Norway moots 40 percent tax for the country’s largest trout and salmon farms
Salmon
Norway
Published Sep 29, 2022
Tridge summary
The Norwegian government has proposed introducing a new 40 percent “resource rent” tax on the country’s largest producers of salmon and trout, with effect from 1 January.
Original content
The proposal has been sent out for consultation today and has caused share prices of the country’s leading publicly traded salmon farming firms - Mowi, Leroy Seafood, and SalMar – to nosedive by up to 19 percent. However, farmers who produce less than 5,000 tonnes per year – over two thirds of the country’s producers – are likely to be given an exemption. The rationale behind the new tax is based on the sector’s use of public resources, and already applies to sectors such as hydroelectric power stations that profit from state assets. Previously proposed in 2019, it is back on the agenda following the rise in the costs of the provision of public services that is affecting all of Europe as a result of the Russia-Ukraine war. Municipalities close to the farms are likely to benefit the most, as Norway’s Finance Ministry explained in a statement. “A key element of the proposal is that the local communities which make natural resources available should be guaranteed a share of the ...
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