Executive summary

On 31 August 2021, the Norwegian Government announced proposals for changes in Norway’s petroleum taxation from 2022. The consultation documents regarding the proposed changes were released on 3 September. The main features are:

• Investment costs (Section 3b fixed assets) are expensed immediately in the special tax base. This immediate expense replaces the current depreciation and uplift deductions which will be discontinued. The change only applies to new investments from 2022, a…