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.
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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 5,052,000 as of January 1st, 2013. 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
To ensure simultaneous access to potentially market sensitive information in the fiscal budget, selected key figures are unveiled prior to the budget release.
National Budget 2018:
The Government’s fiscal policy has been used actively to counter the effects of the oil price slump. The economy is now gradually recovering. In the fiscal budget for 2018, the use of petroleum revenues will therefore increase more slowly than in recent years. The Government prioritisesgrowth-promoting tax reductions and a continued focus on education, transport, health, and welfare at the local level.
The Commission has today submitted its Report and proposal for a new central bank act to the Minister of Finance Siv Jensen (Progress Party). The Commission has further considered the organisation of Norges Bank and the Government Pension Fund Global.
Meld. St. 1 (2017 - 2018)
Faced with the most severe oil and gas price slump in 30 years, the Government has over the last few years actively used fiscal policy to counter unemployment. This has worked as intended. Targeted fiscal policy has, along with low interest rates and a distinct improvement in competitiveness, served to promote growth and reduce unemployment, also in southern and western Norway where economic activity was the most affected by lower oil prices. Economic growth is expected to be in line with trend growth this year and higher than trend growth next year. For the current year, this represents a significant increase from previous estimates, and the rebound appears to be swifter than had been anticipated.
Prop. 1 LS (2017 – 2018)
In order to sustain the positive development, the Government is giving priority to tax changes that strengthen the growth capacity of the economy, facilitate structural adjustment and create new jobs. The tax burden continues to be shifted from corporate tax and taxes on savings and labour to other taxes, whilst revenues from the resource rent industries are maintained. This is in line with international recommendations from, inter alia, the OECD.