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Norway raises oil taxation for the first time in 20 years

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Report summary

On 5 May 2013 the Norwegian Government announced a proposal to reduce the capital uplift in the petroleum tax system from 30% to 22% with immediate effect. The proposal includes a reduction in corporation tax from 28% to 27% and an increase in special petroleum tax from 50% to 51% leaving the marginal rate of tax unchanged at 78%. This will be effective from 1 January 2014. The changes were a surprise especially given Norway's reputation for fiscal stability.

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Tables and charts

This report includes 3 images and tables including:

Tables

  • Proposed changes to the petroleum tax system
  • Impact of proposed changes to probable developments* (Nkr million)
  • Impact of proposed changes to probable developments by company (Nkr million)

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