If the amount is incorrect, you must correct and enter the correct amount in the tax return.

If your currency gain or loss linked to foreign currency loans isn't pre-completed, you can enter your gain/loss in your tax return.

Contact your bank to calculate the currency gain or loss accurately.

Note that only currency gains and losses linked to actual foreign currency loans can be entered in these items (currency gains and losses relating to hedging contracts/forward foreign exchange contracts must NOT be entered here).

Example calculations

Ordinary loan: 

Loan in USD 100,000 Year 1	Exchange rate upon take-up	= NOK 7,5
Repayment USD 20,000 in Year 1 (one instalment)	Exchange rate upon repayment	= NOK 8
Currency loss USD 20,000 x (7.5 – 8)		= NOK 10,000

Year 2:

Repayment USD 20,000 at exchange rate of	NOK 8
Repayment USD 30,000 at exchange rate of	NOK 8,5
Currency loss USD 20,000 (7,5 - 8)	= NOK 10,000
Currency loss USD 30,000 (7,5 - 8,5)	= NOK 30,000
Total	= NOK 40,000

Year 3:

The customer wishes to increase the USD loan by USD 120,000, so that the remaining loan is USD 150,000.

The increase is carried out at an exchange rate of	NOK 9
No repayment
The currency gain/loss is	= NOK 0

Applying the FIFO principle (First-In-First-Out principle)

Year 4:

Repayment of USD 50,000 at an exchange rate of 8.5 (the FIFO regulations are applied in this case)

Currency loss USD 30,000 (7.5 - 8.5)	= NOK 30,000
Currency gain USD 20,000 (9 - 8.5)	= NOK 10,000
Total currency loss	= NOK 20,000

Repayment of foreign currency loan with foreign currency:

If you repay a loan in dollars by using dollars from your own deposit account, you must use the mid-market rate applicable as of the current date from the bank or Norges Bank

Loan in USD 100,000 Year 1	Mid-market rate upon take-up	= NOK 7,5
Repayment USD 20,000 in Year 1 (one instalment)	Mid-market rate upon repayment	= NOK 8
Currency loss USD 20,000 x (7.5 – 8)		= NOK 10,000

We get the same result if we exchange or repay the loan in the same currency as the loan.