Norway’s Likely Next Ruling Party Flags Cuts to Salmon-Farm Tax
(Bloomberg) -- Norway’s largest opposition party, the Conservatives, said it wants to reduce taxes on salmon farmers and improve conditions for the aquaculture industry as part of its party program ahead of national elections next year.
Most Read from Bloomberg
Chicago Halts Hiring as Deficit Tops $1 Billion Through 2025
World's Second Tallest Tower Spurs Debate About Who Needs It
UC Berkeley Gives Transfer Students a Purpose-Built Home on Campus
The Plan for the World’s Most Ambitious Skyscraper Renovation
The party that’s on track to beat the ruling Labor Party proposed an unspecified cut to the 25% cash-flow tax on salmon farmers and simplifying the entire taxation system, according to a draft manifesto published Monday. Henrik Asheim, deputy leader of the party and head of the program committee, said that a level about 15% could be considered, E24 reported.
Last year, Norway’s current Labor-Center government secured a parliamentary majority for a 25% resource-rent tax on aquaculture. This led salmon farmers such as Mowi ASA to cut investments for projects that they said would no longer be profitable. The Conservatives walked out of talks before a deal was reached.
The Nordic nation makes up more than half of global farmed supply of the pink-fleshed fish, benefiting from favorable conditions along its fjords and coastline that are difficult to replicate elsewhere.
Mowi shares rose 3.2% in Oslo on Monday, while Grieg Seafood ASA rose 4.2% and Leroy Seafood Group ASA gained 3.8%.
Most Read from Bloomberg Businessweek
Putting Olive Oil in a Squeeze Bottle Earned This Startup a Cult Following
‘They Have Stolen Our Business’: When You Leave Russia, Putin Sets the Terms
The Average American Eats 42 Pounds of Cheese a Year, and That Number Could Go Up
How Local Governments Got Hooked on One Company’s Janky Software
©2024 Bloomberg L.P.
