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Norwegian taxpayers who have sold equity funds this year to reduce exposure to market fluctuations are being advised to double-check their tax deduction card (“skattekort”) to avoid an unexpected tax bill next year.
Data from the Norwegian Fund and Asset Management Association (VFF) indicates that many Norwegians sold off mutual fund holdings earlier this year—most notably in March—with the majority of sales occurring in equity funds.
According to the Norwegian Tax Administration, gains realized from selling mutual funds are taxable at a rate of 37.84%. The taxable amount is calculated as the difference between the sale price and the purchase price. If this capital gain is not reflected in your current tax card, the withholding tax throughout the year may be insufficient, potentially resulting in underpayment and back taxes (“restskatt”) when the annual tax return is filed.
Tax Director: Check and Update Your Tax Card
Tax Director Nina Schanke Funnemark urges all individuals who have sold equity or mutual funds to review their skattekort and update it if needed.
“Realizing a gain from fund sales does not automatically update your tax card,” she said. “If you’ve made a large profit, it’s your responsibility to ensure your tax card reflects this income so you are taxed correctly throughout the year.”
If no adjustment is made, individuals may find themselves paying too little tax during the year—leading to a significant restskatt when the 2025 tax return is assessed.
Taxpayers also have the option of paying the applicable tax early through a voluntary advance tax payment (“tilleggsforskudd”) to avoid this scenario.
Exceptions and Shielding Deductions
It’s important to note that no tax is levied on gains from mutual fund sales if the assets remain within a share savings account (aksjesparekonto). Additionally, no deduction for capital loss is granted in this case, and the skattekort does not need to be updated.
Those who realize a capital gain may also be entitled to a shielding deduction (“skjermingsfradrag”), which reduces the taxable portion of equity income and lowers the final tax burden.
Your Tax Card Is an Estimate
Schanke Funnemark emphasized that the tax card issued at the start of the income year is only a projection based on known income, deductions, wealth, and liabilities at that time.
“If your income, deductions, or financial situation changes during the year, it’s your responsibility to check and update your skattekort. Otherwise, you risk either paying too little or too much tax,” she said.
Record Number of Tax Card Reviews in 2025
So far in 2025, over 3 million people have reviewed their tax card, and 1.5 million changes have been submitted—marking an all-time high.
“Never before have we seen such widespread attention to the skattekort,” said Funnemark. “This awareness is crucial. Income changes, interest rate shifts, or variations in wealth can all affect your tax liability.”
Taxpayers are encouraged to log in to skatteetaten.no and update estimates for income, deductions, assets, and liabilities for the current year. The tax card can be changed at any time and as often as needed.
“Once you’ve submitted changes, there’s nothing more you need to do. The Tax Administration will issue a new tax card, and your employer, NAV, or other payers will automatically retrieve it,” she explained.
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