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The Norwegian Ministry of Finance plans to reform the aquaculture tax

 foodmate 2022-12-20

From SeafoodNews on December 13, Norwegian Finance Minister Trygve Slagsvold Vedum announced reforms to the proposed aquaculture tax, which will be calculated based on the company's internal salmon price in 2023.

Previously, the government expressed concerns about tax arrangements, as when companies are involved in fishing and processing, companies can sell their own fish to their own business companies to reduce taxes.

The concerns of salmon farmers in the country have focused on how to tax salmon based on the market price, however, these are usually not the prices that companies pay when they enter into fixed-price contracts, which are usually below the market price.

According to SalMar of Norway, such contracts are usually concluded long before delivery, which is absolutely necessary in order for the processing plant to have sufficient processing activities.

Since the announcement of the tax plan, most major salmon farmers have announced that they will stop project development in Norway or cancel their investment plans in the country's salmon industry.

Norway's parliament (Storting) will hold negotiations in the spring, where the final tax decision will be finalized.

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