Watch Now


Norway plans new shipping tax regime

Norway plans new shipping tax regime

The Norwegian government is planning a new tax regime within its National Budget 2008 to entice new investment in the country’s shipping companies, according to a report in The Norway Post.

   Since 1996, Norwegian maritime firms have been taxed only upon withdrawal of profits or exit from the scheme. However, the growing number of tax exemption regimes within the European Union has made the scheme less attractive, the government said.

   At the same time, the government proposes that two-thirds of the deferred taxes in the present regime, estimated to NOK 14 billion ($2.44 billion), be paid over a period of 10 years. The shipping companies will be allowed to use the remaining one-third of the tax obligations for environmental investments.