Norway: Oil, gas taxes hit record high $33 billion in 2021 amid energy price hike

petroleum tax for 2021 in Norway increased from NOK 114 billion to a record high of NOK 295 billion ($33 billion). increase in petroleum tax has been caused due to very high gas prices in second half of year. Nina Schanke Funnemark, Norway's tax director, informed that amount comprised a positive petroleum tax of NOK 302 billion and a negative petroleum tax which is reimbursement of tax value of losses and unused tax revenue of NOK 7 billion, according to tax department press release. 

According to Nina Schanke Funnemark, petroleum tax has never before been as high as it has been registered in 2021 and she attributed it to high gas prices in second half of year. Director of Taxes furr insisted that previous record was back in income year 2008 when positive petroleum tax was NOK 253 billion and negative petroleum tax was NOK 6 billion. tax authorities in press release revealed that audit of forward tax was me in January 2022 after income year prior to due date for fourth term. updated figures obtained by tax authorities from companies and forward tax has been justed and it has revealed that petroleum tax has reached NOK 295 billion. 

Norway's export revenues from oil and gas in 2021

According to tax authorities, oil companies have alrey paid NOK 94 billion net of amount of NOK 295 billion and NOK 201 billion is to be paid from petroleum tax for income year 2021. amount needs to be paid in three instalments in first half of 2022. In dition, interest of NOK 400 million must be paid, according to Norway tax department press release. During winter and autumn this year, price of gas in Europe has been highest ever with price reaching value of $350 per barrel, Sputnik reported. Norway's export revenues from oil and gas in 2021 have been raised to NOK 825 billion ($92 billion) from NOK 326 billion ($36 billion) in 2020, Sputnik reported citing Norway Statistics figures.  

Image: Twitter/@NinaSFunnemark