On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following provisions in respect of direct taxes, which unless otherwise indicated will apply from 1 January 2014.
- The planned reduction of the corporate income tax rate to 27% (currently 28%) will proceed as planned.
- The tax incentive scheme for R&D costs is expanded. The cap on internal R&D is increased to NOK8 million (currently NOK5.5 million).
- The new Government is proposing a reduction in the tax rate on net wealth by 0.1%, to 1%.
- The former Government’s proposal on increasing the lower bracket for net wealth taxes to NOK1, 000,000 (currently NOK870, 000) is maintained.