Saturday, May 21

New assignment to committee: To study increased tax level

The government promises an unchanged tax and duty level on income. At the same time, it instructs the tax committee to study the increased overall tax level.

Minister of Finance Trygve Slagsvold Vedum (Sp) will study the role of the tax system in the geographical distribution.

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The previous government appointed one expert committee to make a «comprehensive assessment of the tax system».

On Wednesday, the committee received a additional mandate from the new government. Among other things, it will study how the overall tax level can be increased. Ragnar Torvik, Professor of Economics at the Norwegian University of Science and Technology (NTNU), chairs the committee.

In a letter to the committee, Minister of Finance Trygve Slagsvold Vedum (Sp) writes: “The committee is asked to give recommendations on which taxes can be increased or how the tax base can be expanded if the overall tax level is to be increased.”

Unchanged tax level for income

Increased tax levels must therefore be investigated. But at the same time, it says in the government The Hurdal platform that it will «Keep the overall level of taxes and duties for people’s income unchanged».

The government also promises to “keep the corporation tax at 22 percent throughout the entire parliamentary term”.

The wealth tax, on the other hand, will increase wealth. “The government wants to make the wealth tax fairer, by having people with high wealth pay more in taxes at the same time as the bottom deduction is increased,” it says.

In his in addition to the state budget for 2022, the government increased the tax level by NOK 6 billion compared to 2021. In settled with SV this was increased by a further NOK 2.7 billion.

Investigates the effects of wealth tax

The experts are also tasked with investigating how the tax system can contribute to redistribution. The role of wealth tax is mentioned separately. The committee will assess how more redistribution, probably through the wealth tax, will affect value creation and employment.

Professor Jarle Møen at the Norwegian School of Management has objected to several of those who want to remove the wealth tax. He is appointed by Vedum as a new member of the committee.

But the government will have investigated more than the distribution between people. The committee is also tasked with assessing how the tax system can to a greater extent contribute to «better geographical distribution».

Small opening for rematch

A selection led by professor Karen Helene Ulltveit-Moe proposed in November 2019 extra tax on the aquaculture industry.

The industry uses the community’s scarce natural resources, ie fjords and coasts. The extra tax on extra high profits should pay the community for this use.

The report was put in a drawer after almost all the political parties turned their thumbs down.

Vedum now gives a small opening to take up the matter again. The tax committee shall consider «various instruments that can ensure that the community gets one
share of gains arising from government market interventions, e.g.
licenses, licenses and government grants, among others. to green transition ».

The aquaculture industry conducts its business with licenses.

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The state in business

The government has announced a more active business policy to promote the green shift. Among other things, it says in the Hurdal platform that the government will “consider establishing a state hydrogen company”.

The platform also states that the government will, under certain conditions, “make long-term capital available” for some types of industries. The hydrogen industry is mentioned separately.

Torvik’s expert committee will now study how the state can get its share of the gain if long-term state money provides commercial successes.

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Vedum cuts tax rebates he believes go to those with high incomes

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The opposition is slaughtering Støre’s new wealth tax

Reference-www.aftenposten.no

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