Norway Cuts Planned Salmon Farm Tax After Industry Outcry (1)

Norway, the world’s biggest producer of farmed salmon, will lower the rate of its proposed tax on aquaculture to 35% from 40% after an outcry by the industry that it would make investments unprofitable.

The tax is part of an overhaul by the Labor-Center government to boost state revenues to cover pensions, health, police and care for the elderly. The minority cabinet — also targeting wind farms in the revamp of taxes on natural resources — is building on a model that has seen the oil and gas industry taxed heavily, helping to build a $1.3 trillion sovereign wealth fund. ...