NEWS

OSLO, Aug 31 (Reuters) – Norway’s government has proposed overhauling taxation of its oil and gas firmsby scrapping some incentives, it said in a surprise announcement on Tuesday, further heating up a pre-election debate over the future of the country’s top industry.

If passed by parliament, the proposals would remove deductions that some economists say encourage excessive risk-taking by oil firms, and would also cut reimbursements for exploration costs.

“The changes mean that the tax conditions will be tighter and have a more neutral effect on investments. At the same time, we are making sure that companies have predictable framework conditions,” Finance Minister Jan Tore Sanner said.

Read full article.