Tax Report for Norwegian Residents

etoro doesn’t provide tax advice. Any data reported in the tax report is strictly for informational purposes only and it isn’t intended as a tax declaration or as a substitute for legal advice. We strongly advise you to verify the tax report with your tax advisor.

On this page, you will find information about tax reporting in Norway. etoro clients living in Norway can generate a tax report based on the previous financial year’s investment activity on the etoro platform, structured in accordance with local tax guidelines.

Select a question to go directly to that topic.

What should I be aware of when reporting taxes in Norway?
What does the Norwegian Tax Administration consider taxable?
How are capital gains calculated in Norway?
Why are the capital gains between the etoro account statement and the tax report different?
What is the risk-free return deduction?
Can I use the etoro tax report as a basis for filling out the official tax form?
Summary
Details per asset

What should I be aware of when reporting taxes in Norway?

The tax year is from 1 January to 31 December.
The tax return can be submitted both electronically and in paper format.
The deadline for filing the return is 30 April 2024.
The reporting currency is the Norwegian Krone (NOK). Norges Bank publishes exchange rates routinely.
The reporting language is Norwegian (NO) and English (EN).

What does the Norwegian Tax Administration consider taxable?

Capital Income: Share income, rental income, interest on savings.
Capital Gains: Shares, units and similar investments, CFDs and derivatives.
Wealth: There is a wealth tax on an individual's net worth on 31 December 2023.
Deductions can be claimed on:
Capital losses
Bank fees
Interest on loans

The above lists are not exhaustive.

Capital gains/losses and income are divided between equity income and capital income.

Capital income is subject to a tax rate of 22%, while equity income is subject to a tax rate of 37.84%. However, a deduction for risk-free return can be applied to equity income in order to reduce the taxable income.

The equity ratio for ETFs must be provided to determine if the income/gains from the ETF are equity or interest income.

How are capital gains calculated in Norway?

The capital gain/loss on an asset can be calculated by subtracting the cost basis (purchase price) of an asset from the value of the asset when it was sold.

If many positions are held on the same asset, bought at different prices, there are several methods for working out the cost basis. In Norway:

For all securities and cryptoassets: the ‘first in, first out’ (FIFO) method is used.
For CFDs: Specific lot identification is used.

For details on these methods, visit our article on cost basis.

Why are the capital gains between the etoro account statement and the tax report different?

You may notice differences between your etoro account statement and your etoro tax report. These can be attributed to the different methods used to calculate capital gains.

Account statement reporting method: Specific lot identification
Tax report reporting method:
For all securities and cryptoassets: FIFO
For CFDs: Specific lot identification

Additionally, to calculate the financial data presented in the tax report, the values of the positions are converted from USD to NOK at the time of position opening and closing. This conversion process may result in a further difference in the end value between the account statement and the tax report.

What is the risk-free return deduction?

The risk-free return deduction can be used to reduce the equity income from shares and share-based ETFs. The calculation for the deduction relevant to the current year is included in the module calculations.

We’ve included an example below of how the risk-free deduction can be applied to a fictional dividend. The Norwegian Tax Administration also has a calculator on their website that can aid taxpayers in working out the amount to be deducted.

Shares bought	50
Acquisition cost	1,000 NOK
Number of shares held on 31.12	50
Dividend received	60 NOK
Risk-free Interest (2021)	0.50%
Deduction for Risk-free Return	(1,000 x 0.50% ) = 5 NOK
Taxable dividend	(60 – 5) = 55 NOK

Can I use the etoro tax report as a basis for filling out the official tax form?

In this section, we will go through the official forms one by one, showing where to enter information found on your etoro tax report.

The information on this page should not be used as a guide on how to fill in your tax return. Please review the official notes on the tax forms and consult your independent tax advisor for questions.

Summary

The summary section includes the total per category.

etoro tax report

Official Form

The example from the official form does not include all of the relevant fields for investment income as they are on the following pages.

Details per asset

When entering details in the electronic form, different information is required for each asset. Once the information is entered, the format looks like the example below for each of the asset groups.