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Norway Urged To Rethink Tax Breaks For Investments

by Ulrika Lomas, Tax-News.com, Brussels

04 June 2015


The International Monetary Fund (IMF) has called for "more neutrality" in Norway's tax system.

The Fund reiterated earlier comments advising Norwegian authorities to rein in tax measures that promote investment in housing and instead adopt tax policies that encourage investment toward tradable industries that will need to replace oil and gas as a new engine for economic growth in Norway.

On that basis, the IMF welcomed the recent recommendations of the Government-appointed Tax Commission to shift the tax burden toward indirect taxes and further reduce preferential tax treatment for residential real estate relative to other investment classes.

The Fund said last year that a simpler tax system with fewer exemptions and preferences (for example, more uniform value-added tax rates on services and the removal of exemptions for high-value electric cars) could help the Norwegian Government create fiscal space for a reduction in overall tax rates, including the corporate income tax.

TAGS: tax | investment | economics | fiscal policy | real-estate | International Monetary Fund (IMF) | Norway | oil and gas | tax rates | tax reform | services | Tax

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