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Although they are exempted from paying taxes on ordinary income, shipping companies are nevertheless taxed on net financial income, taxable dividend income and other taxable income, which amounted to NOK 113.8 million in 1996. Of this amount NOK 29.8 million was other taxable income, income which can arise from the use of the transition rules in Section 51A of the Taxation Act. Of the combined taxable income, NOK 8.2 million was assessed by municipalities and counties and NOK 23.6 million by the Tax Equalization Fund. The companies had a compensation deduction of NOK 6.6 million, yielding altogether NOK 41.9 million in assessed income taxes in 1996.
Altogether 213 shipping PLCs met the criteria for inclusion under the new tax rules for the shipping industry that went into effect in 1996. Of these 158 companies moved into a tax liable position and were assessed for a total of NOK 41.9 million in taxes. Tonnage taxes amounted to NOK 16.7 million. Tonnage tax is a new type of tax and is computed on the basis of information on the size of the ships (net tonnage) and the number of days they were in operation during the income year.
Weekly Bulletin issue no. 13, 1998