Public consultation on proposed changes to the petroleum taxation system

The Government has today circulated proposed changes to the petroleum taxation system for public consultation. The main proposal is to adopt a cash-flow model for the special petroleum tax.

The main elements of the proposal were published on Tuesday 31 August.

The Ministry of Finance plans to submit the necessary statutory amendments to the Storting (the Norwegian parliament) in a dedicated draft act in the spring of 2022. The changes will apply to investments made as of the 2022 tax year, with the exception of investments covered by the temporary petroleum tax rules in section 11.

The response submission deadline is 3 December 2021.

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