Norway to reduce deductions available to oil industry in bid to shift tax burden
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The Norwegian government is proposing to shift the tax burden more to its large oil industry to stimulate growth in other sectors.
Prime Minister Jens Stoltenberg presented a new tax plan Sunday that will increase tax revenues from the oil industry by 70 billion kroner ($12 billion) by 2050 by reducing deductions available to that sector.
Meanwhile, he will cut the corporate tax rate to 27 percent from 28 percent from 2014.
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The announcement could affect oil industry stocks when markets reopen Monday.
Stoltenberg said the "proposals will ease the pressure for industries facing international competition" while oil companies will cover a larger share of investment costs.