Jan 4, 2024 2 min read

Norway - Changes in tax rates and social security rates

Change in personal deductions and minimum deductions for 2024

There is an increase in the personal allowance from NOK 79,600 to NOK 88,250. The government has also continued the upper limit for the minimum deductions at NOK 104,450 for salary and NOK 86,250 for pension respectively. The rates for the minimum deduction are also to remain unchanged at 46% for salary and 40% for pension.

New tax rates and brackets for 2024

StepIncome fromIncome toPercentage

Reduction in social security contributions for 2024

National Insurance contributions on wages reduced by 0.1%, thus reducing it from 7.9% to 7.8%.

Change in additional employer’s contribution for 2024

The Government will also begin to phase out the temporary additional employer’s national insurance contribution of 5%, which was introduced in the 2023 Budget, by increasing the threshold from NOK 750,000 to NOK 850,000.

Changes in tax-free allowances for 2024

Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change

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Norway - Changes in tax rates and social security rates

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