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More money for parents of young children. More expensive car maintenance. Lower taxes for some owners. This is how the state budget is marked on the wallet.
Published:,
A solid increase in child benefits awaits parents of young children, while those with expensive homes must prepare for a higher estate tax. These are some of the winners and losers of the state budget for 2021.
Here you can read about some of the biggest budget changes affecting Norwegians’ personal finances:
Property tax: The maximum tax rate allowed on real estate is reduced from five to four per thousand. It gives you a lower tax bill if you currently live in a municipality that “maximizes” the property tax. It does not have immediate consequences if you live in a municipality that already has four per thousand or less property taxes, but it means that these cannot increase taxes as much in the future.
Income tax: The minimum deduction for salary and pension increases by one percent. The entry point for step 3 in the pass tax is reduced by NOK 2600, while it is proposed that steps 1 and 2 be reduced by 0.2 percentage points. In general, the changes provide “somewhat higher purchasing power,” according to the government.
Calculation of home ownership: For those with primary housing worth more than NOK 15 million, the government proposes to increase the wealth valuation.
Sugar free soft drink: The government will reduce the soda tax by 30 percent starting July 1 next year. This equates to NOK 61 per person with an average consumption of 45 liters of sugar-free soda per year, according to one of the consumer economist Silje Sandmæl, discussed by NTB.
Youth Housing Savings (BSU): The favorable scheme for saving capital for the purchase of a home tightens and softens: the government will reject the opportunity to continue saving with tax deductions after the first purchase of your home. On the other hand, the maximum annual saving limit is increased from 25,000 to 27,500 crowns. The total savings cap remains unchanged at NOK 300,000.
Work gifts: You can receive gifts from the employer of up to 5,000 crowns without tax. That is NOK 3,000 more than today. The government is also increasing the overall limit for tax-free and discounted gifts for staff from NOK 10,000 to NOK 13,000.
Unique benefit: Support for mothers who are not entitled to parental benefit increased from SEK 84,720 to SEK 90,300.
Child benefit: If you have children under the age of six, you will receive an additional NOK 3,600 per year in child benefit from September of the next year inclusive.
Account: Both the electric car and the fossil car will be a little more expensive. The government proposes the introduction of a car insurance tax for electric cars, corresponding to the rate for motorcycles. At the same time, the CO of component of the single tax for cars and trucks is increased.
Holiday House: The government proposes that the property value of vacation homes be increased by 20 percent.
