Norway's Conservative party have proposed that if they win next year’s general election they will reduce the unpopular income and possessions surtax by over three-times.
The proposal includes raising the basic allowance and lowering the tax level from
1.1% to 1%. In addition, they will introduce a share discount of 10%.
The Conservative Party and populist Progress Party have suggested scrapping the taxes entirely. However, they say that this could take five years or more if the current state of
play remains the same, with almost three billion and one billion kroner,
respectively.
Both Parties originally planned to accomplish
this within the next four-year
parliamentary period but It could take 15 years at 1 billion kroner per year.
Currently, approximately 690,000 people are liable for wealth tax in Norway today.
This number will decrease if the basic allowance is raised from NOK 750,000 to NOK 870,000, contained in the government’s draft 2013 national budget proposal presented on Monday.
The tri-partite Leftist
Coalition raised net
wealth tax but also the lowest basic allowance in its draft national budget
2013 proposal.
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