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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Proposed changes to the petroleum tax system
The impact on new field developments
Impact of proposed changes to probable developments* (Nkr million)
The impact on companies
Impact of proposed changes to probable developments by company (Nkr million)
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Insight | May 2013
Norway raises oil taxation for the first time in 20 years
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