The oil tax cut package could cost the Norwegian state 10 billion kroner

Oseberg oil field platformPhoto: Helge Hansen / NTB

The bill for the oil tax package that the Norwegian parliament approved (Storting) last year is growing.

The oil tax package from June last year was originally estimated to generate a revenue loss of NOK 8 billion for the state. New calculations from the Ministry of Finance now show that the loss of revenue over time can be estimated at NOK 10 billion.

“The increased estimate is due to higher investment estimates over the period than assumed in the revised national budget for 2020,” the Ministry of Finance wrote in response to a question from the Socialist Left Party (SV) about the issue.

SV’s parliamentary representative Lars Haltbrekken believes the figures show that the SV was right when it opposed the oil tax package, which was pushed through the Storting to trigger new investments in the wake of the corona crisis, falling oil prices, and economic downturn.

“The consequences of the enormous tax cuts the oil companies received last year are far higher for the community than what the government said,” Haltbrekken warned.

“We also fear that the losses will be even greater in the future,” he added.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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