Announced last month, Norway’s 2016 Budget proposals include a corporate tax rate cut and an increase in the VAT rate
Tax reform is high on the agenda for the Norwegian Government.
Alongside its 7 October 2015 national budget announcement, the
Minister of Finance published a white paper outlining plans to be
rolled out over the next two years.
Let's take a look at two changes due to take effect from
2016:
VAT increase
Norway's 8% VAT rate will rise to 10% from 1 January 2016
following parliamentary approval. Dubbed a "fun
tax", the VAT increase covers transport services and products
related to entertainment; movie and event tickets, TV licenses and
entertainment services. Consequently, this rate hike would mainly
affect the cost of organising events in Norway whether it be by
companies for themselves, on behalf of other companies or private
individuals.
