Ministry of Finance (Norway)

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Main entrance to the ministry Finansdepartementet forfra.jpg
Main entrance to the ministry

The Royal Norwegian Ministry of Finance (Norwegian: Finansdepartementet) is a Norwegian ministry established in 1814. The ministry is responsible for state finance, including the state budget, taxation and economic policy in Norway. It is led by Siv Jensen (Progress Party). The department must report to the Parliament of Norway.

Norwegian language North Germanic language spoken in Norway

Norwegian is a North Germanic language spoken mainly in Norway, where it is the official language. Along with Swedish and Danish, Norwegian forms a dialect continuum of more or less mutually intelligible local and regional varieties, and some Norwegian and Swedish dialects, in particular, are very close. These Scandinavian languages, together with Faroese and Icelandic as well as some extinct languages, constitute the North Germanic languages. Faroese and Icelandic are hardly mutually intelligible with Norwegian in their spoken form because continental Scandinavian has diverged from them. While the two Germanic languages with the greatest numbers of speakers, English and German, have close similarities with Norwegian, neither is mutually intelligible with it. Norwegian is a descendant of Old Norse, the common language of the Germanic peoples living in Scandinavia during the Viking Era.

Norway Country in Northern Europe

Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe whose territory comprises the western and northernmost portion of the Scandinavian Peninsula; the remote island of Jan Mayen and the archipelago of Svalbard are also part of the Kingdom of Norway. The Antarctic Peter I Island and the sub-Antarctic Bouvet Island are dependent territories and thus not considered part of the kingdom. Norway also lays claim to a section of Antarctica known as Queen Maud Land.

A ministry is a governmental organisation, headed by a minister, that is meant to manage a specific sector of public administration. Governments may have differing numbers and types of ministries, but the Brockhaus and Efron Encyclopedic Dictionary notes that all states have a Ministry of Interior, a Ministry of Foreign Affairs, a Ministry of Defense, a Ministry of Justice and a Ministry of Finance. A Ministry of Education or similar is also commonly present.

Contents

Organization

The ministry is divided into the following sections:

Subsidiaries

The following government agencies are subordinate to the ministry: [1]

A government or state agency, sometimes an appointed commission, is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types. Although usage differs, a government agency is normally distinct both from a department or ministry, and other types of public body established by government. The functions of an agency are normally executive in character, since different types of organizations are most often constituted in an advisory role—this distinction is often blurred in practice however.

Norges Bank central bank of Norway

Norges Bank / Noregs Bank is the central bank of Norway. Apart from having traditional central bank responsibilities such as financial stability and price stability, it manages The Government Pension Fund of Norway, a stabilization fund that may be the world's largest sovereign wealth fund. The limited transparency of some SWFs makes it difficult to make accurate assessments of their assets under management.

Norwegian National Collection Agency

The Norwegian National Collection Agency is a Norwegian government agency responsible for the collection of all fines issued by the police as well as debt collection from defaulted government taxes or other government debts. The agency was founded in 1990 and is located in Mo i Rana. From 2015 Statens innkrevingssentral was included in The Norwegian Tax Administration.

Norwegian Tax Administration

The Norwegian Tax Administration is a government agency responsible for resident registration and tax collection in Norway. The agency is subordinate to the Ministry of Finance and is based at Helsfyr in Oslo. It is organized in five regional organizations, based in Oslo, Skien, Bergen, Trondheim and Tromsø, in addition to local tax offices.

The ministry also owns 19.1% of the Nordic Investment Bank

Nordic Investment Bank the joint international financial institution of Denmark, Finland, Iceland, Norway, and Sweden

The Nordic Investment Bank (NIB) is an international financial institution founded in the mid-1970s by the five Nordic countries: Denmark (incl. Faroe Islands, Greenland), Finland (incl. Åland Islands), Iceland, Norway and Sweden. In 2005, Estonia, Latvia and Lithuania became members of the Bank. NIB’s headquarters are located in Helsinki, Finland. NIB acquires the funds for its lending by borrowing on the international capital markets.

See also

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References

  1. Norwegian Ministry of Finance. "Management of Subordinate Agencies" . Retrieved 2007-06-27.