A proposal for a new system for wealth tax on holiday homes has been sent for consultation.
According to the Ministry of Finance, the current rules for determining the value of holiday homes in the wealth tax are outdated and not very accurate.
Today, the values are based on historical construction costs, which are later adjusted upwards by a common percentage for the whole country at irregular intervals.
The proposal means that the values will be calculated according to the same principles as ordinary homes. Machine learning, a form of artificial intelligence, will do the calculations.
The consultation deadline is January 7, 2022. The aim is for a new system to be introduced in 2024.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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