Norway considers giving tax amnesty the axe
A tax amnesty, which sees those who voluntarily report wealth and income that had not previously been reported to tax authorities escape punishment, could be scrapped.
The amnesty or voluntary correction allows people to voluntarily contact the authorities and report wealth or income for which they previously should’ve been taxed on and avoid punishment.
The government is looking to scrap the scheme because the information and cooperation from foreign tax agencies has improved, making it easier for the tax administration to discover hidden assets and income.
Residents of Norway are taxed on their income earned outside of Norway, which includes money earned from interest, property and shares.
If you have already been taxed on this income in the country it was earned, you can receive tax credits in Norway if you provide proof of the tax paid.
You can find more information on the tax rules that apply to people who have income, debt or capital outside of Norway here.
Since 2007 around 80 billion kroner of assets and three billion kroner of income has been voluntarily reported.
PM cancels May 17th speech
Prime Minister Erna Solberg has cancelled her May 17th speech in Bergen.
She was due to be the main speaker at Norway’s national day celebrations in the country’s former capital.
The reason Solberg is pulling out is due to coronavirus restrictions.
Under the current rules, Solberg must follow the infection control rules of her home municipality, Oslo, rather than Bergen.
In April, Solberg was fined for breaking national Covid-19 rules following a holiday weekend celebration in Geilo, southern Norway.
Sharp fall in government oil revenues
The state’s revenue from oil and gas was lower in 2020 than it was in 1999.
Revenues for this year are also expected to be much lower than previous years, but still higher than in 2020.
In the revised national budget, the government estimates that revenues from the gas and oil sectors will be around 154 billion kroner, 45 million kroner more than 2020.
320 new Covid-19 cases recorded
On Thursday, 320 new cases of coronavirus were registered in Norway. This is a decrease of 122 on the 7-day average of 422.
In general, fewer cases are recorded on public holidays, followed by an uptick in cases in the days following public holidays and weekends.
In Oslo, 51 infections were registered on Thursday. This is also well below the 7-day average of 91.
The R-number or reproduction rate in Norway is currently 0.7. This means that the pandemic is receding in Norway as for every ten people that are infected, they will, on average, only infect another seven people.