Tax revenue increased by NOK 14.5 billion

Money Tax revenueIllustration. Money.Photo: pixabay.com

Tax revenue to the state increased by NOK 14.5 billion despite cuts

The state’s revenues from taxes and fees increased by a total of NOK 14.5 billion in the second quarter of this year – despite the tax cuts made by the Solberg Government.

 

Overall, revenue fell to 1.2 per cent, while expenditures increased by 1.3 per cent in the second quarter of this year from the same period last year. As a result, Government accounts totaled NOK 13 billion in deficits, according to Statistics Norway (SSB).

The transfers from Norges Bank took place in the second quarter of 2016 and in the first quarter of 2017. This contributed to the decline in total revenues in the second quarter of this year compared with last year.

The deficit of NOK 13 billion is covered by transfers from the Government Pension Fund Global, i.e. the Oil Fund.

Although the total revenue dropped, there are individual income areas that show an increase – including taxes and fees.

Despite the Solberg Government’s tax cuts, which are frequently criticized by the political opposition, the Government accounts show that tax revenues increased by NOK 14.5 billion, equivalent to 7.4 per cent, in the second quarter. Expenditure items with large increases were transfers to municipalities and counties, pensions and welfare, as well as “miscellaneous transfers”, which include transfers to the Church, health enterprises and Bane Nor.

 

© NTB Scanpix / Norway Today

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