Check the numbers, remember deductions and make a budget. Finance Minister Siv Jensen of Fremskrittsparti (Frp) has three brief pieces of advice to Norwegians who are sweating over the tax report during these days.
‘’Now the tax report will be delivered on April the 30th. This has become very comfortable by most things being done, but there are some small tips I think it’s okay that people try to follow,’’ said Jensen to NTB news.
“I am a finance minister who believes people mustn’t pay more tax than they should,” she added with a smile.
The tax report, which changed the name of the tax return last year, contains a preliminary calculation of the amount of tax paid in the course of last year.
Early on June the 27th, the final tax settlement is clear, and it is also when most people receive their tax settlement.
Check the numbers
At the top of the finance minister’s memorandum is a point that you simply have to check the numbers reported to the IRS.
It’s about gaining an overview of your own finances. How high is your income? How big is the debt? And possibly the wealth? The information is contained in annual reports from banks, employers, unions and housing associations.
“It’s about checking that things have been reported correctly and that there is a correspondence between what has been reported and what is in the papers,” said Jensen.
The information from last year on wealth in housing and distribution of debt and interest will not be pre-filled in the tax report. This has to be brought in by yourself. You may want to take a check against previous tax returns.
The next point is about checking which deductions you may be entitled to. Some core questions are whether you have rented a house or sold something big.
“The tax office has made a deduction supervisor to make it easy to manoeuvre around. It does not take many minutes and can be well worth doing,” said Jensen.
She is also keen to ask people to use the opportunity to make a budget once they have gained an overview of income and taxes. The tax return provides answers to how much you earned last year and what you are left with.
As of autumn, Norges Bank is announcing a first interest rate hike, which will affect the economy of many Norwegians with high debt.
“It is important that those who have debt, including myself, are prepared for raised interest rates. It will always be a good policy to put something aside,” said Jensen.
© NTB scanpix / #Norway Today