Norway Announces Cabinet Approval of 2026 State Budget

The Norwegian Cabinet Oct. 7 approved the 2026 State Budget. The budget includes measures to: 1) increase to 114,210 Norwegian kroner (US$11,336) from 108,550 kroner (US$16,967) the personal allowance; 2) increase to 25,000 kroner (US$2,481) from 15,000 kroner (US$1,490) the deduction for individual pension savings (IPS) plans; 3) introduce a pilot regime with work deductions of up to 125,000 kroner (US$12,407) for individuals between 20 and 35 years old; 4) increase to 1.9 million kroner (US$188,588) from 1.7 million kroner (US$174,715) the basic wealth tax deduction for individuals, and to 3.8 million kroner ($593,968) from 3.5 million kroner (US$550,202) for ...