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Norway defends its tax regime supporting oil exploration

OSLO: Norway’s tax rules for the oil industry do not constitute state aid, its finance ministry told a European competition watchdog on Friday. The competition watchdog of the European Free Trade Association (EFTA) is investigating the tax regime following a complaint by Norwegian environmental group Bellona. Environmental groups, including Greenpeace, have also mounted a legal battle in Norway to try ... Read More »

Norway’s electricity consumption hits all time high in 2017

OSLO: Norway’s consumption of electricity came to 134.1 terawatt hours (TWh) in 2017, reaching the highest level ever recorded, the country’s statistics bureau said on Thursday. Domestic electricity consumption in the Nordic country in 2017 increased by 0.7 percent compared with 2016, Statistics Norway said in a report. The all-time high in electricity consumption coincides with increased consumption in crude ... Read More »

Norway sign VAT fraud prevention deal

OLSO: Norway have signed a new agreement on administrative cooperation on VAT compliance. The agreement was signed on February 6. It will provide EU member states and Norway with a legal framework for administrative cooperation in the prevention of VAT fraud and for mutual assistance in the recovery of VAT claims. Norway is the first country with which the EU ... Read More »

Value of Norway’s Jan seafood export

OSLO: Norway’s Seafood Council said on Monday. The value of Norwegian seafood exports rose by 2 pct year-on-year in January to NOK 7.7 billion ($994.23 million) Volumes rose 13 pct year-on-year to 198,000 tonnes “The growth in value seen in Norwegian seafood exports in January is due to whitefish products.” The value of salmon exports, the biggest category, was flat ... Read More »

Norwegian economic growth likely to have decelerated slightly in 2017

OLSO: Norway’s mainland GDP growth has averaged 0.6 percent quarter on-quarter. The fourth quarter figure is not expected to be any significantly different, noted Nordea Bank in a research report. The economy is expected to have recorded marginally weaker growth due to deceleration in the retail sector after two very strong quarters. However, this should not be seen as a ... Read More »

Fish industry leader in Murmansk says catch imports from Norway

OLSO: Mikhail Zub follows up. According to the fish company leader, Russia should resume fish imports from Norway in order to revive fish processing in Murmansk. The issues was addressed in a recent meeting in the federal Fisheries Agency Zub reportedly proposed to abolish parts of the counter-sanctions and allow for import of refrigerated fish like capelin, herring, cod, haddock and ... Read More »

Norwegians could come to U.S. for lower taxes

OLSO: Norwegians might consider immigrating to the United States: taxes. Yes, they seem to have it made in Norway with universal health care, free college and a senior pension for all, but at what cost? All these benefits are paid for by two primary sources of government income. The first is taxes. For the year 2017, Norwegians paid personal income ... Read More »

Unions fear Norway export drive will end era of cheapest power

OLSO: Norway’s vast resources of Europe’s cheapest and greenest electricity has helped its energy-intensive industry gain an edge and produce everything from aluminum to chemicals and tankers. But now the nation’s powerful unions are objecting to plans by grid managers and utilities to get in on the act by spending more than $6 billion on cables to profit from selling ... Read More »

Norway’s China salmon sales rising

OLSO: Norwegian salmon exports to China rose to 557 metric tons in week three of 2018, from 399t the previous week, and from 97t in the corresponding week of 2017, reports Reuters, citing data from Seafood Norway. The Chinese volumes remain small when compared to Norway’s overall salmon exports, which hit 16,531t in week three. In late 2016 Norway and China began ... Read More »

Norwegian salmon exports to China rose further last week

OSLO:  Norwegian salmon exports to China rose to 557 tonnes last week from 399 tonnes the previous week, and from 97 tonnes in the corresponding week last year, data from Seafood Norway showed on Thursday. The Chinese volumes remain small however when compared to Norway’s overall salmon exports, which last week hit 16,531 tonnes. The industry considers a recovery of ... Read More »

