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Norway

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About

Norway

Capital
Official languages
Population 
Currency

ISO 4217

Oslo

Norwegian, Sami, Kven, Romani, and Finnish

5,421,241 (as of 2019)

Norwegian Krone

NOK

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Economy

Norway is one of the most prosperous countries in the world, with a strong and stable economy. According to the World Bank, Norway has a Gross Domestic Product (GDP) of $400.3 billion in 2019, making it the world’s 55th largest economy. Norway’s GDP per capita is $68,890, which is the highest in the world. The country’s unemployment rate is 3.3%, which is one of the lowest in the world. Norway’s exports totaled $97.2 billion in 2019, with petroleum products making up the majority of exports. Norway is also a major producer of natural gas, with production totaling $20.2 billion in 2019. Norway’s government is committed to maintaining a strong economy, and the country has a budget surplus of $14.2 billion in 2019. Norway is also a major contributor to international aid, donating $3.2 billion in 2019. Overall, Norway is a strong and stable economy with a bright future.

Taxation

Taxation in Norway is based on the principle of progressive taxation, which means that those with higher income are taxed at a higher rate than those with lower income. The tax system is administered by the Norwegian Tax Administration (Skatteetaten).


For individuals, the personal income tax is calculated based on the person's income, deductions, and any applicable tax credits. The tax rates vary based on income level, with a maximum rate of 22% for income over 1.2 million NOK (as of 2021). Additionally, there is a separate wealth tax on net worth over 1.5 million NOK, with a rate of 0.85% (as of 2021).


For corporations, the corporate tax rate is 22%, with an additional 2% municipal tax in some areas. Additionally, there is a value-added tax (VAT) of 25% on most goods and services.


The tax year in Norway is the calendar year, and tax returns must be filed by April 30 of the following year. For employees, taxes are typically withheld by the employer and paid directly to the tax authorities on a monthly basis. For self-employed individuals and businesses, taxes are paid on a quarterly basis. Payment can be made electronically or through the use of a tax payment slip. Late payments are subject to interest and penalties.

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