Skip to main content
Advertising

Originally published Sunday, May 5, 2013 at 6:52 AM

  • Share:
           
  • Comments (0)
  • Print

Norway to shift tax burden more to oil industry

The Norwegian government is proposing to shift the tax burden more to its large oil industry to stimulate growth in other sectors.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

OSLO, Norway —

The Norwegian government is proposing to shift the tax burden more to its large oil industry to stimulate growth in other sectors.

Prime Minister Jens Stoltenberg presented a new tax plan Sunday that will increase tax revenues from the oil industry by 70 billion kroner ($12 billion) by 2050 by reducing deductions available to that sector.

Meanwhile, he will cut the corporate tax rate to 27 percent from 28 percent from 2014.

The announcement could affect oil industry stocks when markets reopen Monday.

Stoltenberg said the "proposals will ease the pressure for industries facing international competition" while oil companies will cover a larger share of investment costs.

News where, when and how you want it

Email Icon

Subscribe today!

Subscribe today!

Get 8 weeks of digital access to The Seattle Times for $1

Advertising

Advertising


Advertising
The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►