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Sunday, June 16, 2024

Tax refund season kicks off

The Norwegian tax authorities (Skatteetaten) will pay out NOK 22 billion (USD 4 billion) to the 2.2 million taxpayers who have earned refunds this year, meaning that an average of NOK 9,900 (USD 1,800) is currently being deposited into bank accounts across Norway.

Another 200,000 Norwegians will have to wait several months for their tax settlement, predominantly sole proprietors and homeowners who failed to submit property sizes when submitting their returns in April. New regulations on property assessment values meant that homeowners were required to fill in additional information.

Close to 440,000 Norwegians will be forced to pay arrears this year, in total NOK 5 billion (USD 912 million). Payment is due in August, though those who owe larger amounts will be allowed to pay in installments.

Consumer economist Christine Warloe of Nordea bank, told Norwegian Broadcasting (NRK) that many will spend their extra stash of cash on vacations, leisure activities and home renovations, but warns that it can be smart to invest the money wisely.

“It is important that we treat ourselves to a little something extra during the summer. This will give you the added capacity and motivation to be fiscally responsible the rest of the year,” says Warloe, “but if you have consumer debt, it is important to have paid this off first.”

Views and News from Norway/Liv Buli
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