On October 6th, Norway’s minority center-left coalition government presented its proposal for the 2023 National Budget. Mahmoud Farahmand (H), Member of Stortinget’s Finance & Economic Affairs Committee, joined to discuss the priorities and reductions set forth and how these will impact the international business community.
“Increased employment tax will hamper Norway’s ability to compete in international markets,” stated Farahmand. Some international companies are in fact already hesitating to hire locally, as roundtable employment venue selection examples illustrated.
Farahmand also emphasized that the proposed discontinuation of reduced electricity tax rates for Norway-based data centers will severely hamper the country’s ability to digitize and compete for strategic cloud infrastructure. Targeted crypto mining regulation, it was agreed, should be finalized in lieu of spoiling Norway’s longstanding industry efforts and progress.
AmCham and Hill+Knowlton have summarized the proposed budget with the international focus of AmCham members in mind, available HERE.