More content from the ministry

Consultation on resource rent tax on onshore wind power

The Government proposes to introduce a resource rent tax on onshore wind power from 2023 and is today sending the proposal for consultation, as described in the State Budget for 2023. It is one of several resource rent proposals which will lead to

Banks’ capital requirements unchanged

Today, the Ministry of Finance has decided to maintain the systemic risk buffer at 4.5 percent. For banks not using the Advanced IRB Approach, the phasing-in period is prolonged by one year. Thus, the systemic risk buffer of 4.5 percent shall apply

Amendments to the lending regulation

Today, the Ministry of Finance has adopted amendments to the Norwegian bank lending regulation. The amendments will take effect on 1 January 2023.

Norway signs agreement to assist Ukraine with gas procurement

Norwegian Minister of Finance Trygve Slagsvold Vedum has today signed an agreement to provide funding of NOK 2 billion to enable Ukraine to purchase natural gas during the coming winter.

Action plan to combat social dumping and work-related crime

The Action plan to combat social dumping and work-related crime was submitted by the Government 1 October 2022.

Tighter restrictions on Russian fishing vessels enter into force

The tighter restrictions on Russian fishing vessels over 500 gross tonnage announced on 6 October will enter into force on Friday 14 October. From that date these vessels will only be permitted access to the ports of Tromsø, Kirkenes and Båtsfjord.

Norway tightens restrictions on Russian fishing vessels

The Government has decided that Russian fishing vessels will only be permitted access to three Norwegian ports, and that all Russian vessels arriving at these ports will be subject to inspection.

Prop. 1 LS (2022–2023) - Taxes 2023

Prop. 1 LS (2022–2023) Proposition to the Storting (Bill and Draft Resolution) For the 2023 Budget Year

The National Budget 2023: A budget for security and fair distribution

There is a war and an energy crisis in Europe. High inflation is affecting people’s lives. The Government’s response is a fair and responsible budget, which improves distribution and enhances security at a challenging time.

The National Budget 2023: Adjusting the tax rules for the petroleum sector

Oil and gas prices have increased significantly since the introduction of the temporary tax rules for the petroleum sector in 2020. As a result of this, the Government will now be adjusting these rules.

The National Budget 2023: Key Figures in the National Budget 2023

To ensure simultaneous access to information which may be market sensitive, the Ministry of Finance publishes selected key figures at 8:00AM prior to the budget launch at 10:00 am. More detailed projections will be published with the National Budget.

Adjustment of local and county authorities’ general grant

The Government proposes a one-year deduction in the general grant to local and county authorities with income from licence power. The proposal applies to local and county authorities in the areas with the highest electricity prices.

Profits from natural resources will be better distributed

Energy producers and the aquaculture industry make billions of kroner on our common resources. The Government is now proposing that more of the value created should go back to society.

High-price contribution on wind and hydropower

The Government is proposing to introduce a high-price contribution, with the rate set at 23 per cent of the electricity price in excess of NOK 0.70 per kWh. The contribution is designed as an excise duty payable to the treasury. The tax will be

Resource rent tax on onshore wind energy

The government proposes the introduction of resource rent tax on onshore wind energy as from 2023. The proposal will be referred for public consultation before the end of the year, and involves the taxation of resource rent at an effective rate of

Resource rent tax on aquaculture

The Government is proposing to introduce a resource rent tax on aquaculture from 1 January 2023. This proposal will be sent out for consultation today. Following the consultation, the Government will return to the Storting with a bill that will

Increased resource rent tax on hydropower

The Government is proposing to increase the effective resource rent tax rate on hydropower from 37 per cent to 45 per cent, with effect from the 2022 fiscal year.

NOU 2022: 12 - The Fund in a changing world

The Government Pension Fund Global and new economic and political developments

Report on long term perspectives for the Government Pension Fund Global submitted by committee

Today, a committee that has been reviewing long term perspectives for the Government Pension Fund Global (GPFG) submitted its report, NOU 2022: 12 The Fund in a changing world, to the Ministry of Finance. The committee was chaired by Ulf Sverdrup,

The IMF's Article IV consultation for 2022 has been completed

On 9 June, the IMF's delegation to Norway submitted its assessment of the Norwegian economy and Norwegian economic policy to the government. The full report has now been finalized by the IMF Board..