20 October 2016 Norway proposes new financial tax as VAT substitute for financial sector The Norwegian Government published its proposal for the 2017 Fiscal Budget on October 6. The budget introduced a specific financial tax for companies within the financial sector. This tax consists of two elements; first, a separate 5% tax on wage costs and separately, the financial sector will not benefit from the proposed decreased corporate tax rate (24%) but will still be taxed under a 25% corporate tax rate. However, certain exemptions exist. The change is proposed with effect from January 1, 2017. Document ID: 2016-1786 |
