Norway 2014 budget: What does it mean for you? / News / The Foreigner

Norway 2014 budget: What does it mean for you?. The incoming coalition government was presented with the final proposal for the 2014 state budget before it officially takes over power, Wednesday. These are some of the proposals made by the outgoing government in the 2014 draft national budget proposal:       Income tax: Minor adjustments proposed. Most rates increase only in line with wage increases (3.5 percent).  Prioritized tax concessions to those with a low income by increasing the basic allowance from 40 to 42 percent.

norwaybudget2014, norwaygovernment



The Foreigner Logo

The Foreigner is an online publication for English speakers living or who have an interest in Norway. Whether it’s a glimpse of news or entertainment you’re after, there’s no need to leave your linguistic armchair. You don’t need to cry over the demise of the English pages of Aftenposten.no, The Foreigner is here!

Norske nyheter på engelsk fra Norge. The Foreigner er en engelskspråklig internett avis for de som bor eller som er interessert i Norge.

Google+ Google+ Twitter Facebook RSS RSS



News Article

LATEST:

}

Norway 2014 budget: What does it mean for you?

Published on Tuesday, 15th October, 2013 at 10:16 under the news category, by Linn Schjerven.

The incoming coalition government was presented with the final proposal for the 2014 state budget before it officially takes over power, Wednesday.

Leather travel case
Leather travel case
Photo: zibber/Shutterstock Images


These are some of the proposals made by the outgoing government in the 2014 draft national budget proposal:      

Income tax:

  • Minor adjustments proposed. Most rates increase only in line with wage increases (3.5 percent).  Prioritized tax concessions to those with a low income by increasing the basic allowance from 40 to 42 percent.

Tax class 2:

  • Proposing scrapping tax class 2 for married couples, thus increasing tax. This is aimed to help families in which on low income or where one person is without income.
  • The present class is believed to act as a disincentive for spouses to find jobs outside the home.

Wealth tax:

  • An easing. The minimum allowance will be increased from NOK 870k to NOK 1 million. Married couples will escape taxes on income under NOK 2 million.
  • It is estimated that 14 percent of taxpayers will pay property tax in 2014. This is decrease from 33 percent in 2005.

Inheritance tax:

  • Proposal for inheritance tax exemption for sums under NOK 1 million. The current limit is NOK 470k.
  • For inheritance over NOK 1 million, a 10 percent tax on inheritance and gifts to children and parents. This rises to 15 percent when the inheritance occurs beyond the immediate family and others.

Child support allowance:

  • No change to current amounts. NOK 5k per month for children aged 13 to18 months, just over NOK 3.3k per month for children aged 19 to 23 months.

Parental leave:

  • Again, no changes. Leave for parents of children was extended to 49 weeks with 100 percent salary and 59 weeks with 80 percent salary since July 1st of this year. No changes have been proposed for next year.

Paternity leave:

  • Paternity leave was extended to 14 weeks from July 1st this year. No changes are proposed for next year.

Alcohol taxes:

  • Minor changes. This includes a tax increase of 1.6 percent.

Tobacco products:

  • Increase for these including ‘snus’. This last category has the most increase, with 2.1percent.

Vehicle taxes:

  • Strengthening strengthen Norway’s environment profile. Greenhouse gas emissions tax to be increased and expanded in 2014. Little impact on ordinary family vehicles, though.
  • Reduce the re-registration fee. More emphasis on CO2 and NOx emissions, less on motor power output. 

The main features can be read here (external link).



Published on Tuesday, 15th October, 2013 at 10:16 under the news category, by Linn Schjerven.

This post has the following tags: norwaybudget2014, norwaygovernment.





  
Do NOT follow this link or you will be banned from the site!