The government of Norway has had its resource rent tax on aquaculture passed by the country’s parliament (Storting), but the controversial proposal’s rate of 35% was lowered to 25%.
Including corporate tax, the new rate will be 47%, rising to about 65% when including Norwegian wealth tax. The additional tax only applies to the value added to fish during the final at-sea grow-out stage.
The initial proposal, announced in September 2022 by the Labour Party and Centre Party coalition government, was for a 40% tax. There has been considerable opposition to this rate and the revised 35% put forward in March this year, with salmon farmers putting investments on hold and warning of further economic impacts.
The new rate secured the support of the Liberal Party and Patient Focus, giving the government sufficient votes to pass the tax.
In a statement, producer Grieg Seafood ASA said the new resource tax is “significantly better” than the original proposal of 40%.
“Grieg Seafood will study the details of the final tax when they have been made public and evaluate all investments that are put on hold in light of the final tax,” it said.
