Årsoppgave from a bank in Norway – what is it?

Årsoppgave fra banken – årlig finansoversikt

What is this document?

Årsoppgave from the bank in Norway it is an annual report, a document that contains information about your bank account and other financial products. On this document you will find, among other things, balance at the end of the year, total interest accrued and paid, as well as information on loans and NOKedyt. This document is important in the context tax settlement, because the information on it should be automatically forwarded to the tax office (Skatteetaten) and included in your tax return (skattemelding). This affects your taxes – you may pay more or less, depending on which information is missing or incorrectly included.

Why am I getting this?

Banks operating in Norway are obliged to report all relevant financial information to the tax office. Thanks to this årsoppgave is sent to you, so you can check that all information you have submitted is accurate. If you notice any inaccuracies, you have the option to correct them – which is advisable because it could affect the taxes you have paid.

What data does årsoppgave contain?

The document typically includes:

• Name of the bank and its organizational number
• Name and surname of the account owner
• Document title (Årsoppgave)
• Account balance as of December 31 or January 1 of the following year, provided for each account separately
• Summary of the total amount of funds collected in bank accounts
• Renteutgifter – the sum of interest paid on NOKedyt and loans
• Renteinntekter (interest income) – the sum of interest received on savings accounts
• List of all loans and NOKedyts, including:
  • Type of loan (e.g. NOKedyt mortgage, cash loan)
  • Amount of debt as of January 1 or December 31
  • Interest paid in a given year
  • Amount of repaid capital installments
• Summary for tax purposes, including:
  • Total Deposit Balance
  • Total balance of NOKedit and loans
  • Total value of interest paid (tax deductible)
  • Total value of interest received

Årsoppgave may look like this (for example, it may of course vary):

What is the purpose of årsoppgave?

Årsoppgave is a useful document both for controlling your own finances and for tax purposes. The information contained therein affects your annual tax return (skattemelding) and in some cases may enable tax deductions, e.g. in the case of interest on NOKedyt.

First of all, in årsoppgave from a bank we are interested in three things:

• Account balance as of December 31/January 1 – information that Skatteetaten will receive anyway, which affects wealth tax (for 2025 we pay 1% of the amount of total wealth exceeding NOK 1).
• Amount of income from interest – Skatteetaten will also receive this information, but we absolutely have to verify it. For every 100 kroner of income, we pay 22 NOK tax (i.e. we pay 22% of the profit), so we absolutely have to make sure that all the data is entered correctly in the settlement.
• Amount of NOKedyt interest paid in the year – this information, as well as the above, will also be received by Skatteetaten, but it is important to verify its correctness. For every 100 kroner of interest, we are entitled to 22 NOK tax refund (22%), so it is worth having all data entered correctly in skattemelding.

Can I deduct NOKedyt interest from my taxes?

Thanks! If you are paying off a NOKedyt mortgage or other loan, the interest paid can be deducted from tax. The bank automatically sends this information to Skatteetaten, but it is worth checking yourself whether it matches your data. As mentioned in the point above, we are entitled to a 22% tax refund from interest. This means that if we paid, for example, NOK 2024 in interest in 30, we will pay as much as NOK 000 less tax due to this deduction!

It is worth mentioning that if you have a spouse, you can claim the deduction freely split between the two of you. This is especially true if your significant other has no income – then the deduction can go in its entirety to the working person, which will give you a net positive result. Otherwise, the deduction would not be used in practice.

Does the purpose of NOKedyt matter?

NO, the purpose of the loan does not matter. It can be a NOKedyt mortgage intended for the purchase of a house, NOKedyt cash for the purchase of a console, as well as any other loan that has been taken out by us and we are able to document it.

Does it have to be NOKedyt from Norway?

NO it also matters in which NOKaj we took it. We can also deduct interest on NOKedyt taken in Poland! Here, however, we must remember that this will not be automatically included in the tax settlement. If you would like to deduct it, you must enter this information yourself or with the help of an accountant.

Who can benefit from the deduction?

To benefit from the deduction, you must meet the following conditions:

• Be tax resident in Norway or settle your taxes as a resident (minimum 90% of income is Norwegian-sourced). Non-residents cannot deduct non-Norwegian bank interest nor accrue interest income.
• Have NOKedyt or a loan from a financial institution, in Norway or abroad
• Interest must be paid in the tax year in question (you cannot deduct interest from several years at the same time)

How much can you deduct?

There is no upper limit to the deduction – you can deduct the full amount of interest paid, provided you have documentation to support these payments.

What if I didn’t receive such a document but I should have?

By the end of January you should have received all the annual statements – from your employer, bank, insurance company and so on. If February has passed, the annual settlement is just around the corner and you have not yet received årsoppgave from your bank – contact your advisor or call the hotline of the bank where you have bank accounts and ask for this document to be sent to you. This is mandatory, so a request should be sufficient in the vast majority of cases.

What if the data on the årsoppgave does not match?

If you notice any errors in the årsoppgave, contact your bank and ask for corrections. If there are any further discrepancies, you can also make corrections yourself in testimony year, as long as you are sure about the amount that should be entered.

Author of the article: Marcin – marcin@efirma.no