May 13, 2020

Norway propose new production tax on salmon, trout and rainbow trout aquaculture

The new moderate taxation replaces the initially proposed salmon farm resource rent tax, which was opposed by the industry, reported Fish Information & Services.

Norway's government said in a press release that proceeds from the proposed tax will be allocated towards aquaculture and county municipalities. In addition, revenue gained from the sale of new permits will also be distributed to those parties.

The proposed tax will be set at NOK 0.40 / kg (~US$0.039; NOK 1 = US$0.098) of produced fish, which is expected to provide about US$48.4 million per year as of 2022.

Odd Emil Ingebrigtsen, Fisheries and Seafood Minister said the proposed tax gives municipalities a share of the aquaculture income, balancing the needs of the industry and aquaculture municipalities.

-      Fish Information & Services