Vedum about tax loopholes for property sales: – Unwanted

Finansavisen wrote last week about Tollefsen who has decided to sell apartments in 18 of 32 newly established housing associations in Oslo, a total of around 1,300 homes.

They were able to reveal that Tollefsen avoids just under one billion kroner in tax by selling the apartments as co-operative housing, i.e. in a housing association. With this move, which is completely legal, he avoids paying tax on the profit from the house sales.

Rødt leader Marie Sneve Martinussen reacted strongly to the revelation.

– All companies in Norway must pay tax on their profits, including those owned by Ivar Tollefsen. This appears as a tax loophole that should be closed as quickly as possible, Martinussen added Finansavisen last week.

Following the disclosure, Martinussen asked Finance Minister Trygve Slagsvold Vedum (Sp) et written question at the Storting where she asked if he wanted to close this so-called tax loophole.

Vedum writes in his reply that he is familiar with the series of transactions described in the article to Finansavisen. He believes the overall effect is undesirable, even if the links in the series can be viewed in isolation in accordance with established practice.

– I will therefore assess how such unwanted tax planning can be counteracted, to ensure a fair and well-functioning tax system, writes the finance minister.