New business owners or corporate tax payers must pay tax on projected profit to the authorities. Tax rates and the way of reporting vary in relation to which form of organisation and sector you have chosen.

VAT is a tax collected by the state on sales of goods and services. VAT is added to the value of the goods or services at every level of production or distribution. There is differentiation between ingoing and outgoing VAT. The company calculates outgoing VAT on sales, and can deduct ingoing VAT on its acquisitions if it is VAT-registered. In principle, all sales of goods and services are VAT-applicable. But there are also sales that are exempted according to the law. Some businesses can therefore work inside and outside VAT coverage. They will have to accommodate the different procedures for VAT for buying and selling, which means that they do not get the full deduction on their purchases.

Anyone running a company or business has to keep a set of accounts according to Norwegian law and regulations. Figures from the accounts are submitted to the authorities, provide the basis for calculating taxes and duties, and the accounts are also a means of evaluating the financial status of the business.

When buying a new, high quality dress, the most natural thing to do is to go to a high street store. But on 12 March 2020, most stores all over the country closed, and all the occasions when a dress may have been needed were cancelled, all because of Covid-19. This came as a shock to many, especially the CEO of Menswear, Tore Nergård, who was also aware that drastic action was needed.