Norway's tax-the-rich push has pitted Nordic equality against claims that the measures penalise success. Read more at straitstimes.com.
OSLO – Some of Norway’s richest citizens are hoping for an electoral setback for the government this coming week as they rage at a fiscal regime that drove dozens of them into exile in Switzerland.
“There are people coming down here every week from Norway, still,” he said in a phone interview from Lucerne in central Switzerland. “A lot of people do it because they feel they are forced. The main thing is the taxation system.” The 63-year-old prime minister has called the emigration of wealthy people “a breach of a social contract”.
“My value is not in owning money, it’s in factories, houses, buildings,” he said. “I still have to pay 2 per cent or 3 per cent a year to the government just to own it. And I believe that this taxation is the reason there will be fewer jobs, and less investment – and then less welfare.”Norway’s $1.9 trillion wealth fund starts winding down China office as Asia hub shifts to Singapore
One exception is Mr Gustav Magnar Witzoe, heir to a salmon farming empire and Norway’s richest person in 2021. The 30-year-old cancelled a planned relocation in order not to leave family and friends behind, he told public broadcaster NRK in July. On top of that, the effective tax rate on dividends and capital gains on shares rose to 37.8 per cent last October, up six percentage points from two years ago.Then last November, the government removed a five-year limit on exit tax on unrealized gains on shares and other assets.
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