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Today’s Top Headlines




EFTA Approves Norwegian Tonnage Tax Extension

by Ulrika Lomas, Tax-News.com, Brussels

14 November 2016

The European Free Trade Association Surveillance Authority (EFTA Surv) has approved a six-month extension of the current Norwegian special tax system for shipping under the area's state aid rules.

Under this scheme, shipping income is exempted from ordinary corporate tax and only a tonnage tax related to the vessel's tonnage is due. This arrangement usually leads to maritime companies paying significantly less tax than taxpayers subject to the corporate income tax.

The current scheme was approved by EFTA Surv from January 1, 2007, until December 31, 2016.

The authority is now considering Norway's plans to revise and renew the scheme for ten years. The six-month extension allows the current scheme to continue until EFTA Surv has finalized its assessment of the new scheme.

TAGS: tonnage tax | tax | marine | Iceland | Liechtenstein | Norway | Switzerland | Europe

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