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7 October 2016

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Norway Budget 2017 Includes Tax Rate Cuts and Introduction of Financial Activity Tax

On 6 October 2016, the Norwegian Ministry of Finance issued a release on the Budget for 2017. The main tax-related measures of the Budget include:

  • A reduction in the standard corporate and individual tax rate from 25% to 24% in 2017 and a further reduction to 23% in 2018;
  • Increases in the progressive tax bracket rates for individuals by 0.49% to 0.82%;
  • A reduction in net wealth tax by introducing a 10% valuation discount for shares and operating assets (20% for commercial property) and associated debts;
  • The introduction of a financial activity tax that will be comprised of a 5% wage-based tax on gross salaries paid and an increased tax rate for financial undertakings (will maintain the 2016 corporate tax rate - 25%);
  • The abolition of supplementary initial depreciation of machinery;
  • The maximum deductibility basis cap for the Skattefunn R&D incentive scheme will be increased from NOK 20 million to 25 million for internal R&D costs, and from NOK 40 million to 50 million for costs incurred for outsourced R&D; and
  • A shift to green taxes, including increased taxes on greenhouse gas emissions and fuel use

Subject to approval, the budget tax measures will generally apply from 1 January 2017.

Click the following link for the Budget 2017 press release.

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