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Norway's Reelected Conservatives Pledge Tax Cuts

by Ulrika Lomas,, Brussels

14 September 2017

Norway's reelected Conservative Prime Minister, Erna Solberg, has pledged tax cuts for companies to encourage higher investment, job creation, and economic growth.

Solberg and her Conservative Party were returned to power on September 12, although the party lost seats in the parliamentary elections, and will govern as a coalition with the right wing Progress Party and other center-right parties.

The party's election manifesto calls for a tax system "which benefits companies" and ensures that it "is conducive to value creation, new jobs, and social mobility." It states that "moderate cuts in the total level of taxes" will be introduced.

Specifically, the Conservatives have proposed to reduce and phase out the property tax on working capital "to strengthen Norwegian ownership of Norwegian workplaces."

The party also intends to introduce tax relief for investors in start-up businesses, and strengthen the tax benefits scheme for purchase of shares in enterprises by employees.

In addition, provision will be made for more people to become co-owners in their own enterprise by changing the tax rules for share options, the manifesto says.

The Conservative Government also intends to use the tax system to encourage greater use of environmentally friendly vehicles, and envisions a transport sector that emits no carbon.

"We will achieve this by introducing a taxation system that stimulates swift phasing-in of environmentally friendly vehicles, conversion from fossil to environmentally friendly fuels and technologies, new maritime eco-technology, expansion of public transport services and by making better provisions for cycling and walking," the manifesto states.

However, the Conservative intend to retain Norway's favorable tax regime for Norwegian-owned ships.

TAGS: environment | tax | investment | business | marine | employees | Norway | services

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