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Norway

4 May 2020

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Norway's Proposed Package of Measures to Support the Oil and Gas Industry and the Supply Industry

The Norwegian Government has announced a proposed package of measures to support the oil and gas industry and the supply industry, which have been severely affected by the COVID-19 pandemic and the restrictive infection control measures that have been introduced both in Norway and in the rest of the world. The main points of proposed temporary amendments to petroleum taxation are summarized in the announcement as follows:

  • Oil and gas companies will be allowed to deduct investments, including uplift, from the special tax base immediately. Uplift will be reduced from 5.2% for each of the first four years to 10% for the first year only. This will apply to investment costs the companies incur in 2020 and 2021, and to investments included in plans for new developments (PDOs/PIOs) that are submitted by the end of 2021 and approved by the end of 2022, and until production starts. These amendments will not apply to investment costs the companies incur after 2024.
  • The companies will be able to have the tax value of losses in the income years 2020 and 2021 refunded.
  • The Ministry of Finance will assess these amendments with reference to the EEA Agreement.
  • The Government will submit these proposals in the form of a bill to the Storting on 12 May.

The Government will also present a green restructuring package for business and industry towards the end of May. These measures are intended both to support the oil and gas industry and to help the supply industry to continue its green transformation. The package will include more funding for research, development, and innovation.

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