Just a quick question regarding calculating tax with date and numbers set to norge (bøkmal).
Tax’s in Norway are as follows:
Value added tax.
25% general rate
15% on foodstuffs
8% on the supply of passenger transport services and the procurement of such services, on the letting of hotel rooms and holiday homes, and on transport services regarding the ferrying of vehicles as part of the domestic road network. The same rate applies to cultural events, museums, cinema tickets and to the television license.
In expenses, I am setting the tax for items as per above. The software seems to be calculating my 25% @ 20% for an office chair. Cost including tax = 999,00 NOK (set with a Tax rate of 25%), the software is showing a -199,80 NOK (20%) in Tax payable. In “Expenses” - Furniture, it shows 799,20 NOK which correlates with -20%.
If tax-inclusive amount is 999 NOK and tax rate is 25% then tax-exclusive amount will be 999 / (100+25) * 100 = 799.20 and tax amount will be 999 / (100+25) * 25 = 199.80