On October 7, 2024, the Støre Government presented the national budget 2025. Although the government plans to increase oil revenues, only minor changes have been proposed to the existing taxes and duties. The most significant change is the tightening of the “exit tax”. There were many opinions during the consultation process, but few of them were heard.
Another noteworthy change is the removal of the temporary 5% increase in employer contributions on salaries over NOK 850,000. Additionally, changes were proposed regarding the taxation of foreigners' income in the Norwegian economic zone and on the continental shelf.
Before the budget was presented, there was much anticipation of updates on the so-called "monster tax," which refers to the taxation of private consumption within companies. It is, therefore, notable that the tax seems to have been shelved.
Read more about the key proposed changes in the tax and duty areas below: