UPDATE 3-Norway plans temporary tax relief for oil firms [Reuters (UK)]
Equinor ASA (EQNR)
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Source: Reuters
Norway plans temporary tax relief for oil firms - Reuters 4 Min Read OSLO (Reuters) - Norway proposed on Thursday to temporarily ease tax rules for oil firms to try to prevent a collapse in investments due to the coronavirus pandemic and a related collapse in crude prices. The plan could boost the liquidity of oil companies by as much as 100 billion Norwegian crowns ($9.7 billion) over 2020 and 2021, Prime Minister Erna Solberg said. The companies will be allowed to write-off investments more quickly, effectively postponing tax payments until later years. Norway is western Europe’s biggest oil and natural gas producer, and represents about 2% of global crude output. It has been hit by the plunge in oil demand as countries lockdown their economies to tackle the pandemic and a slump in crude prices. The plan does not change the headline tax rate of 78% that oil firms pay on profits, but by raising deductions on new investments, the taxable profits will become smaller in the next several
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