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Tax regulations for welfare loans
- You do not pay income tax for the advantage of an interest-free loan if the repayment period is one year or less and the amount borrowed is less than 3/5 of the Norwegian Social Insurance Scheme\s basic amount (G).
- If the loan exceeds 3/5 of the basic amount, you will be taxed for the benefit of not paying interest on the entire loan.
- Loans of less than 3/5 of the basic amount are taxable in their entirety if their repayment periods exceed one year.
- For taxable loans, the salary system calculates a tax deduction automatically based on the size of the loan and the standard taxation rate for an interest-free loan from an employer.
- For the purposes of wealth taxes, the loan balance as of 31 December can be deducted from your assets.
- The balance will be included on your last payslip in December, and must be itemised as a correction on your tax return.
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Published Oct. 23, 2012 2:31 PM
- Last modified Apr. 24, 2018 10:16 AM