Oil Fund targets tax dodgers in portfolio

Norway’s enormous sovereign wealth fund known as the Oil Fund is once again flexing its financial muscle around the world, pouncing this time on companies like Nike and Apple. It dislikes how such multi-nationals in which it invests have been avoiding taxes in countries where they do business, even when the practice is legal. Oslo […]

Norway shows up in ‘Paradise Papers’

Norway’s Oil Fund, its biggest bank and around 1,000 wealthy citizens are all showing up in documents leaked from a law firm specializing in tax havens, and from 19 registers of companies in places known as havens of secrecy. It’s not illegal to stash funds in tax havens, but the documents dubbed as the “Paradise […]

Income tax revenues hit NOK 620 billion

When Norwegian tax authorities released the results of the most recent tax year on Friday, the annual media frenzy concentrated on individuals. Countless stories reported how much money performing artists, politicians, high-profile business executives, sports stars, media personalities and other celebrities earned, while it was easy to overlook the total amounts of money that rolled […]

Tax lists reveal salmon wealth

An island community off the coast of northwestern Norway has emerged as the wealthiest in Norway, far surpassing even the traditional “millionaires’” homes of Bærum and Asker just west of Oslo. The wealth is tied to salmon farming and exports, and revealed through the annual release of tax lists that include the taxable income and […]

Housing scandal unfolds in Oslo

Political and administrative officials at Oslo’s City Hall are alarmed, and accused of lacking control, after newspaper Dagens Næringsliv (DN) revealed a pattern of suspicious real estate deals over the past week that’s left the city paying inflated prices for public housing units. All purchases of residential units for welfare clients have been halted and an […]

Little property tax relief in state budget

Even though Norway’s conservative government coalition opposes property tax, it didn’t do anything to prevent local governments from imposing it in the state budget. There is a proposal, however, to keep it from rising too quickly. Residents of Oslo, for example, are getting hit with much higher property tax bills than expected because of higher […]

Jensen presents a ‘budget for growth’

Transport, defense, health and education emerged as the winners in what commentators described as the government’s “neutral” state budget for 2018. Finance Minister Siv Jensen, confident after helping to steer Norway through its biggest economic crisis in years, described it as a “secure and future-oriented” budget that will prod more economic growth. “The government has […]

New ‘Tesla tax’ gears up the opposition

After promising that electric cars would retain all their tax advantages in the new state budget, the Norwegian government has charged up opposition over a reported proposal to impose a new one-time tax that seems tailor-made for those buying popular, high-end Teslas. One of the government’s own former support parties, which it still needs to […]

Artist Odd Nerdrum wins royal pardon

Norwegian artist Odd Nerdrum, convicted of tax evasion in several courts and facing a year in prison, has received a royal pardon from King Harald V. No reason for the unusual pardon was given, after the government had relented and forwarded Nerdrum’s pardon application to the palace. “Odd Nerdrum was pardoned by royal resolution on […]

Oslo politicians defend tax windfall

The Labour Party-led city government in Oslo is flush with billions of extra tax kroner, not least because of the city’s new Labour-imposed property tax and the jump in property values. After budgeting with an extra NOK 450 million this year, the city can count on roughly NOK 3.6 billion in unexpected tax revenues next […]