KEY POINTS: Everything that changes in Norway in March 2023
Tax notices going out and the beginning of the collective bargaining season are among the key events happening in Norway in March 2023.
Collective bargaining season
As many will know, wages and working conditions in Norway are typically negotiated between employers and unions.
These collective bargaining agreements, which for many will dictate the size of their pay rise this year, start with talks between the biggest unions and most prominent employer organisations in March.
From March 2023, the Norwegian Confederation of Trade Unions (LO) will begin to meet with the Confederation of Norwegian Enterprise (NHO). The LO has signalled that it will ask for wage rises of around five percent.
Meanwhile, employer organisations have warned that unions should consider the broader economy when asking for salary increases rather than basing their demands on inflation figures.
Norwegian Tax Administration to send out notifications
Norway’s tax administration will begin sending out the first tax notices on March 14th. The tax notifications will be sent out throughout March, so there is no need to panic if your notification doesn’t arrive on the 14th.
From there, the deadline for submitting the tax return will be on May 2nd. The majority of tax returns will need to be completed online. They can be changed and resubmitted up to three years after their first submission.
Follban line to reopen
Norway’s most expensive ever transportation project, the Folloban line, will reopen on March 5th. The line closed shortly after its grand opening in December.
The line, which cost 37 billion kroner, was closed due to signalling and electrical issues. Repairs have cost over 60 million kroner.
Journey times between Oslo and Ski will be around 10 minutes should the line reopen without issues. Currently, the journey takes 20 minutes.
Interest rates to increase?
Norway’s central bank will meet to decide whether interest rates in Norway should be raised. Most analysts agree that rates will be raised in March.
Norges Bank has used sharp interest rate increases to try and force inflation down to more manageable levels. Norway’s key policy rate has been raised from zero to 2.75 percent in just under two years.
Three percent was the initial target for the raise. However, Norges Bank could take the key policy rate beyond this if necessary. Higher interest rates mean higher loan and mortgage repayments.
Government’s first budget conference
The government and its ministries will begin with a budget conference on the weekend of March 5th. This budget helps establish the early framework of what will become the state budget for 2024.
Following this conference, the ministries will be instructed to begin formulating policy ahead of the proposed budget in the autumn. The deadline for submitting proposals is the end of July.
Oil fund’s annual earnings report
March will also see the Government Pension Fund, otherwise known as the oil fund, present its annual report for 2022.
The oil fund is responsible for investing Norway’s revenues from the oil and gas industry into companies and funds across the world. The Government Pension Fund is a crucial source of funding for the government.
The oil fund’s annual report will impact public spending in the coming years.
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Collective bargaining season
As many will know, wages and working conditions in Norway are typically negotiated between employers and unions.
These collective bargaining agreements, which for many will dictate the size of their pay rise this year, start with talks between the biggest unions and most prominent employer organisations in March.
From March 2023, the Norwegian Confederation of Trade Unions (LO) will begin to meet with the Confederation of Norwegian Enterprise (NHO). The LO has signalled that it will ask for wage rises of around five percent.
Meanwhile, employer organisations have warned that unions should consider the broader economy when asking for salary increases rather than basing their demands on inflation figures.
Norwegian Tax Administration to send out notifications
Norway’s tax administration will begin sending out the first tax notices on March 14th. The tax notifications will be sent out throughout March, so there is no need to panic if your notification doesn’t arrive on the 14th.
From there, the deadline for submitting the tax return will be on May 2nd. The majority of tax returns will need to be completed online. They can be changed and resubmitted up to three years after their first submission.
Follban line to reopen
Norway’s most expensive ever transportation project, the Folloban line, will reopen on March 5th. The line closed shortly after its grand opening in December.
The line, which cost 37 billion kroner, was closed due to signalling and electrical issues. Repairs have cost over 60 million kroner.
Journey times between Oslo and Ski will be around 10 minutes should the line reopen without issues. Currently, the journey takes 20 minutes.
Interest rates to increase?
Norway’s central bank will meet to decide whether interest rates in Norway should be raised. Most analysts agree that rates will be raised in March.
Norges Bank has used sharp interest rate increases to try and force inflation down to more manageable levels. Norway’s key policy rate has been raised from zero to 2.75 percent in just under two years.
Three percent was the initial target for the raise. However, Norges Bank could take the key policy rate beyond this if necessary. Higher interest rates mean higher loan and mortgage repayments.
Government’s first budget conference
The government and its ministries will begin with a budget conference on the weekend of March 5th. This budget helps establish the early framework of what will become the state budget for 2024.
Following this conference, the ministries will be instructed to begin formulating policy ahead of the proposed budget in the autumn. The deadline for submitting proposals is the end of July.
Oil fund’s annual earnings report
March will also see the Government Pension Fund, otherwise known as the oil fund, present its annual report for 2022.
The oil fund is responsible for investing Norway’s revenues from the oil and gas industry into companies and funds across the world. The Government Pension Fund is a crucial source of funding for the government.
The oil fund’s annual report will impact public spending in the coming years.
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