Outgoing Norway PM unveils parting tax cuts
Richard Orange - [email protected]
Published: 17 Sep, 2013 CET.
Updated: Tue 17 Sep 2013 10:34 CET
Outgoing Norwegian Prime Minister Jens Stoltenberg has has thrown voters a big thank-you for his two terms in office, raising the threshold for inheritance and wealth taxes to one million Norwegian kroner.
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. 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.
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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.
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.
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