Norway will continue to have the tonnage tax

Ministry of FinanceMinistry of Finance.Photo: Lise Åserud / NTB scanpix

The EFTA Surveillance Authority has approved a six-month extension of Norway’s special scheme for lower taxation of shipping activities

The Norwegian scheme provides for lower tax for shipping and calculated from ships’ net tonnage. It allows the level to be significantly lower than the normal corporate tax of 25 percent.
The current arrangement was approved by the ESA from 1 January 2007 to 31 December 2016.
The ESA now has pending plans to adjust and extend the tax by ten years.
The extension of six months makes it possible to continue the current system while ESA completes the assessment of the new scheme, according to a press release.
Source: NTB scanpix / Norway Today