Budget 2011: Higher tax incomes / News / The Foreigner

Budget 2011: Higher tax incomes. The Government rolled out its 2011 Budget today, aiming to even out the economic playing field. Labour’s (Ap) Minister of Finance Sigbjørn Johnsen says “the Government’s objectives for its tax and fiscal policies are to ensure public revenue, help to bring about a just distribution of wealth and a better environment, promote employment throughout the entire country and improve the functioning of the economy.”Pensioner power He argues now is the time to keep a tight rein on the Norwegian economy because of high government debt in many countries, combined with an uncertain growth outlook.

norway, budget, sigbjoern, johnsen, finance, minister, taxes, income, pensions, transport, army, police, alcohol, tobacco, police, oil



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Budget 2011: Higher tax incomes

Published on Tuesday, 5th October, 2010 at 22:33 under the news category, by Michael Sandelson   .
Last Updated on 6th October 2010 at 16:34.

The Government rolled out its 2011 Budget today, aiming to even out the economic playing field.

Sigbjørn Johnsen, Finance minister
Sigbjørn Johnsen, Finance minister
Photo: Fylkestinget i Nord-Trøndelag/Flickr


Labour’s (Ap) Minister of Finance Sigbjørn Johnsen says “the Government’s objectives for its tax and fiscal policies are to ensure public revenue, help to bring about a just distribution of wealth and a better environment, promote employment throughout the entire country and improve the functioning of the economy.”

Pensioner power

He argues now is the time to keep a tight rein on the Norwegian economy because of high government debt in many countries, combined with an uncertain growth outlook.

“It should stimulate labour supply, and the tax bases should be based on actual economic circumstances,” he says.

In this regard, the Government proposes introducing incentives for pension-drawing staff to work longer.

Tax increases

The Government expects to earn less next year from inheritance tax, gift tax, and road use tax for petrol-driven cars. Revenue from most other taxes, excluding customs duties, is expected to rise.

Some of this will come from taxes on income, wealth, and diesel-driven vehicles. The Government also expects increased income from CO2 emissions from the oil industry on the NCS (Norwegian Continental Shelf), VAT, as well as car registration and road tax.

Tax levels for alcohol, snuff, and tobacco products will also be increased by 5 and 10 percent, respectively.

Moving the country

Transport and infrastructure got a boost under the Budget. The Government has pledged a total of 15.1 billion kroner for Norway’s roads.

“There will be a historic boost for operation and maintenance of roads. Amongst other things, it will provide 1,000 km of new asphalt on national roads. Growth in the maintenance backlog will be stopped, based on current models,” says Transport Minister Magnhild Meltveit Kleppa.

The railways will also get 11.5 billion kroner for maintenance, improvements, and a better passenger information service, amongst other things.

A healthy outlook?

The Government has allocated just under 134 billion kroner to include cutting hospital waiting times, providing enough nursing home places by 2015, helping and treating drug addiction, as well as educating more dental personnel. New hospitals and hospital facilities have also received funding.

Mandatory paternity leave is to be increased from 10 to 12 weeks, and the period of financial support to parents of newborns extended by another week.

There will also be an increase in the number of kindergarten places, fees will be frozen at current levels, and staff education improved.

Law and order

Almost 2 billion kroner has been allocated to crime-fighting, combating religious extremism, improved compulsory deportation procedures, protecting children from violence and sexual abuse, fighting human trafficking, as well as increasing police numbers.

The military will also get just over 4,300 million kroner in increased funding to cover new equipment and materials for the Navy and Air Force, especially regarding activity in the High North, as well as for operations in Afghanistan. The Coastguard will also receive a boost.

Read reactions from the four main Opposition Parties.




Published on Tuesday, 5th October, 2010 at 22:33 under the news category, by Michael Sandelson   .
Last updated on 6th October 2010 at 16:34.

This post has the following tags: norway, budget, sigbjoern, johnsen, finance, minister, taxes, income, pensions, transport, army, police, alcohol, tobacco, police, oil.





  
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