Tax and tax system in NorwayOn July 9, 2019 by Frances Ferebee
It has been a long time since the tax system was changed and the value of the debt deduction has been reduced than it once was.
The tax rules have an impact on the cost of having debt
because debt interest is deductible when calculating part of the tax. It is the value of interest after tax that is interesting. Therefore, what you pay less in tax must be deducted in order to arrive at the correct picture of interest costs.
We distinguish between two types of tax: gross and net tax. The gross tax is calculated by our gross income without deduction, while the net tax is calculated by our net income and deduction, among other things. debt.
Why do we pay taxes in Norway?
We all want us to have the opportunity to go to school and learn to read and calculate. If we get sick, we want us to be treated in hospitals.
We who live in Norway all enjoy and benefit from many welfare schemes in society. This costs money. A lot of money. Therefore, it is important that everyone contributes to pay. We do this by paying taxes.
Society is like a big common money box, a splice team. Everyone should pay for ability and receive benefits when they need it.
In recent years, the gross tax has increased, while the rates for calculating the net tax have decreased. The value of debt repayments is thus significantly reduced, especially for the high-income groups. The maximum value of debt interest deductions for the high-income groups has been reduced.
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