Norway Income Tax Rates for 2014
Norway Income Tax Brackets
|Tax Bracket (yearly earnings)||Tax Rate (%)|
|kr0 - kr456,400||12.55%|
|kr456,400 - kr741,700||21.55%|
|kr741,700 and up||24.55%|
Norway has a bracketed income tax system with three income tax brackets, ranging from a low of 12.55% for those earning under kr456,400 to a high of 24.55% for those earning more then kr741,700 a year.
How does the Norway Income Tax compare to the rest of the world?
Norway has one of the lowest income taxes in the world, charging a maximum income tax of 24.55%. Countries with similar tax brackets include Sweden with a maximum tax bracket of 25.00%, Spain with a maximum tax bracket of 27.13% and Canada with a maximum tax bracket of 29.00%. Keep in mind that our ranking measures only nationwide income taxes, and does not account for local income taxes at state, province, or municipal levels.
|Maximum Income Tax||Income Tax Allowance||World Tax Rank|
|24.55%||kr115,010 ($18,574 USD)||29th of 34|
What is the Norway Income Tax?
Norway's personal income tax is a bracketed income tax that must be paid yearly by all citizens to the government of Norway. Failure to pay, or underpayment of, the Norway income tax can result in high fees, fines, or jail time.
In addition to Norway's income tax, other taxes may apply to wages or profits earned, including social services, medical care, and capital gains taxes.
Norway Income Tax Allowance
Norway provides most taxpayers with an income tax allowance of kr115,010, which can be kept as a tax-free personal allowance. Norway's tax credit is a basic (fixed) allowance available to all (single) taxpayers without dependents.
A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. Generally, a tax credit is subtracted from your gross income before your taxable income is calculated.
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