3.1.11 Income from abroad

Item 3.1.11 Applies to the tax year 2016

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Under this item, you must enter all income from abroad which is liable to tax in Norway and which is not to be entered under other items. This includes for example deposits in foreign banks, income from foreign bearer bonds and loans and gains on the sale of real property abroad.

Does this item concern me?

The item concerns everyone who has at least one of the following:

  • interest on deposits in a foreign bank, stated in form RF-1231E Deposits in foreign banks
  • gains on sale of real property abroad
  • interest on outstanding loans to individuals or companies abroad
  • income from bond funds
  • income from holdings in foreign companies that is not business income
  • taxable annual yield from endowment insurance taken out in another EEA state (special rules apply for life insurance policies taken out before 1 January 2004)
  • taxable payments during 2016 from endowment insurance with an investment option without a guaranteed yield (unit-linked insurance) from a company in another EEA state
  • yields paid out on an endowment insurance policy (with or without a guaranteed yield) taken out with an insurance company outside the EEA (applies only to contracts established after 1 January 1986)

Taxable rental income from real property abroad must be entered under item 2.8.5. Taxable income from employment must be entered under item 2.1.1

How do I enter this in my tax return?

You must submit the income from abroad in item 3.1.11.

Interest on deposits in foreign banks

You must submit form RF-1231E Deposits in foreign banks. In this form, you must enter your capital as of 31 December, the name of the foreign bank and the interest income.

You must enter the deposit under item 4.1.9, while under item 3.1.11 you must enter the interest amounts stated in form RF-1231E section III "Total for all accounts", item II "Total interest, yield in NOK". The interest must be specified in Norwegian kroner. Use the average exchange rate for the income year from Norges bank. When you submit electronically, the amount under item 3.1.11 will be automatically transferred from form RF-1231E.

Loans to individuals or companies abroad

Under this item, you must enter interest on the loan in Norwegian kroner. Use the average exchange rate for the income year from Norges bank. The loan itself must be entered under item 4.6.2.

Gains on sale of real property abroad

Sales of property abroad are taxable in the same way as sales of property in Norway, item 2.8.4. If a property is sold at a loss, it must be entered under item 3.3.6 if you are entitled to a deduction for the loss. If the gain is taxable, it must be entered under item 3.1.11. Under this item, you must enter the income in Norwegian kroner. Use Norges Bank's bid rate as of the date of payment.

Gains made on the sale of property abroad may be exempt from any tax obligation, depending on the country in which the property is located.

Yield, payments and other income

Under this item, you must enter the income in Norwegian kroner. Use Norges Bank's bid rate. In the case of ongoing payments, you must use the average rate for the full year, while in the case of individual payments, you should use the rate applicable on the date of payment.

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Documentation requirements

When you have bank deposits abroad, form RF-1231E Deposits in foreign banks must be completed and enclosed with your tax return together with your annual statement from the bank/savings institution.

In the case of gains made on the sale of real property, you must be able to present documentation and the calculation of the gain upon request.

For other income, you must be able to present documentation from your insurance company, creditor, etc. upon request.

If we ask for documentation of loan and interest, you must be able to provide us with a copy of the debt certificate or the agreement between you and the borrower.

If you have paid tax on the income from abroad, you can claim a deduction from your Norwegian tax. You must then tick the "Yes" for a deduction in item 1.5.6. The form RF-1147E Deduction for tax paid abroad by a person (credit) 
must be filled out and provided with the tax return. If you submit electronically this form will be available when you tick "Yes" in the item.

If you claim deduction, offset and tax paid in the other country must be documented.

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