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29 December 2017

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Norway Publishes Tax Rate Changes for 2018

The Norwegian government has published an overview table of the tax rate changes for 2018, which were approved by parliament as part of the 2018 Budget on 12 December 2017. Some of the main changes include:

  • A reduction in the corporate tax rate from 24% to 23%, while the 25% rate for the financial sector is maintained;
  • An increase in the special petroleum income tax from 54% to 55%, with the rate of uplift (investment-based extra depreciation) reduced from 5.4% to 5.3%;
  • An increase in the tax on resource rent from 34.3% to 35.7%; and
  • A reduction in the individual income tax rate from 24% to 23%, with the rates under the bracket tax adjusted as follows:
    • up to NOK 169,000 - 0.0%
    • over NOK 169,000 up to 237,900 - 1.4%
    • over NOK 237,900 up to 598,050 - 3.3%
    • over NOK 598,050 up to 962,050 - 12.4%
    • over NOK 962,050 - 15.4%

In addition, the reduced value added tax rate of 10% is increased to 12%, which applies to passenger transport, hotel accommodation, admission to cinemas, sporting events, amusement parks, and museums, and certain other supplies.

Click the following link for the 2018 National Budget website (Norwegian language) for more information.

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