Changes in the Norwegian tonnage tax regime has been saved
Changes in the Norwegian tonnage tax regime
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The shipping industry has played an important role in the Norwegian economy for centuries, and the Norwegian tonnage tax regime has been designed to ensure the competitiveness of the industry. The Norwegian tonnage tax regime, is considered highly favorable and competitive compared to many other regimes, including those found in Europe.
The EFTA Surveillance Authority (ESA) has approved the amendments proposed by the Norwegian Ministry of Finance (MOF) and stated that the revised Norwegian tonnage tax scheme is in line with state aid rules and approved a new 10-year period for the tax regime until 31 December 2027. Companies and groups within the tonnage tax regime will have to comply with all the limitations and requirements, except for the stated transitional rules, by 1 November 2018.
This article provides a detailed overview of the key features, requirements, and limitations of the revised Norwegian tax scheme.