OrbitaxNorway Announces Proposed Amendments to the Petroleum Taxation System
|Proposed Changes|Norway
The Norwegian Government issued a release on 31 August 2021 announcing proposed amendments to the petroleum taxation system.
---
Proposed amendment to the petroleum taxation system
The Government is proposing to revise the special petroleum tax system as of 2022, replacing the rules on depreciation and uplift with immediate investment expensing (cash-flow tax).
"This reorientation prepares the oil and gas tax system for the developments anticipated on the Norwegian continental shelf in t…