What is the tax-free allowance in Norway? – Answer!
What amount is tax-free in Norway for individuals? As with many other accounting questions, we have the answer.
In Norway, there are several tax-free allowances. You read that correctly – several allowances, not just one.
It is commonly said that the tax-free allowance is around NOK 70,000. How much truth is there in that? Read on to find out.
Tax-free allowances
A tax-free allowance is simply the threshold amount below which we do not have to pay tax
However, in Norway there are several types of tax. They also have different thresholds:
- Trygdeavgift (social security contribution):
- Tax-free allowance: 69 650 NOK for 2024
- Skatt fra alminnelig inntekt (22% tax):
- Tax-free allowance: 163 426 NOK for 2024
- Trinnskatt (progressive tax):
- Tax-free allowance: 208 050 NOK for 2024
- Formueskatt (wealth tax):
- Tax-free allowance for singles: 1 700 000 NOK for 2024
- Tax-free allowance for married couples with joint assets: 3 400 000 NOK for 2024
Each tax-free allowance decreases proportionally according to the length of our stay in Norway.
What is the total tax-free amount in practice?
Since all these taxes are calculated together (except Formueskatt), the only tax-free amount for total earnings is the lowest amount of all the allowances.
So in practice, the fully tax-free amount is 69 650 NOK for 2024. In 2023, this amount was the same.
For shorter stays, it is proportionally less. For example:
- If we were in NO for 8 months, the tax-free amount is NOK 46 433.
- If we were there for only 2 months, the tax-free amount is NOK 11 608.
- And so on, we always have to calculate it proportionally.
If you want to ask about tax, benefits or other official matters – please contact us: +47 21 38 38 21.
We answer Mon–Fri from 9:00 – 21:00 and will be happy to help!