As the 2025 income year approaches, it’s crucial to verify the details on your tax deduction card. This card, available on skatteetaten.no, outlines the amount of tax to be deducted from your income before you receive your paycheck. Given the significant interest in tax deduction cards this year—over three million individuals have accessed theirs—it’s more important than ever to ensure your information is correct.
The Importance of Accurate Tax Information
Your tax deduction card forecasts your expected income, deductions, wealth, and liabilities for the year ahead. Regine H. Vastvedt, the acting division director, emphasizes that the Tax Administration may not have a complete picture of your financial situation. Therefore, it’s your responsibility to check that the information is accurate to ensure you pay the correct amount of tax throughout 2025. If the data on your tax deduction card is incorrect, it could lead to a higher tax deduction than necessary. Conversely, if deductions are too low, you may face an underpayment of taxes, resulting in unexpected liabilities later on.
When to Review and Update Your Tax Deduction Card
As a general rule, you should reassess your tax deduction card whenever significant life changes occur. Major events that may warrant a review include:
- Salary changes
- Unforeseen sick leave
- Buying or selling a property
- Retirement
Additionally, adjustments in loans or fluctuating interest rates on existing loans can also impact how much tax you need to pay. If you discover any discrepancies, you have the ability to update your card at skatteetaten.no at any time during the year. Once you submit your changes, the Tax Administration will automatically issue a new tax deduction card for your employer or other relevant parties to collect directly.
Key Updates for Tax Year 2025: Tax-Free Limits
Starting in 2025, the exempt income threshold will rise from NOK 70,000 to NOK 100,000. This means you can earn an additional NOK 30,000 without incurring tax. If you anticipate earning under NOK 100,000, ensure you obtain an exemption card, as employers will withhold a 50% tax rate on income exceeding this amount without proper documentation. While younger individuals frequently leverage the exemption card, it’s essential for everyone to report any earnings accurately. Notably, anyone aged 13 and older will have pension coverage from the first krone they earn, regardless of the amount.
Common Changes in Tax Deduction Cards
Certain aspects of a tax deduction card tend to change more frequently. Be vigilant about the following items, which can impact your tax position:
- Interest on debt
- Salary income
- Bank deposits
- Domestic debt
- Tax values for motor vehicles, primary and secondary dwellings
- Values associated with shares in savings accounts and mutual funds
For further details and to ensure you’re prepared for the upcoming tax year, visit skatteetaten.no/skattekort.
With many people already reviewing their tax deduction cards, be proactive in ensuring your details are correct. This diligence will help prevent issues with underpayment or over-deduction, allowing you to navigate the 2025 tax year with confidence.
For further details, clarification, contributions or any concerns regarding this article, please feel free to reach out to us at editorial@tax.news. We value your feedback and are committed to providing accurate and timely information. Please note that all inquiries will be handled in accordance with our privacy policy
