Budget 2016: Norway’s 2.5 per cent government / News / The Foreigner

Budget 2016: Norway’s 2.5 per cent government. This year’s draft national budget proposal contains new tax bands and allowances. Some 9 out of 10 taxpayers might be winners, but many levies are raised. The basic rate of income tax is reduced by 2%. At the same time, VAT on transport and entertainment tickets is increased by 2% – from 8% to 10%. Costs for new cars, their emissions, and some forms of enjoyment off the stage are also set to rise.

tax, income, jobs, earnings



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Budget 2016: Norway’s 2.5 per cent government

Published on Wednesday, 7th October, 2015 at 18:53 under the news category, by Michael Sandelson   .
Last Updated on 7th October 2015 at 19:28.

This year’s draft national budget proposal contains new tax bands and allowances. Some 9 out of 10 taxpayers might be winners, but many levies are raised.

A percentage sign
A percentage sign
Photo: Public Domain


The basic rate of income tax is reduced by 2%. At the same time, VAT on transport and entertainment tickets is increased by 2% – from 8% to 10%.

Costs for new cars, their emissions, and some forms of enjoyment off the stage are also set to rise.

In a very exact move, these items will be 2.5% dearer. Here is a brief list showing how the treasury plans to have the last laugh – if the proposal passes.

The on the road 2.5%

  • Registration tax rise for passenger cars, class 1 vans, and buses shorter than 6 metres in length with up to 17 seats (weight, NOK per kg))
  • Over 70kW of engine power (NOK per kW)
  • NOx emissions (NOK per mg/km)
  • Over 105g/km of CO2 emissions (NOK per g/km)
  • Motorbikes: engine power tax over 11kW output (NOK per kW)
  • Piston displacement tax over 125 cm3 (NOK/cm3)
  • All snowmobile weights and power levels: – NOK/kg and NOK/kW
  • A 2.6% increase for the first 400 cm3 of piston displacement, 2.5% above this (NOK per cm3)
  • Annual weight based tax (NOK per year) and re-registration tax
  • Auto diesel and biodiesel (subject to the blending obligation): 2.4% rise (NOK/litre). 2.5% up for petrol and bioethanol (subject to the blending obligation – NOK/litre)

Off the road            

  • 2.5% increase for spirits-based drinks over 0.7% alcohol by volume (abv – NOK per alcohol percent and per litre)
  • Also applies to other alcoholic drinks between 0.7% and 4.7% abv (NOK per litre)
  • Those wishing to imbibe 4.7-22% abv drinks will see a 2.6% rise in duty (NOK per alcohol percent and per litre)
  • Cigars, smoking tobacco (NOK per 100 grams), and cigarettes NOK per 100 units) attract the 2.5% increase
  • A 2.4% increase for cigarette paper (NOK per 100 units), and a rise of 2% for snuff and chewing tobacco (NOK per 100 grams)

Sweetening these rises is not under consideration.

  • The government is imposing a 2.5% increase on chocolate and sugar products (NOK per kg), as well as non-alcoholic drinks (concentrate (syrup) and finished products (NOK per litre))
  • Sugar tax (NOK per kg) also rises by 2.5%

Full details can be found here (external link).           



Published on Wednesday, 7th October, 2015 at 18:53 under the news category, by Michael Sandelson   .
Last updated on 7th October 2015 at 19:28.

This post has the following tags: tax, income, jobs, earnings.





  
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