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 information about Norway and the Norwegian economy
Norway forms the western and northern part of the Scandinavian Peninsula and has common land borders with Sweden, Finland and Russia. Norway’s area is 323,787 square kilometers (approximately 125,100 square miles), excluding the Svalbard Island group in the Arctic Ocean and other overseas territories. The population of Norway was estimated at 5,302,778 as of January 2018. Oslo is the capital and largest city in Norway.
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
Revised National Budget
A budget to help us safely reclaim ordinary life
12/05/2020: The Norwegian economy has suffered its most severe setback ever in peacetime. However, the Government is laying the groundwork for Norway’s emergence from the crisis.
Revised National Budget
Production tax on the aquaculture industry ensures stable and predictable revenues for the host municipalities
12/05/2020: The Government proposes to introduce a production tax on farmed salmon, trout and rainbow trout in the National Budget for 2021. The revenues from the production tax shall be split between regional and local governments. The split of revenues from sales of capacity increase is adjusted.
Latest news
- Countercyclical buffer unchanged Press release 18/06/2020
- Revised National Budget: Norway’s development aid budget is adjusted to meet needs created by the coronavirus pandemic News story 12/05/2020
- Norwegian Government proposes increased support for World Bank’s International Development Association, IMF’s Catastrophe Containment and Relief Trust and lending schemes for low-income countries Press release 12/05/2020
- Revised National Budget: Norway allocates a further NOK 38.2 million to humanitarian efforts Press release 12/05/2020
- Revised National Budget: Norway increases support for sub-Saharan Africa Press release 12/05/2020
- Revised National Budget: Norway to strengthen global health efforts in response to coronavirus pandemic Press release 12/05/2020
- Revised National Budget: A budget to help us safely reclaim ordinary life Press release 12/05/2020
Documents
Temporary amendments to the Petroleum Taxation Act
The Government has been requested to «consider various policy initiatives and submit proposals that may stimulate investment in the oil and gas industry and in the Norwegian supply industry» no later than in connection with the Revised National Budget for 2020, cf. the Storting’s petition resolution no. 474 of 31 March 2020.
National Budget 2020:
Prop. 1 LS (2019-2020) Taxes 2020
The Government will use the tax system to fund public goods and services, ensure social mobility, achieve more efficient resource allocation and improve conditions for Norwegian businesses.
Latest documents
- NOU 2020: 7 - Values and Responsibility Norwegian Official Report (NOU) 15/06/2020
- Meld. St. 22 (2019–2020) - Financial Markets Report 2020 Report to the Storting 24/04/2020
- Additional information concerning the tax on chocolate and sugar products Letter 28/02/2020
- NOU 2019: 18 - Chapter 1: Introduction and summary Norwegian Official Report (NOU) 04/11/2019
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Contact
Ministry of Finance
E-mail: [email protected]
Phone: +47 22 24 90 90
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo
The Economic Policy Department
E-mail: [email protected]
Phone: +47 22 24 45 03
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo