More shipping companies comply with new rules

1997 was the second year of the new tax rules for the shipping industry, and fully 670 limited companies complied with the criteria in order to operate under the new rules. This is more than a trebling from the year before when the number was 213 limited companies.

The new tax rules for the shipping industry are governed by Section 51A of the Taxation Act. Under the new rules, companies pay taxes on net financial income, dividend income and other taxable income in addition to tonnage tax.
In 1997, total taxable income accounted for about NOK 480.7 million, an increase from the year before with NOK 366.9 million. Assessed municipal and county taxes on income amounted to NOK 32.4 million while the fiscal equalization tax came to NOK 102.1 million. On top of this came tonnage taxes, which amounted to NOK 44.7 million in 1997 or an increase of NOK 28.1 million. Deduction for taxes on received dividend was NOK 5.9 million. Total assessed taxes thus amounted to NOK 173.5 million, an increase of NOK 131.5 million from the year before. Four hundred and ninety-two companies were in a tax liable position, compared with just 158 in 1996.
Companies outside the scheme
Assessed taxes of limited shipping companies outside the system were reduced by NOK 411.9 million in 1996 to NOK 268.9 million in 1997. This was mainly because more firms have conformed to the new tax rules. Assessed taxes of shipping companies covered by the scheme and for shipping companies outside the system were reduced from NOK 453.8 million in 1996 to NOK 442.3 million in 1997. The number of shipping companies outside the system is based on figures for companies taxed according to the Directorate of Taxes' group of limited shipping companies found in the register of non-personal taxpayers.

New Statistics
Tax statistics. Shipping companies, 1997.
The statistics are published annually in the Weekly Bulletin of Statistics. For more information contact: Trond.Vevle@ssb.no, tel. +47 62 88 55 80, or Per.Morten.Holt@ssb.no, tel. +47 62 88 53 21.

Weekly Bulletin issue no. 12, 1999