Overview

Capital
Oslo
Currency
Norwegian Kronar

Taxes

Employer
14.1% - Social Security
Employee
8.2% - Social Security
5.1% - Pension Fund
0% - Up To 158,800
0.8% - 158,800 - 224,900 NOK
1.6% - 224,900 - 565,400 NOK
10.6% - 565,400 - 909,500 NOK
13.6% - 909,500 NOK and above

Minimum Wage

General
No official minimum wage.

Non Mandatory

Expat Benefits
Expats can choose 10% deduction of gross income with salary ceiling of NOK 40,000 per year. The deduction is available for the first two years of living in Norway.

VAT

General
VAT is 25% standard rate.

Mandatory Benefits

Pension Fund
Everyone who has lived in Norway after the age of 16 for 40 years is entitled to state funded pension of NOK 88, 730 per year.
Employer contributes 14.1% of regular wages.
Employee contributes 8.2% of gross income. Contributions are not made on income less than NOK 39,600.

Payroll

Additional Employee Withholding
1. Social Security / Pension - Employer contributes 14.1%.
1. Social Security / Pension - Employee contributes 8.2%.

Termination

Termination Process
One month notice if the employee has been in the company for less than 5 years. Over 5 years, additional time applies.
Advance Notice
Advance notice is one month of written notice.
Severance Pay
There is no official severance payments for Norwegian employees.