Norwegian Finance Ministry Denies That Tax Rules Constitute State Aid For Oil Exploration

Norwegian Finance Ministry Denies That Tax Rules Constitute State Aid For Oil Exploration

Following on the beginning of an investigation into Norway’s tax rules, as they relate to possibly being considered to be state aid for oil exploration, the country’s finance ministry has issued a public statement denying such a situation. The investigation by the competition watchdog of the European Free Trade Association (EFTA) follows from a complaint filed by the Norway-based environmental group Bellona. “The Ministry maintains that the Norwegian rules on reimbursement of exploration costs and interest on carry forward of losses…do not constitute state aid under Article 61 of the EEA Agreement, and are therefore in compliance with the […]