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17 October 2017

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Norway National Budget 2018 Presented

On 12 October 2017, the Norwegian government presented the National Budget 2018. The main tax-related measures include:

  • Reducing the corporate tax rate from 24% to 23%, while maintaining the 25% rate for the financial sector;
  • Increasing the special petroleum income tax from 54% to 55%, while reducing the rate of uplift (investment-based extra depreciation) from 5.4% to 5.3%;
  • Increasing the tax on resource rent from 34.3% to 35.7%;
  • Increasing the reduced value added tax rate from 10% to 12%, which applies to passenger transport, hotel accommodation, admission to cinemas, sporting events, amusement parks, and museums, and certain other supplies; and
  • Reducing the individual income tax rate from 24% to 23% and adjusting the rates under the bracket tax as follows:
    • up to NOK 169,000 - 0.0%
    • NOK 169,000 to 237,900 - 1.4%
    • NOK 237,900 to 598,050 - 3.3%
    • NOK 598,050 to 962,050 - 12.4%
    • over NOK 962,050 - 15.4%

Click the following link for the National Budget 2018 web page (English language) for more information. The changes are to generally apply from 1 January 2018.

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