What's new in 2024?

The new year gets off to a flying start with updated laws and regulations from the Ministry of Finance, which come into force from 1 January 2024. In this guide, we have collected some of the most important points, to give you an overview of which changes may affect you.

1. Tax

• Additional employer's tax: The cut-off point for the temporary additional employer's contribution will be raised from NOK 750,000 to NOK 850,000 from and including the income year 2024.
• Differentiated employer contribution - the exempt amount: The exempt amount in employer's contribution will be increased from NOK 500,000 to NOK 850,000 from and including the income year 2024.
• Wealth tax: The calculation rate for commercial property outside the big cities will be increased by 1 percentage point from 2024.

2. Step tax

• The rates for steps 3, 4 and 5 are increased by 0.1 percentage points from income year 2024, with adjusted inclusion points.

3. Social security tax

• Reduction of 0.1 percentage point for salary/social security and business income, while the pension rate is continued.

4. Personal deductions and minimum deductions

•  The personal deduction will be increased to NOK 88,250, while the upper limit for the minimum deduction will continue from 2023.

5. Separate deductions

• Increase in the Finnmark deduction and adjustments in step tax in the action zone for Finnmark and Nord-Troms from 2024.

6. Other tax changes

• Changes in rules for seamen's deductions, trade union dues, rates for food in barracks, survivors' benefits, children's pension, depreciation rate for electric vehicles, and taxation of foreign companies in mineral operations from 2024.

7. Fee changes

• Reduction in the NOK 350 limit for duty- and duty-free importation of goods and other adjustments in one-off tax, traffic insurance tax, road use tax and climate tax.

8. Changes in the financial markets

• Introduction of buffer funds for private guaranteed pension products and adjustments in regulations related to the Company Pensions Act.

9. Other new rules

• Discontinuation of temporary declaration exception for goods under NOK 350 and other changes in relation to regulatory changes and compensation schemes.

We hope this summary was useful to you. For further information on the latest accounting regulations that apply from 1 January 2024 see the government's own pages. You can also find some simple advice to save money on your accounts here.