Norwegian Finance Minister Per-Kristian Foss yesterday announced cuts in some income taxes which will be offset by a rise in the rate of VAT as part of the government’s 2005 national budget.
Under the government’s proposals, the rate of VAT will be increased by 1% to 13% for food items and 1% to 25% for other goods and services. This measure is expected to raise some NOK6 billion (US$890.3 million).
However, the budget also allows for a reduction in certain income tax levies such as wealth taxes and dividend taxes expected to be worth around NOK3.3 billion.
As the third largest oil exporter, escalating oil prices have allowed the Norwegian government to build up formidable petroleum revenues, estimated to exceed NOK1 trillion ($US149 billion) next year.
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