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Prepared by Yuanyan Sophia Zhang
Subject to large fluctuation due to volatile oil prices.
The parliament modified the Government’s 2017 tax proposal in the revised budget by increasing the valuation of secondary dwellings and associated debt for net wealth tax to 90 percent (from 80 percent).
The Ministry of Finance issued a discussion paper with an amendment to the 2014 interest deduction limitation rule in May 2017. The proposed new rules include limitation also on third party interest and a debt-to-equity ratio escape clause. The new rules are proposed to be implemented in 2018.
Such withholding taxes has been proposed by the government as part of the 2016–2018 tax reform, but implementation of such taxes has not yet been proposed in the annual budgets.
Average wage tax wedge.
Introduced higher tax allowance for married taxpayers that provide for a spouse that has no or little income.
There is a higher tax allowance for married couples where second earner has no or little income.
It could also underpin women’s participation in professional activities, where longer absences can carry implicit penalties with regards to career progression.
C-Efficiency is calculated as the VAT rate times the ratio of VAT revenue to Final Consumption minus VAT Revenue
15 percent on food stuffs, 10 percent on transport and zero percent on magazines, cultural activities.
No primary dwelling has a taxable value higher than the market value. Secondary dwellings and commercial properties have valuation discounts of 10 percent and 20 percent respectively.
Discounts on assessed value (either follow estimated value from the wealth tax system or own assessment) and basic allowances (0–4 million NOK) vary by municipalities. As of 2016, 270 of 428 the municipalities had introduced recurrent tax on residential properties.