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Home News Norway plans resource tax on onshore wind farms

Norway plans resource tax on onshore wind farms

by Uma Rajagopal
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2023 10 06T062754Z 1 LYNXMPEJ9505X RTROPTP 4 NORWAY WIND

Norway plans resource tax on onshore wind farms

OSLO (Reuters) – Norway will introduce a resource rent tax on onshore wind power from 2024, although existing facilities will get “generous transitional arrangements”, the government said on Friday.

“The proposal will ensure that a larger share of the value added in the wind power industry will accrue to society as a whole. Host municipalities will be better off under the proposal,” the government said in a statement.

The government is proposing an effective tax rate of 35%, structured as a cash flow tax with an immediate deduction of investment costs.

“At least half of the revenues will accrue to municipalities. This is achieved through the production tax, supplemented by an additional appropriation in years of high resource rent,” it added.

 

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.