On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on the Norwegian Continental Shelf. It is also proposed that tax liability be introduced for foreign workers deriving income from activities related to the exploitation of renewable energy resources (offshore wind), mineral activities, and carbon management on the continental shelf. This follows up on the tax liability for foreign companies’ business income from these activities, which was introduced in the state budget for 2024. The proposal highlighted that in the Tax Act, foreign companies and their employees engaged in activities on the shelf are not subject to taxation, whereas Norwegian companies and employees residing in Norway are liable to tax. The proposal aims to rectify this discrepancy by ensuring that Norwegian and foreign entities and employees are taxed equally, imposing a standard 22% tax rate on the income of foreign companies and their employees.
