Osakkeiden normaalituoton verovapaus: Norjan osakeverotuksen malli

The paper reviews trends in taxation of equity income during recent years. It pays special attention to the new shareholder model implemented in Norway as from 2006. The model exempts the normal return on investment in shares and levies a personal-level capital income tax only on the exceeding amount. The normal return is defined as a risk-free opportunity cost of capital and can be measured by the market interest rate on government bonds. Favourable features of the model include its neutrality with respect to savings and investment, the ease with which it can be implemented and its ability to collect reasonable tax revenues.