Minister with tax gift to family-owned hotels

Monica MælandMinister of Trade and Industry Monica Mæland.Photo: Terje Pedersen / NTB scanpix

The Government lowers the capital tax for family-owned hotels and accommodations in the proposed budget for next year.

The unusually early budget leak emerges in the tourism notification that Minister of Trade and Industry, Monica Mæland, submits on Friday.

It states that the Government in the budget for 2018 aims to propose an easing of capital tax for hotels and accommodations through “a substantial increase” in the so-called valuation discount.

In the state budget for this year a valuation discount of 10 percent was introduced for stocks and assets. The discount shall be in line with the tax compromise in the Parliament being increased to 20 percent in 2018.

It is the same level as the valuation discount in overall terms for commercial property owned directly by family owned hotels and accommodations that are taxable.

What the term “substantial increase” of the 20 percent rate entails, is not spelled out in the tourism notification, but will only become clear when the budget proposal is in published in October.

 

Source: NTB scanpix / Norway Today

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