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Norway

15 October 2021

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Norway's National Budget for 2022 Submitted in Parliament

The Norwegian government has announced the National Budget for 2022, which was presented to the Storting (parliament) on 12 October 2021. Specific tax measures of the budget include:

  • A reduction in the first and second income tax bracket rates by 0.3% and 0.2%, respectively;
  • The introduction of a job allowance of NOK 23,500 for young people under the age of 30;
  • The introduction of a new and improved scheme for the taxation of share options in employment to support start-ups and new enterprise, providing that neither the allocation of an option nor the gain made upon redemption of a share option will trigger a tax liability for employees, with the gain taxed as share income when the shares are eventually realized;
  • A cut in net wealth tax to support Norwegian owners in developing new commercial ventures and job creation, including a reduction in the capital value of shares and fixed assets to 50% of the valuation for wealth tax, as well as an increase in the tax-free allowance to NOK 1.6 million;
  • The amendment of the petroleum taxation system, which includes replacing the rules on depreciation and uplift with immediate investment expensing (a cash-flow tax);
  • The introduction of a tax on onshore wind power at the rate of NOK 0.01 per generated kWh; and
  • Changes in vehicle taxes in order to promote the sale of fully electric zero-emission vehicles, which includes reducing tax benefits for hybrid vehicles.

Click the following link for Prop. 1 LS (2021–2022), which provides further details on the tax proposals for 2022.

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