Currently, Norwegians have to pay wealth tax on all assets over a value of 870,000 kronor. Inheritance tax is levied on estates worth more than 470,000 kroner.
According to DN newspaper, the reduction will mean that more than 100,000 people who would have been eligible to pay the two taxes will no longer have to.
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The Ministry of Finance estimates that the two tax reductions will cut a total 2.2 billion kroner from the government's tax take, but the outgoing Labour-led administration has not yet clarified how the gap will be filled.