Norway Will Review Corporate Taxes Amid Global Push to Cut RatesJosiane Kremer
Norway is considering changing corporate tax rates to make its companies more competitive amid a global push to cut levies on businesses.
“The trend internationally is toward lower corporate tax rates,” Finance Minister Sigbjoern Johnsen said in a statement today. “The tax base has become more mobile as a result of globalization. Closer integrated markets have prompted many countries to amend tax rules.”
A panel will review the tax system based on a 28 percent rate that applies for private and corporate taxation, according to the Oslo-based ministry. The government will also propose measures to close loopholes that allow international companies to channel revenue to tax havens.
Neighboring Sweden this year cut the corporate tax rate to 22 percent from 26.3 percent to attract business investment. The government previously lowered the rate in 2009 from 28 percent.