NEWS

Norway’s coalition government is raising the wealth tax and cutting a sales tax exemption on electric vehicles as it seeks to stem spending from its wealth fund and prevent the economy from overheating.

The government proposes raising the wealth tax rate for joint stock companies, mutual funds and banks to 0.25% from 0.15% from the current year and will phase out the value added tax exemption for electric cars from 2023, according to a website statement on the revised budget on Thursday. The exemption will be replaced by a subsidy for EV purchases of as much as 500,000 kroner ($50,700).

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