The Norwegian Transparency Act goes into force

Jul. 1, 2022

Norway — The "Act on Corporate Transparency and Work with Fundamental Human Rights and Decent Working Conditions" was passed by the Norwegian Parliament on June 10, 2022. The law aims to oblige companies to respect human rights and decent working conditions - all along the supply chain. The so-called Transparency Act affects Norwegian companies and taxable foreign companies with operations in Norway that meet two of the following three criteria: (1) sales above 70 million Norwegian kroner (NOK), (2) a balance sheet total above 35 million NOK, (3) an average of more than 50 full-time employees. Violations of the law will result in fines.

NEXT STEPS: The deadline for the first report is June 30, 2023.

Source: Businessportal Norwegen

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