Family firms

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The wealth tax has been making headlines in recent years. While few countries still have a wealth tax, there have been lively debates around the possible introduction of wealth taxes in several countries, for example the U.K. and the U.S. Historically, most countries abolished wealth taxes in the 1990s and early 2000s. Norway is one of few developed nations that still has it. test test test 

The Norwegian wealth tax is a tax on an individual’s net wealth*. In 2018, the revenue raised from the wealth tax made up 1.1% of total Norwegian tax revenue and 0.6% of GDP. The proportion was higher only in Luxembourg (7.2% of total tax revenue and 2.9% of GDP in 2018) and in Switzerland (4.8% of total tax revenue and 1.3% of GDP in 2018).

*The tax base for the Norwegian wealth tax consists of an individual’s assets (real estate, bank savings, and securities including both listed and nonlisted shares) less the household’s debt. The value of net assets above the standard deduction is taxed at 0.85% (0.7% represents income for municipalities, and 0.15% goes to the central government).