Norway wants to increase taxes for energy companies

MURMANSK, 28 Sep – PRIME. The Norwegian government intends to raise more than 33 billion crowns (more than $3 billion) in additional revenue per year through taxes on electricity producers and fish farmers, the finance ministry said on Wednesday.

The government proposes to increase the effective base tax rate on land leases for hydropower from 37% to 45% starting in 2022, inclusive.

The government considers it reasonable that most of the hydropower revenue will go to the budget. The government considered that the increase in the base rate will ensure an increase in state budget revenues for many years to come.

“Under the current tax rules, income from land rental tax is estimated at about NOK 53 billion in 2022, which is about NOK 45 billion more than the 2010-2021 average,” the report said.

Prime Minister Jonas Gahr Støre and Finance Minister Trygve Vedum held a press conference to announce the government’s intention to impose a tax on land leases for aquaculture and wind energy, according to NRK broadcaster. “At the same time, they are raising the hydropower tax rate and imposing an emergency tax on hydropower and wind power due to very high electricity prices,” the broadcaster said in a statement.

Thus, the government will annually increase tax revenues by about NOK 33 billion (more than $3 billion).

“In most cases, many companies have received more (profits), and they should contribute more to the common cause. Society faces serious challenges, it needs additional income. I want to emphasize that we live in extremely difficult times,” Støre said. .