Norway re-works tax for onshore wind farms

The Norwegian government has unveiled its revised plan for a resource rent tax on onshore wind farms that is due to take effect on 1st January 2024.

The government announced on Friday (6th October) that the proposed tax has an effective rate of 35%, and will be structured as a cashflow tax with an immediate deduction of investment costs. This is lower than the previous 40% rate proposed earlier this year.

It argued this would enable municipalities to receive a higher proportion of the revenues generated by operational wind farms. The proposal is subject to further discussions on the Norwegian parliament.

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