The latest update on Norway’s tax accounts reveals a significant increase in accumulated tax payments, excluding petroleum taxes, for the month of May 2023. The data demonstrates a positive trend in tax revenues, reflecting a robust economic landscape and strong tax compliance among individuals and businesses in the country.
According to the figures released by the Norwegian Tax Administration, accumulated tax payments in May 2023 amounted to 557 billion NOK. This represents a notable rise from the corresponding figures of 427 billion NOK in May 2021 and 493 billion NOK in May 2022, indicating a consistent growth in tax contributions over time.
The distributed taxes provide further insights into the allocation of tax revenues. Taxes to local government reached 119 billion NOK in May 2023, compared to 105 billion NOK in May 2021 and 117 billion NOK in May 2022. Contributions to the National Insurance Scheme also showed an upward trajectory, with a total of 197 billion NOK in May 2023, up from 169 billion NOK in May 2021 and 188 billion NOK in May 2022.
Moreover, taxes directed to the central government exhibited a substantial increase, totaling 240 billion NOK in May 2023. This represents a significant growth compared to the corresponding figures of 154 billion NOK in May 2021 and 187 billion NOK in May 2022. The surge in taxes collected by the central government underscores the country’s commitment to financing public services, infrastructure development, and various social welfare programs.
It is worth noting that the tax accounts also highlight the contributions generated from taxes on the extraction of petroleum. In May 2023, these taxes amounted to 255 billion NOK, significantly higher than the figures of -5 billion NOK in May 2021 and 140 billion NOK in May 2022. The increase in petroleum taxes reflects the importance of the oil and gas sector to Norway’s economy.
The steady growth in accumulated tax payments signifies a positive outlook for Norway’s fiscal stability, providing the government with the necessary resources to support public services and promote economic growth. The Norwegian Tax Administration will continue to monitor tax accounts and release regular updates to ensure transparency and accountability in the country’s tax system.
https://www.ssb.no/en/offentlig-sektor/skatteregnskap/statistikk/skatterekneskap