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Thursday, May 19, 2022

Outgoing central bank boss urged higher property tax

Svein Gjedrem gave his last annual address as head of Norway’s central bank last week, and urged higher property taxes in return for lower income and corporate tax.

Gjedrem said that Finance Minister Sigbjørn Johnsen could cut taxes on income and companies by as much as NOK 35 billion if he brought property taxes more in line with other western countries. While Norway is known as a high-tax country, its property taxes are actually much lower than even many states’ in the US.

Gjedrem argued that a restructuring of the tax system could boost economic growth in Norway and reduce huge swings in the real estate market.

Johnsen, and Prime Minister Jens Stoltenberg of the Labour Party, however, later said they had no plans to raise property tax levels in Norway.

Gjedrem, who also thinks Johnsen should quickly tighten the state budget and stop using so much oil revenue, will be stepping down as central banker at the end of the year, when he will have served a maximum of two six-year terms.
By Views and News Staff

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