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Interest in AMS has surged in the past few years. In 1992 around 60,000 persons received a combined tax deduction of NOK 45 million for AMS investments and just one year later the number of persons with AMS investments more than doubled. From 1994 to 1996 the combined AMS deduction increased from NOK 131 to 336 million.
Preliminary figures show that in 1996 just under 367,000 people had investments in unit trusts (mutual funds) for tax credit purposes, which in Norway are known as AMS. By investing in unit trusts the investors were able to reduce their assessed taxes by NOK 336 million, or almost NOK 900 per person. Over the past few years there has been a big increase in the number of people taking advantage of the savings scheme.
Most invest the maximum amount in the savings scheme and more than eight out of 10 AMS savers took the maximum deduction in 1996. A total 337,000 persons in tax class 1 and 30,000 persons in tax class 2 had AMS this year. Few people break the savings contract. Less than 3,000 persons were levied an additional NOK 2 million in taxes because they redeemed their deposits before the expiration of the maturity period.
Under the AMS scheme, investors are given deductions for purchasing shares in securities, or buying shares or primary capital certificates in companies or enterprises registered in the Norwegian Registry of Securities. The tax deduction is limited to 15 per cent of the annual deposit. Maximum deposit is NOK 5,000 in tax class 1 and NOK 10,000 in tax class 2. To take the deduction, the investor may not redeem the deposit until after four years from the date of the deposit.
When the Norwegian tax system was reformed in 1992, three savings and tax credit schemes including AMS were eliminated. AMS was nevertheless reinstated towards the end of 1992, and has become increasingly popular ever since.
Weekly Bulletin issue no. 51-52, 1997