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Norway increases tax on oil industry to NOK 2 billion by 2023 According to Reuters



© Reuters. FILE PHOTO: Offshore oil and gas platform supply vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. Photo taken August 10, 2021. REUTERS/Nerijus Adomaitis

OSLO (Reuters) – Norway’s centre-left government on Thursday said it plans to raise taxes on the country’s oil and gas industry by 2 billion Norwegian crowns ($191 million) by 2023 by islanding partially reverse the incentive package put in place during the coronavirus pandemic.

The adjustment to regulations is temporary, the government said, following a spike in oil and gas prices.

Finance Minister Trygve Slagsvold Vedum said: “When aggregated over the years of the provisional rules, central government revenue is estimated to increase by 11 billion crowns.

Norway, Europe’s number one gas supplier and a major global crude producer, pumps around 4 million barrels of oil equivalent per day, securing large financial returns from the spike in energy prices. .

The finance ministry said it proposed reducing the so-called tax increase rate, a special tax deduction, from 17.69% to 12.4%.

“With the government’s proposal, all investments that have special pre-tax returns will also remain profitable after taxes,” said Vedum of the rural-oriented Center Party.

(1 dollar = 10,4670 Norwegian crowns)

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