Bloomberg Tax
April 30, 2020, 10:29 AM

Norway Hands $10 Billion in Tax Deferrals to Ailing Oil Industry

Mikael Holter
Mikael Holter
Bloomberg News

Norway aims to improve the liquidity of oil companies by as much as 100 billion kroner ($9.7 billion) by deferring taxes to stimulate investment during the market rout.

Norway’s oil industry had pleaded for help as it faces a global glut in crude as demand collapsed because of the coronavirus pandemic, warning that billions in spending in the country’s biggest sector was at risk. Western Europe’s biggest oil producer on Wednesday also said it would cut crude production, joining international efforts to curb supply for the first time in 18 years.

Read: Norway Joins Oil Production Cuts for First Time ...

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