Norway Budget 2017 Includes Tax Rate Cuts and Introduction of Financial Activity Tax

On 6 October 2016, the Norwegian Ministry of Finance issued a release on the Budget for 2017. The main tax-related measures of the Budget include:

• A reduction in the standard corporate and individual tax rate from 25% to 24% in 2017 and a further reduction to 23% in 2018;
• Increases in the progressive tax bracket rates for individuals by 0.49% to 0.82%;
• A reduction in net wealth tax by introducing a 10% valuation discount for shares and operating assets (20% for commercial property) and assoc…