Conservatives move for modified wealth tax abolitions / News / The Foreigner

Conservatives move for modified wealth tax abolitions. Norway Conservative Party Erna Solberg declares they wish to reduce wealth tax by up to 90 percent. Opposition politicians admit that abolishing it completely is almost impossible, however. At the same time, deputy leader Jan Tore Sanner admits 100 percent wealth tax removal is unrealistic, despite earlier statements. Norway’s Progress Party (FrP) was also obliged to modify its wealth tax stance.

norwaywealthtax, taxreformsnorway



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Conservatives move for modified wealth tax abolitions

Published on Wednesday, 13th February, 2013 at 13:28 under the news category, by Gerald Jones and Michael Sandelson   .

Norway Conservative Party Erna Solberg declares they wish to reduce wealth tax by up to 90 percent. Opposition politicians admit that abolishing it completely is almost impossible, however.

Norwegian currency
Norwegian currency
Photo: chezzzers/IStockphotos


The four-year initiative is intended to reduce wealth tax by increasing the basic allowance.

It is currently set at NOK 870,000, with the proposed raise being to between NOK 20 and 25 million.

Moreover, the wealth tax level would be reduced from today’s 1.1 percent to 0.5 percent.

The Conservatives’ proposal will effectively mean that owners of small and medium sized businesses will no longer have to pay wealth tax.

Small savers, who today pay wealth tax on their savings and real estate, will also be exempt from the tax. Around 99 percent of all those who pay the tax today will be exempt.

Wealth tax levels payable by businesses – at 28 percent on profits – are based on the value of capital (premises, equipment and stock) not on the company’s earnings.

Dividends owners take out from the company are also taxed at 28 percent.

“The Party wants a fairer tax system which rewards labour as well as investment in the Norwegian job market, where everyone who can pay tax will,” said Erna Solberg in a statement.

At the same time, deputy leader Jan Tore Sanner admits 100 percent wealth tax removal is unrealistic, despite earlier statements.

Norway’s Progress Party (FrP) was also obliged to modify its wealth tax stance.

“More oil money is being phased in, and the economy is experiencing good growth. In addition, there is room to prioritise differently within the [national] budget,” he told leftish newspaper Klassekampen, Wednesday.



Published on Wednesday, 13th February, 2013 at 13:28 under the news category, by Gerald Jones and Michael Sandelson   .

This post has the following tags: norwaywealthtax, taxreformsnorway.





  
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