OECD recommends Norway reduce wealth tax
OSLO – The OECD yesterday recommended that Norway reduce its wealth tax, a thorny issue in the Scandinavian country, as part of a broader tax reform. Introduced as early as the late 1800s, Norway is one of the few countries in Europe to have kept its levy on relatively wealthy individuals. The tax currently applies... The post OECD recommends Norway reduce wealth tax appeared first on New Era .
OSLO – The OECD yesterday recommended that Norway reduce its wealth tax, a thorny issue in the Scandinavian country, as part of a broader tax reform.
Introduced as early as the late 1800s, Norway is one of the few countries in Europe to have kept its levy on relatively wealthy individuals.
The tax currently applies to those whose net worth (assets minus debts) exceeds 1.9 million kroner (US$199 000). Above that, individuals are subject to a one-percent tax on their assets, which rises to 1.1 percent in the top band for those with a net worth over 21.5 million kroner. The thresholds are doubled for couples.
