The Norwegian Tax Appeal Board ruled in favor of Aker BioMarine

In a decision as of 25 August 2021, the Tax Appeals Board (“Skatteklagenemnda”) ruled in favor of Aker BioMarine ASA in a tax case dating from 2008. The case concerns deductions for losses on receivables realized in 2008 between Aker BioMarine and underlying subsidiaries. The central issue in the case was whether the receivables were owned in business, cf. the Taxation Act § 6-2. The disputed amount was NOK 293.2 million.

The Tax Appeals Board's decision means that profit before tax for the income year 2008 is reduced by NOK 293.2 million. As a consequence, Aker BioMarine will add NOK 293.2 million to its tax losses carried forward as of third quarter 2021. In addition, the company is awarded coverage of its legal fees and expenses.