With a government financial balance equivalent to 3.0 per cent of GDP, Norway had a very good year in 2016. Now, the Norwegian budget of 2017 focuses on key aspects of a nation's wellbeing: employment and security but it also allocates funds to restructuring and growth. Another 2017 decision which is important for company owners in Norway is the tax reform.
Businesses and natural persons are all going to benefit from tax cuts this year. The government had the possibility to adopt a tax shift thanks to a minutely examined fiscal policy.
The principal domains covered by the 2017 budget in Norway
Norway has a very good situation in terms of employment, but nevertheless the 2017 budget provides several measures in order to support activity in several weaker regions. The Minister of Finance tries to encourage investment
instead of private ownership, thus savings are going to be reinvested in businesses which create new work opportunities.
is another key aspect on which the 2017 relies. For this year the parliament and government reached an agreement regarding a tax reform through which Norway is going to reduce the tax rates for enterprises and individuals. The current budget proposes a reduction of 1.7 billion NOK by the end of the year, but the target is to reduce taxes with 2.8 billion NOK in total. For specialized help you can rely on our law firm in Norway
which can offer legal services such as tax planning for your company in Norway.
Other features of the 2017 budget in Norway
Another aspect covered by the 2017 budget in Norway is the Government Pension Fund and the way it should be invested internationally in real estate or real estate. The reformulation of a functional strategy will influence the long term government revenues and the economic equilibrium.
The economic growth of the country depends in great measure on the Norwegian policy. The monetary policy is to keep inflation to a rate of 0.5% thus Norges Bank operates a flexible inflation regime. The Norwegian policy has proven very effective last year as well and the prospects for 2017 are of a 2% growth.
Feel free to contact
our Norwegian lawyers for more information regarding the 2017 fiscal policies in Norway