The leaders of Norway’s new minority government announced a common general tax platform for the next 4 years, on 7 October 2013. The main plans are summarized below.
Individual taxation
The new government plans to reduce the tax burden on individuals by, inter alia:
- increasing the minimum allowance and the thresholds after which the surtax of 9% or 12% on personal income applies;
- reducing the wealth tax by increasing the tax-free amount and by lowering the tax rates;
- making saving for private pension plans more attractive;
- strengthening the Home Savings Scheme available for young people;
- amending the tax rules to encourage employee ownership;
- abolishing the inheritance tax; and
- expanding the scope for deductions given for donations made to charities.
Corporate taxation
The improvement of the depreciation rules is planned – details of this plan are yet to be clarified.
