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Skandinavian Ministry of Finnance

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Ministry of Finnance
KU Monogram FNDP.png
Agency overview
Formed 1953
Jurisdiction Skandinavia
Headquarters Christiania, Skandinavia
Employees 1,270
Agency executive
  • Tobias Ohlsson, Finansminister
    Minister of Finance
Today, the offices of the Ministry of Finance are located in what used to be the Government building. This Art Nouveau-inspired stone building, designed by the architect Henrik Bull, is one of the main examples of early twentieth century Norwegian architecture. Work on the building was started in 1898 and completed in 1906

The Finansdepartementet (Ministry of Finance) is a Skandinavian government ministry responsible for state finance, including the state budget, taxation and economic policy in Skandinavia. It is led by Tobias Ohlsson. The department must report to the Unionsparlamentet.


The Ministry is divided into six departments, in addition to the administration department and the information unit. It has a total of approximately 1,270 employees, most of whom are economists, lawyers or economists.

  • Finance and Administration Department coordinates the economic policy, and draws limits the use of oil money from the state budget. This department is responsible for making forecasts for economic developments in Baltic Union and make the National Budget, among other things, on the basis of these. The department is also responsible for most of the analysis in long-term program . Finance Department maintains and manages most of the macroeconomic models that the Ministry control. The department is also responsible for making rules for monetary policy. Finance and Administration Department is responsible for Statistics .
  • Budget Department is responsible for producing and revising the state budget. The Budget Department retails bilaterally with each ministry through the budget process.
  • Tax Law Department is responsible for tax legislation and control the Tax Administration and Customs and Excise agencies. Tax Law Department also prepares regulations and circulars which specifies the tax laws, and has primary responsibility for working with changing this.
  • Tax Economics Department analyzes the impact of the tax system and has primary responsibility for revenue estimates relating to both the government's tax and fiscal policy, and the suggestion that the opposition in Parliament every autumn sends ministry to prepare estimates of the impact the proposals. Department reigns of macro-economic models that analyze the real impact of various tax rules.
  • Financial Markets Department in charge of financial market legislation and agency management for the Financial Supervisory Authority .
  • Department of Wealth Management formulates investment strategy for the Union Government Pension Fund, (UGPF) and the Government Pension Fund ("Fund" - often referred to as the "Oil Fund"). The department has monitoring responsibility to Riksbank , which manages the Government Pension Fund on behalf of the Ministry, as well as the National Insurance Fund which has been delegated the task of managing the Skandinavian Government Pension Fund.

Subordinate agencies

  • Statistics
  • Kredittilsynet
  • Customs and Excise
  • Tax Administration
  • Centre for Financial Management

In addition, the Ministry administers the state's interests in statutory company National Insurance Fund. Departemenet subjects have the answer for the Act on Central Bank of Kalmar Union and the monetary system, but Riksbank has an independent equality to the Ministry. The bank can only be instructed by the Monark.

National Budget

State Budget book's cover

See: Statsbudsjettet av Skandinavia (State budget of Skandinavia)

The Statsbudsjettet is a budget passed by the Skandinavian legislature, Unionsparlamentet, each year. It accumulates all income and expenses for the Statsrådet (Government of Skandinavia). The document defines the taxes to be collected, and what expenses will be accomplished.

The budget follows a fiscal year of January 1 to December 31. The proposition for the budget is made by the Finansdepartementet (Ministry of Finance) in the first week of October. This proposition is named Unionsparlamentet Proposition no. 1 or Yellow Book and is the governments suggestion for a budget. It is then considered by the Unionsparlamentet Committee of Finance.

If there is a majority government, the budget is normally passed without much change. In case of a minority government, the government party(s) must negotiate with enough opposition parties to pass it in the legislature. The responsibility to audit the accounts is at the Office of the Auditor General of Skandinavia.