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 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.
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 for the avoidance of double taxation and the prevention of fiscal evasion,and other international agreements regarding tax matters.
Revised National Budget 2018:
The Norwegian economy has recovered from the downturn induced by the 2014 drop in the oil price and is now characterized by optimism and solid growth. The 2018 Fiscal Budget approved last autumn is still well adapted to the economic situation, and thus its key features remain in the Revised Budget.
Revised National Budget
To ensure simultaneous access to potentially market sensitive information in the fiscal budget, selected key figures are unveiled prior to the budget release.
Meld. St. 13 (2017–2018):
The purpose of the Government Pension Fund is to support long-term considerations in the government’s spending of petroleum revenues, as well as savings to finance pension expenditure under the National Insurance Scheme. Sound long-term management will help ensure that Norway’s petroleum wealth can benefit both current and future generations. The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The funds are managed by Norges Bank and Folketrygdfondet, respectively, under mandates laid down by the Ministry of Finance.
Meld. St. 14 (2017–2018):
The report reviews the financial stability outlook, and also includes chapters on the financial markets from an industry perspective and how consumer protection is attended to in financial markets and the need for change. In addition, the report gives an overview of the activities of Norges Bank, Finanstilsynet, Folketrygdfondet and IMF in 2017.