October 6, 2016 / 7:22 AM / 10 months ago

Norway plans 5 percent payroll tax on financial industry -budget document

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OSLO, Oct 6 (Reuters) - Norway's rightwing government plans to impose a five-percent payroll tax on the banking industry in 2017, it said in a budget document seen by Reuters on Thursday.

The country's general tax rate on corporate profits will be lowered to 24 percent from 25 percent, in line with a plan outlined previously, but the banking industry must continue to pay the old tax rate, the proposal to parliament showed.

Unlike other industries, banks are exempt from charging value-added taxes and the new fiscal measures are aimed at compensating for this discrepancy. (Reporting by Oslo newsroom)

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