Norway Announces Cabinet Approval of 2025 State Budget

The Norwegian Government Oct. 7 announced the Cabinet’s Sept. 27 approval of the 2025 State Budget. The budget includes measures to: 1) discontinue the temporary, additional employer’s National Insurance contributions from Jan, 1, 2025, increase the National Insurance contribution exemption limit to 100,000 Norwegian kroner (US$9,325), and increase the exemption threshold for other wage and pension income taxes to 200,000 kroner (US$18,650); 2) reduce VAT on water and sewage services to 15 percent from 25 percent from May 1, 2025; 3) ensure capital gains on shares accrued during Norwegian residency are taxed under exit tax rules and actually paid; 4) ...