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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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Norway raises oil taxation for the first time in 20 years PDF - 472.42 KB 4 Pages, 3 Tables, 0 Figures
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Description
This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.
This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.
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Wood Mackenzie assumes the average annualised gas price in nominal terms is US$9.98/mcf in 2013, US$10.20/mcf in 2014, US$10.48/mcf in 2015, US$10.23/mcf in 2016, US$9.82/mcf in 2017 and US$9.29/mcf in 2018, escalating at 2% per annum from the beginning of 2019 onwards. These prices refer to gas with a calorific value of 40MJ/m3.
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In this report there are 3 tables or charts, including:
Executive Summary
Proposed changes
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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