Conversion of foreign currency into Norwegian kroner

All amounts entered in the tax return must be converted into Norwegian kroner.

Norges Bank (Central bank of Norway) publishes the exchange rates as daily rates (Day), monthly average rates (Month) and annual average rates (Year).

If you need other exchange rates than these, you could also use exchange rates from foreign central banks who reference their currency against the Norwegian krone.

For wage earners and pensioners:

You can convert income and expenses using either the exchange rate applicable at the time of the transaction (Day) or the annual average rate for the income year (Year).

When converting interest abroad, you must use the annual average rate for the income year (Year).

To calculate the value of assets and debt, you must use the applicable rate as of 1 January (Day) of the year following the income year. If no rates are available for the relevant currency as of 1 January, you can use the most recently listed rate (Day) in the income year.

For self-employed persons/businesses:

If you’re obliged to submit annual accounts, you must generally use the rate applicable as of the time of the transaction, but may opt to use monthly average rates when doing so would be in accordance with Norwegian accounting law.

If you are not obliged to submit annual accounts, you can convert income and expenses using either the exchange rate applicable at the time of the transaction (Day) or the annual average rate for the income year (Year).