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Norway will hike taxes by 3 billion USD

Norway will hike taxes by 3 billion USD

The finance ministry stated in a statement that billions of crowns are made on their shared resources by energy producers and the aquaculture sector. That is why the government is now proposing that a greater portion of the value generated be returned to society. While Norway possesses the world's largest sovereign wealth fund, worth 1.2 trillion USD, the government says it expects to restrict expenditure from the fund next year to combat inflation.

The additional taxes impose a resource rent tax on aquaculture and wind power, a resource rent tax increase on hydropower, and an exceptional tax on wind and hydropower owing to extremely high electricity costs. The costs of bringing in migrants, continuing public construction projects, benefit payments, and home electricity subsidies will grow by around 10 billion USD in 2023, according to the government.

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Movement of USDNOK in the last five years. (Source: Trading Economics)

Exchange rate at the time of writing was: 1 USD is 10,93 NOK (Norwegian Crown)

Sources:

https://tradingeconomics.com/norway/currency

https://www.bloomberg.com/news/articles/2022-09-02/norway-to-subsidize-up-to-1-billion-of-power-grid-fees

https://www.iqstock.news/n/norway-hike-taxes-billion-power-firms-fish-farms-4660102/

https://www.reuters.com/markets/europe/norway-hike-taxes-by-3-billion-power-firms-fish-farms-2022-09-28/#:~:text=OSLO%2C%20Sept%2028%20(Reuters),(%243%20billion)%20a%20year.

https://www.investing.com/news/stock-market-news/norway-to-hike-taxes-by-3-billion-on-power-firms-fish-farms-2900448