Bookkeeping, accounting and audit obligations - foreign self-employed persons

Information regarding bookkeeping, accounting and audit obligations

Bookkeeping obligations

Anyone who is carrying on business activity and has an obligation to submit a tax return for wealth and income tax etc. and/or tax return for VAT in accordance with sections 8-2 and 8-3 of the Tax Administration Act, has a bookkeeping obligation for their business activity.

Accounting obligation

Norwegian registered sole proprietorships that are carrying out or participating in activity either in Norway or on the Norwegian continental shelf and that pay taxes to Norway in accordance with the Norwegian Taxation Act are also subject to an accounting obligation.

There are some exceptions for parts of the accounting obligation. Exceptions for foreign companies that carry on activity temporary in Norway or on the Norwegian continental shelf, and that have a revenue below NOK 5 million is one such example.

The sole proprietorship will have accounting obligtions if it has

  • total assets with a value exceeding NOK 20 million and/or
  • employees that in average exceeds more than 20 full-time equivalents

Audit obligation

Foreign self-employed persons carrying out or participating in activity either in Norway or on the Norwegian continental shelf and who pay taxes to Norway in accordance with the Norwegian Taxation Act are also subject to an accounting obligation. Smaller companies can vote out the obligation for audit if revenue in Norway is below NOK 6 million.

Office work and accounting – tips and advice

Read more about relevant regulations regarding bookkeeping, accounting and auditing (in Norwegian only)