Ship Owners Victorious in the Supreme Court

The Supreme Court  on 12 February 2010 gave judgment in favour of ship owning companies and ruled that the transitional tax regime that was introduced in 2007, which said that previously undistributed income has to be posted as taxable income, is unconstitutional. The ship owning companies had claimed that the transitional rules impose tax on previous profits that were exempt from taxation. The ship owning companies  estimated unpaid tax in this respect amounts to NOK 21 billion. The decision was made with smallest possible majority - 6 against 5.

Read our news on the decision here.

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