An analysis by Advokatfirmaet Selmer AS, Taxand Norway
Norway’s 2024 national budget has implemented minimal tax changes for businesses providing some of the predictability that has been called for over the past 12 months. Some of the key points include:
Proposed alterations related to tax-related paid-in capital, exit taxation rules, and wealth tax remain unchanged.
The so-called “monster tax” on the taxation of private consumption in companies for consultation, has been deferred to 2024.
There is a slight increase in the employer’s tax threshold, limited tax liability for certain foreign companies, and adjustments in depreciation rates.
Ground rent tax is introduced for aquaculture, hydrogen-based electric cars will lose VAT exemption, and there are amendments to VAT rules for leasing and tourism.
An announcement that the government aims to present a proposal to introduce Pillar 2 global minimum taxation of large groups in effect from 2024.
Our Norwegian firm Advokatfirmaet Selmer AS discusses the relevant proposed amendments to the National Budget for 2024 in more detail here.
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