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Norway hikes tax on oil industry by NOK 2 billion in 2023 By Reuters

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Norway hikes tax on oil industry by NOK 2 billion in 2023 By Reuters


© Reuters. FILE Image: Offshore oil and gasoline platform source vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. Picture taken August 10, 2021. REUTERS/Nerijus Adomaitis

OSLO (Reuters) – Norway’s centre-remaining authorities claimed on Thursday it prepared to elevate taxes on the country’s oil and fuel marketplace by 2 billion Norwegian crowns ($191 million) in 2023 by partly reversing an incentive offer introduced throughout the coronavirus pandemic.

The adjustment to the short-term regulations follows a surge in oil and fuel prices, the authorities said.

“When aggregated above the decades in which the short term policies will utilize, central federal government revenues are believed to increase by 11 billion crowns,” Finance Minister Trygve Slagsvold Vedum reported in a statement.

Norway, Europe’s number 1 gas supplier and a key world crude producer, pumps all-around 4 million barrels of oil equivalent for every day, making certain big economic gains from the spike in electricity price ranges.

The proposal lowers the so-identified as uplift rate, a special tax deduction, to 12.4% from 17.69%, the finance ministry reported.

“With the government’s proposal, all lucrative investments in advance of particular tax will also continue to be profitable soon after tax,” mentioned Vedum of the rural-oriented Centre Get together.

($1 = 10.4670 Norwegian crowns)

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