Norway stresses support for JCPOA boosting trade with Iran

OLSO:  Norway’s ambassador to Tehran stressed his country’s resolve to preserve the 2015 Iran nuclear deal, and called for further development of trade ties between the two sides. Lars Nordrum made the remarks on Tuesday in a meeting with representatives of Iranian businesses and trade companies in Sari in northern Iran. He noted the signing of four economic contracts in the ... Read More »

Norway advocates global digital tax solution

OLSO: Norwegian Government is considering possibilities for the taxation of multinational companies’ “value creation” in Norway, including in the area of value-added tax, although it said that it would prefer a multilateral agreement on any new measure. In a letter to the parliamentary finance committee dated January 18, Finance Minister Siv Jensen wrote that the proposals under consideration are aimed ... Read More »

Norway new coalition Gov’t commits to lower taxes

OLSO: Norway’s Government has affirmed its commitment to “lower and simpler taxes” as part of a new governmental platform agreed recently by a three-party coalition. According to a summary of the agreement published by the Conservative Party, or “Hoyre,” the Government will seek to improve the tax system “by reducing tax rates and reviewing tax deductions that have little relation ... Read More »

Norwegian salmon exports to China rose further last week

OSLO: Norwegian salmon exports to China rose to 399 tonnes last week from 88 tonnes the previous week, and from 58 tonnes in the corresponding week last year, data from Seafood Norway showed on Thursday. The Chinese volumes remain small however when compared to Norway’s overall salmon exports, which last week hit 17,101 tonnes. The industry considers a recovery of ... Read More »

Aberdeen oil explorer steps up North Sea activity off Norway

OLSO:  Petroleum is preparing to ramp up exploration activity in the North Sea but only has plans to drill on the Norwegian side of the border where there are greater incentives on offer. The Aberdeen-based oil and gas firm announced it has been awarded eight new exploration licences covering huge swathes of the Norwegian North Sea in the latest round. ... Read More »

Norway boosts sugar tax Sweden sees sweet deal

OLSO: Swedish supermarkets are drooling over a sugar tax hike in neighboring that promises a boom in binge border shopping trips for cheap candy and sodas. decision to place a heavy new tax on sugar in order to improve the national diet  while raising revenues  is setting up a classic clash between social engineering and free-market capitalism, and in even ... Read More »

Norway trade Surplus rises in December

OLSO: Norway’s foreign trade surplus increased in December from a year ago, as exports grew faster than imports, preliminary figures from Statistics Norway showed Monday. The trade surplus climbed to NOK 24.7 billion in December from NOK 22.9 billion in the corresponding month last year. In November, the trade balance showed a deficit of NOK 9.1 billion. Both exports and ... Read More »

Sweet deal after Norway levies new sugar tax

OLSO:  Swedish supermarkets are drooling over a sugar tax hike in neighboring Norway that promises a boom in binge border shopping trips for cheap candy and sodas. Norway’s decision to place a heavy new tax on sugar in order to improve the national diet  while raising revenues  is setting up a classic clash between social engineering and free-market capitalism, and ... Read More »

Netherlands has responsibility to lead after Brexit

AMSTERDAM: The Netherlands has a responsibility to lead after Brexit and worries that Germany is putting too much faith in “more Europe”, Prime Minister Mark Rutte has said. In an interview with the Sunday morning talk show Buitenhof, the liberal party leader pointed out that he had recently held summits with other Benelux nations, the Balts, Central Europeans and Nordics. ... Read More »

Norway gas exports hit 40-year high in 2017

OLSO: Norwegian natural gas exports to continental Europe and the UK set an all-time record in 2017, with shipments via pipeline hitting 117.4 billion cubic meters (Bcm), Kallanish Energy learns. The volume, produced in the Norwegian Continental Shelf (NCS), rose 8% compared to 2016, state-owned pipeline system operator Gassco said Thursday. Exports of natural gas liquids (NGLs) and condensates increased ... Read More »