Norway’s Government proposes temporary tax stimulus measures for oil and gas companies

Executive summary

On 10 June 2020, the Finance Committee of the Norwegian Parliament issued a recommendation for temporary tax stimulus measures for oil and gas companies. The proposed law changes are expected to be enacted on 12 June 2020. The main features are:

• Oil and gas companies can depreciate 100% of investments against the special tax basis (56%) in the year of investment in 2020 and 2021
• The uplift is increased from 20.8% (5.2% per year over four years) to 24% in the year of investmen…