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Norway's 2009 Draft Budget Announced,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, October 09, 2008
The Norwegian government has announced a number of new tax measures for 2009
as part of its recent budget statement, although the overall level of taxation
in Norway is to remain the same.
The major taxation measures in the draft budget, announced by Finance Minister
Kristin Halvorsen on Tuesday, will affect those paying the wealth tax, inheritance
tax, car owners and certain consumers. There are also some changes that will
affect business, including new rules on depreciation and the loss of a tax break
for certain insurance companies.
For individuals, the government has proposed the following tax changes:
A broadening of the tax base of the net wealth tax, including increased
tax values for commercial real estate.
The abolition of the 80% rule that affects the very
wealthy with low taxable income, combined with a considerable increase in
tax-free allowances.
Substantial increases in the allowances and exemptions applying to the inheritance tax.
An increase in the tax values of privately owned companies.
An extension of a scheme stimulating bank savings for young people who
plan to buy their own home.
For companies and car owners, the government has proposed the following:
Abolition of a special tax exemption for groups of mutual insurance
companies.
Separation of technical installations in buildings into a new asset group
for tax depreciation purposes. This will increase the depreciation rate on
these assets from either 2 or 4% up to 10%.
Adjustments in the motor vehicle registration tax, further strengthening
incentives to purchase cars with lower CO2-emissions by introducing a tax
deduction for low emission cars and an excess tax for cars with emissions
above 250 grams per km.
The draft budget also proposes an increase in the excise tax
levied on non-alcoholic beverages, and increased tax on snuff tobacco.
Halvorsen's statement suggests that, for the moment, the main rates of taxation, including individuals
and corporate income tax, will be left on hold for another year. Halvorsen said that in the past four years, the Norwegian economy has enjoyed
its strongest period of growth since the 1950s. However, she suggested that
recent developments in the global economy mean that this cyclical peak has now
passed. Therefore, and in accordance with the government's own fiscal guidelines, she has projected
a structural, non-oil budget deficit of NOK92 billion (USD15bn) in 2009.
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