemented by thorough planning. Many questions arise; How and when should this happen? Who will be in charge after the process? Should the new generation get access to the values? Should activities or investments be split?

What about tax matters? There are several problems and issues to consider. We have been through succession processes for our clients and also collaborate with external advisors whenever necessary.

Management for investors and privately held investment companies

Taking care of family business

Management for investors and privately held investment companies has always been one of the core services rendered by Procurator. Our services are coordinated with the owners and the board of directors and are executed according to decisions made by the board. Management services are always kept within the mandate given by the customer.

We present complete summaries of all kinds of investments, including gains and losses on a monthly basis or as often as the clients request the reports. We report on a company level, prepare tax returns and statutory accounts, including consolidation whenever necessary, attend to all formalities such as minutes and protocols and assist the owners with their private tax returns. Privately held investment companies develop over time resulting in new challenges and demand for our services. New generations are gradually taking over, investments must be reorganised into separate companies and holding companies may be established. We ensure succession processes and that restructurings are carried out as cost efficient and optimal as possible; through spin-offs, mergers, establishment of holding companies or single purpose companies.

Outsourcing of financial management

We render what we know best – Financial management services

Outsourcing of the financial management usually increase the efficiency for small and middle sized companies. Our employees engaged in financial management outsourcing possess adequate experience from previous executive positions within business administration and audit.

Hence, we may render services as financial partner or chief financial officer (CFO). We focus on financials and reporting, and take command within the financial operations.

VAT Representation

Every company running business in Norway needs a registration number. For most companies it will be sufficient to register in the Central Coordinated Register for Legal Entities, but for some others it will be necessary to register in the Companies Register.

When the level of turnover stretches beyond 50.000 NOK, the company has to register in the VAT Register. Once the registration has been approved the letters MVA (English: VAT) needs to be added straight after the registration number.

Clients from certain EES/EU countries do not need to have their own representative in Norway. The requirement for reporting, documentation and data storage will nonetheless remain unchanged. As such, it will, for most clients, be practical to have their own representative that can safeguard all such obligations.

There will be an expected duration of 2-3 weeks for registering the company in the Central Coordinated Register for Legal Entities or the Companies Register. Then it will take yet another week for registering in the VAT Register. Do you need VAT Representation? Contact us for more information.

What Our Customers Are Saying

Good customer relationships lead to good ideas. Together we have found many innovative and effective solutions to create a good financial overview and structure.

SALCEF

“When we start a project in a new country, it is essential for us to find the right competence for local laws and tax legislation. When we found Malin and VIEW Tax we were very happy.”

FirstVet

“When we expanded to Norway, we contacted several tax accountants. We chose VIEW Tax. To do local tax yourself is time-consuming.”

MEDICE

“MEDICE is one of the most successful family-owned pharmaceutical companies in Germany.”

VIEW Ledger