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I have a private disability insurance from Germany that pays out a monthly amount. The decision to pay out was reached last year, so in addition I received back payment for the last three years. According to the tax calculation I now need to pay almost 50 % of this income in taxes. However when I look online, I see that the private insurances in Norway (and the ones in Germany for that matter), say that the taxation of this kind of insurance is usually around 5 %. What can I do?
In Norway private disability insurance that pays a monthly sum is considered risk insurance (that does not include savings). 20 per cent of the installment amount is considered income, and is subject to tax. I advice you to contact the tax authorities, or a tax advisor, for further guidance as they may assist you in calculating the proper taxable rate.