Taxes

In Norway income tax (`inntektsskatt`) and wealth tax (`formuesskatt`) are direct taxes (`direkte skatter`). Income tax is paid directly as a percentage of income, whereas wealth tax is a tax on things you own, such as a house, bank deposits etc. Taxes are paid both to the state and the local municipality. In addition, a premium is paid to the social security system to finance public hospitals, medical treatment and various social benefits.