Norway MOF Proposes Updated 2024 Tax Rates, Deductions

The Norwegian Ministry of Finance Oct. 6 announced proposals for 2024 tax rates and deductions. The proposals include measures to: 1) increase the maximum tax deduction for pension income to 34,350 Norwegian krone (US$3,129) from 32,825 krone (US$2,992); 2) increase the commuter deduction to 1.76 krone (US$0.16) per kilometer from 1.70 krone (US$0.15) per kilometer; 3) reduce the social security contribution rate on wages to 7.8 percent from 7.9 percent, and on other business income to 11 percent from 11.1 percent; 4) introduce a 44.9 percent ground rent tax on wind power, for an effective 35 percent tax rate, and ...