The economy
In the Government, it is the Minister of Finance’s responsibility to draw up and coordinate economic policy. The Ministry of Finance acts as the secretariat for the Minister of Finance. It is the political authorities – the Government and the Storting – that make the decisions.
The Norwegian Fiscal Policy Framework
The Government Pension Fund Global and the fiscal rule have since 2001 set out the plan for the phasing-in of petroleum income and investment returns to the Norwegian economy. The Government Pension Fund Act stipulates that the State’s net cash flow from the petroleum industry shall in its entirety be transferred to the Government Pension Fund Global, and that resources in the Fund can only be transferred to the budget pursuant to a decision by Parliament.
General tax conventions between Norway and other states
General tax conventions for the avoidance of double taxation and the prevention of fiscal evasion,and other international agreements regarding tax matters.
Related topics and insights
What's new
OECD on the Norwegian economy: High activity and challenges for fiscal policy
22.02.2022: OECD today published their biannual survey of the Norwegian economy, with recommendations on how the government should face important challenges ahead. The report illustrates the high activity of the Norwegian economy heading out of the pandemic. At the same time, there is a need to tighten economic policy as the activity continues to increase.
Latest news
- Revised National Budget: Additional child-related expertise at asylum reception centres Press release 12/05/2022
- The Revised National Budget: Government proposes record-high aid budget of NOK 44.9 billion Press release 12/05/2022
- Revised state budget: Health and Social Services Ombudsman to be bolstered News story 12/05/2022
- Revised state budget: Government launches new public health campaign focusing on mental health News story 12/05/2022
- Revised state budget: Ombudsman for the Elderly to close News story 12/05/2022
- Revised National Budget: Sound economic governance Press release 12/05/2022
- Revised National Budget: Key figures in the Revised National Budget 2022 Press release 12/05/2022
Documents
Meld. St. 1 (2021-2022)
National Budget 2022 - Chapter 3.1
Norwegian National Budget 2022 Chapter 3.1 Fiscal policy (Solberg Government).
Prop. 1 LS (2021- 2022)
Taxes 2022 - Chapter 1
Proposition to the Storting (bill and draft resolution) for the fiscal year 2022 (Solberg Government).