How Does Norwegian State Budget for 2013 Affect Your Economy

NRK Economy journalists, Johan Sættem and Lars Nehru Sand evaluated the new state budget for personal finance. According to their analysis, buying a house will be more expensive in 2013 as the government plans to make it more expensive to own a second house, as well as owning commercial property. This means that those who own commercial property and a second house will have to pay more in property tax for fiscal year 2013.

Also the new budget brings new burden on wealth tax. The government proposes to increase the minimum allowance in wealth tax with 120,000 NOK to 870,000 NOK. This means that those who have capital position save 1320 NOK in annual property tax due to the increase in the minimum allowance. Married couples are thus to have an aggregate deductible of wealth tax at 1.74 million NOK. Also the current system of tax class 2 for single parents is removed.

The change will help cohabiting and married to a greater extent be treated equally.

Car, re-registration fee

The denigrated relatively high re-registration fee is reduced for all vehicles by 12 percent in 2013 budget. Commercial vehicles, re-registration fee is reduced by 40 percent. Also wreck deposit on the car is increased from 2000 to 2500 NOK.

More expensive imported food

As previously announced, the Government decides on a percent tariff on imported steaks and fillets of beef, as well as cheese. This means that foreign cheeses competing with typical Norwegian ones like Jarlsberg and Norvegia become much more expensive.

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