Svalbard and Jan Mayen Islands Information about minimum wages and taxes.

Svalbard and Jan Mayen Islands are a territory of Norway. Therefore, Norway's minimum wage and tax policies also apply to these islands. As of 2021, Norway's minimum wage is set at 185.50 Norwegian kroner per hour. This equates to a monthly income of around 20,000 Norwegian kroner. The tax system in Norway is quite high. Although income tax rates are high, the tax system also aims to contribute to the financing of social services. Income tax rates vary depending on income levels. However, rates are generally higher for higher-income individuals. Value added tax (VAT) is also applied in Norway. The standard VAT rate is 25%. However, lower rates may also be applied to some products and services. Since Svalbard and Jan Mayen Islands are a special region of Norway, they are similar in terms of tax policies. However, the region's profit tax rate is set at 16%.

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