The Norwegian Tax Administration has now sent out all tax returns, distributing a total of 5.3 million documents to wage earners, pension recipients, and sole proprietorships. Tax Director Nina Schanke Funnemark says that 9 out of 10 will receive their tax settlement before summer, with very many of those due a refund receiving it by the end of June. Some have already received money and may have even spent it. According to Funnemark, you receive an email or SMS when your tax settlement is ready, and it is only then that any tax refund is paid out. It is expected that approximately 2.7 million will receive a tax refund, totaling 42 billion kroner, with an average of 15,200 kroner each. Around 1.2 million are expected to receive a tax bill, which must be paid by August 20. The total tax bill sum is 50 billion kroner, with an average tax bill of 43,200 kroner. If you pay the tax bill before May 31, you avoid paying interest.
The deadline for submitting the tax return is April 30. Before Easter, 1.9 million wage earners had already submitted their tax returns, and of these, 655,000 have so far received their tax settlement.
It is important to check the information in the tax return before submitting it, as the calculated tax refund or tax bill in the tax return are preliminary figures. You may need to change something that is incorrect or add missing information. When the tax return is submitted, it is processed by the Norwegian Tax Administration and checked, and for those who are married, it is also checked against the spouse. If you have made changes, they are followed up, and the same applies to information that was not pre-filled. The Taxpayers' Association also urges everyone to check thoroughly before submitting their tax return. According to the association, last year, 300,000 taxpayers ended up going from having a tax bill to receiving a tax refund as a result of checking if the information was correct, making changes, and submitting the tax return. It doesn't take much.
Changed family situation, residence, and job can affect deductions. If you have changed jobs or moved, there may be grounds to look more closely at the travel deduction or commuter deduction. If you have a child who has started kindergarten, the parental deduction should be checked. If you have sold property at a loss, you should check if there are grounds for a deduction.
The big topic for many this spring has been the market value of homes and its impact on wealth tax, and additionally property tax in some municipalities. If you believe the value of your home is set too high and want to adjust it, you must have a documented market value from after July 1, which you can get from, for example, a real estate agent. It is important to check that the market value of the home is not too high even if you do not pay wealth tax.