Norway wants to increase taxes on energy producers

In Norway, the government is proposing to increase taxes on energy producers to recover 3.2 billion euros per year.

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The Norwegian government proposed on Wednesday to increase taxes on energy producers and the aquaculture sector, which would allow it to raise about 33 billion kroner (3.2 billion euros) in additional tax revenue per year.

“Energy producers and the aquaculture sector earn billions of crowns from our common resources. The government is now proposing that an increased share of the value created should be returned to society,” the Finance Ministry said in a statement.

The proposal calls for a new resource rent tax on aquaculture farms and wind power producers – who use public space for their operations – and an increase in that same tax on hydroelectric producers.

It also includes an extraordinary tax on wind power and hydroelectricity “due to very high electricity prices”.

The extra revenue would help fill, in part, a hole of about 100 billion kroner in extra budget spending next year related to social assistance, hosting Ukrainian refugees, construction projects and helping households pay their electricity bills.

With a minority in Parliament, the centre-left government needs the support of other parties to pass its bill. This has already been criticized by the employers.

“It is dramatic that the government is introducing such major tax changes,” commented the head of the main employers’ organization (NHO), Ole Erik Almlid.

“What Norwegian businesses need now is predictability. Instead, the government is introducing a 33 billion kroner shake-up on top of already high taxes for the business community,” he lamented, as quoted by NTB.

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