NTA Income Tax Brackets in Norway for 2024

As the Norwegian government welcomes foreign investment, it maintains a neutral tax system. Norway’s tax system ranks 17th in the OECD for international tax competitiveness. While it is one of the few countries that levies a net wealth tax, Norway allows corporate losses to be carried forward indefinitely. Tax revenue is raised through a mix of individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, as well as property taxes.

The tax system in Norway is administered by the official tax body, the Norwegian Tax Administration (Skatteetaten). The Income Tax Act (Skatteloven) provides guidance and support in the form of income tax tables for individuals and businesses. Taxpayers must familiarize themselves with these tax tables and the corresponding income tax brackets and income tax rates, for effective tax planning and to remain compliant with Norwegian tax laws.

Here you will learn more about:

• headline tax rates
• personal income tax (PIT) rates
• corporate income tax (CIT) rates
• capital gains tax (CGT) rates
• withholding tax rates for residents and non-residents
• value-added tax (VAT) rates

Headline Tax Rates in Norway

Personal Income Tax (PIT) Brackets for Individuals in Norway for 2024

Taxpayers are required to have a tax deduction card or an exemption card. General income is taxed at a flat rate of 22%. In Norway, bracket tax is a progressive tax on gross salary and other personal income payable to the State. Bracket tax on personal income for 2024 is tabulated below. The marginal personal income tax rate in Norway is 39.6%.

Different rules may apply and guidance is provided for young people, taxes applicable to shares and securities, property, gifts or inheritance and when dealing with income or assets abroad.

Personal Income Tax Due Dates

Corporate Income Tax (CIT) Rates in Norway for 2024

Resident companies are subject to corporate tax on their worldwide income. However, non-resident companies are liable for CIT when engaged in a business that is conducted or managed in Norway.

Further, there are specific tax regimes in place for petroleum tax, hydropower tax, and shipping tonnage tax. In Norway, there are no county or municipal CIT rates applicable.

Corporate tax rates in Norway are tabulated below.

Corporate Income Tax Due Dates

Capital Gains Tax (CGT) in Norway

Capital Gains Tax (CGT) in Norway are subject to the standard CIT or PIT rates respectively.

Withholding Tax Rates for Residents and Non-Residents in Norway

In general, withholding tax (WHT) is levied on residents and non-residents in Norway. Different rates may apply depending on the source of income concerned, such as dividends, interest or royalties. These taxes may also be reduced under applicable exemption rules or by an applicable tax treaty.

Norway is signatory to several double taxation treaties (DTTs) which may impact WHT rates. A taxpayer may benefit from the provisions of the DTTs.

Value-Added Tax Rates in Norway

The Value-Added (VAT) rates applicable in Norway are tabulated below with examples.