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Revised national budget 2023

Today at 10:45, the proposal for the Revised National Budget was presented by Finance Minister Vedum.

There were high expectations regarding potential changes to taxes, such as the "monster tax", changes to rules regarding tax-paid capital, an increase in the tax rate on dividends within the exemption method from three to five percent, further tightening of exit rules, and an increase in tax on rental of housing, among others. However, none of these changes were proposed in the Revised Budget.

One of the few pieces of news regarding taxes is the proposal to increase rates for deductions and tax-free coverage of expenses for commuters who live in temporary accommodations and for long-haul truck drivers. In 2022, the rate for temporary accommodations without cooking facilities for commuters is NOK 177 per day, but it is proposed to increase to NOK 250. The proposed rate for long-haul truck drivers is to increase from NOK 300 to NOK 350 per day for absences from home exceeding 24 hours.

The proposed wind power land rent tax is also delayed, which may not come as a surprise considering the clear feedback received during the winter consultation period. It is now possible that such a tax will be introduced in the autumn of 2023, with effect from the 2024 fiscal year. Note, however, that the production tax for land-based wind power is still 2 øre/kWh for 2023.

Furthermore, tax relief is proposed for pensioners.

As mentioned, there were high expectations for the Revised Budget, but there are surprisingly few changes to taxes and fees. One reason for this may be that it is an election year, and the government does not want to draw attention to potential unpopular tax changes. It will be interesting to see what proposals for changes are put forward after the local elections in the autumn. There will likely be more news then.

 

 

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