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Norway Issues Revised Budget for 2017

The Norwegian Government on 11 May 2017 issued a Revised Budget for 2017. The Revised Budget contains adjustments to the initial budget for the year approved in December 2016 (previous coverage). According to a government press release, policies introduced in the 2017 Budget are proving effective and the Government is therefore maintaining its focus on job creation, welfare, and security. With regards to tax policy, the Government proposes in the Revised Budget a few adjustments to reduce certain taxes, a new scheme for individual pension savings and tax reductions for pensioners, a new tax incentive for investments in business start-ups, and amendments to the financial activity tax that applies from 2017 to keep groups from making arrangement to avoid the higher tax rate for group financial companies. As part of the financial activity tax, corporate tax is levied at a rate of 25% (2016 rate), while the standard corporate tax rate for other companies was reduced to 24% from 2017.

For more information, click the following link for the press release (English language) and the Revised Budget webpage (Norwegian language).

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