The European Free Trade Association (EFTA) Surveillance Authority has approved two changes to the Norwegian Special Tax System for Shipping, which has been partially implemented since it gained approval in December 2008.
The Norwegian tonnage tax system was introduced after gaining approval from the EFTA Surveilance Authority by Decision No. 755/08/COL dated December 3 2008, it also approved transitional measures dealing with the exit from the prior tax system.
In February, the Norwegian authorities notified two changes to the approved scheme: one concerning the functioning of environmental funds established by deferred taxes, i.e. the abolition of the need to invest in environmental measures within fifteen years and a change in the limitations concerning the possibility for a company within the special tax system to extend guarantees for loans to companies outside the special tax system.
The authority, in a March 30 statement, announced that it has taken the view that the two notified changes are compatible with the functioning of the EEA Agreement.
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