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

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

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

Norway's export revenues from oil and gas in 2021

According to the tax authorities, the oil companies have already paid NOK 94 billion net of the amount of NOK 295 billion and NOK 201 billion is to be paid from the petroleum tax for the income year 2021. The amount needs to be paid in three instalments in the first half of 2022. In addition, the interest of NOK 400 million must be paid, according to the Norway tax department press release. During the winter and autumn this year, the price of gas in Europe has been the highest ever with the price reaching the 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