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Government announces tax plans for 2014 – details

On 5 May 2013, the government published a press release (No. 18/2013) which outlines the tax plans for 2014. The measures were also mentioned on the revised Budget for 2013, presented on 7 May 2013. The most important plans are:

-   reduction of the corporate income tax rate to 27% (currently 28%);
-   increase of the petroleum tax to 51% (currently 50%);
-   increase of the special tax on economic rent stemming from hydropower plants to 31% (currently 30%);
-   reduction of the uplift used to calculate the tax base for the petroleum tax to 5.5% (currently 7.5%);
-   increasing the funding reserved for the R&D tax credit scheme Skattefunn by NOK 100 million;
-   introduction of a special first year additional depreciation allowance of 10% for machinery, cars and equipment. Consequently, these assets can be written off by 30% instead of 20% in the year of purchase;
-   introducing a limitation for the deductibility of interest paid to loans between related parties; and
-   increase of the taxable value of non-owner occupied houses and business property for net wealth tax purposes to 60% (currently 50%) of the market value.

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