The final details surrounding the controversial salmon tax were announced by the Norwegian government on 25 May 2023. In the latest revision, the ground rate will be set at 25%, which is lower than the initial proposal of 40%, and below the 35% rate that was proposed in March 2023. The agreement also includes a reduced wealth tax discount (affecting privately owned salmon farmers) from 75% to 50%, which could make more funds available for aquacultural communities and environmental regeneration.
Despite this revision, the sentiment among Norwegian farmers remains defiant. Geir Ove Ystmark, the CEO of Seafood Norway, said, “The model is bureaucratic, demanding for the companies to administer, and it is a tax that is introduced retroactively. The tax pressure will of course be less by increasing the tax by 25% than by increasing the tax by 35% or 48%. But in any case, the overall tax burden is still too high for the coastal business community”. Grieg Seafood, a major salmon industry player, has put all Norwegian investment plans on ice, and the company has now said these will be re-evaluated when it has examined the tax plan.
