Tax statistics. Shipping companies, 1999

Of the 816 companies covered by the regime in 1999, 576 were joint-stock companies and 240 were participant taxed companies.

Joint-stock companies covered by the regime

Altogether 840 joint-stock companies have been covered by the special regime since it came into effect in 1996. Around 120 of these have participated all four years. Of the 633 joint-stock companies that participated in 1998, more than 500 are still involved.

Even though the number of companies involved in the regime declined, net financial income rose by more than NOK 50 million, from NOK 386 million in 1998 to NOK 437 million in 1999. On the other hand, taxable dividend income was reduced by NOK 35 million in the same period. Taxable income amounted to NOK 526 million in 1999, an increase of NOK 14 million from the year before. The tonnage tax totalled NOK 78 million in 1999 and deductions for taxes on received dividend came to NOK 18 million. Total assessed taxes thus came to NOK 206 million, a reduction of NOK 5 million from the year before.

Qualifying assets

In order to qualify for the regime the joint-stock company must have at least one assets. This can be ships, contractor vessels in service or drilling vessels, stakes in participant taxed companies, stakes in Norwegiancontrolled foreign companies (NOKUS) or shares in other joint-stock companies covered by the regime.<br/>

In 1999, around 1 200 ships and vessels were covered by the regime; this is almost 20 fewer ships than the year before. The number of ships and vessels in 1997 was around 1 000. Two hundred and thirty joint-stock companies did not own the ships directly, but only owned shares in other companies. All told, the joint-stock companies owned 821 shares in other companies.

About the regime

Section 51A of the Taxation Act stipulates a number of requirements that must be met to be covered by the regime. Companies that come under the regime may either be joint-stock companies or participant taxed companies. In order for a participant taxed company to qualify, all participants must be Norwegian joint-stock companies covered by the regime, or foreigners not taxable to Norway. As a result, all participants required to pay taxes to Norway are included in the figures for joint-stock companies covered by the regime.

Tables:

• Table 1 Number of joint-stock companies and participant taxed companies assesed according to section 51A of the Taxation Act. 1996-1999
• Table 2 Taxable income and assesed taxes for joint-stock companies assesed according to section 51A of the Taxation Act. 1997 - 1999. Thousand kroner
• Table 3 Number of qualifing assets in joint-stock companies and participant taxed companies according to section 51A of theTaxation Act
• Table 4 Taxable income and tonnage tax for shipping companies assesed according to section 51A in the Taxation Act, by total assets. Average. 1999