Tax take represents hundreds of millions of dollars less than the government had originally projected.
The Norwegian government collected NOK 868 million ($76 million) through its newly introduced salmon tax in 2023, according to a report by Bergens Tidende.
The figure represents the first year of revenue from the resource rent tax on aquaculture, which targets the farming of salmon and trout.
Senior Advisor Mads Kvernen Kleppe of the Norwegian Tax Administration confirmed the details, stating that the net sum of NOK 867.9 million ($77.9 million) was calculated after deductions for the production fee.
State Secretary Erlend Grimstad (Centre Party) addressed the figures in an email to IntraFish, highlighting the public benefit of the new tax:
“This is the first year the aquaculture resource rent tax has been collected, and it is encouraging that NOK 868 million ($76 million) will now benefit the wider community. We were fully aware that the tax intake in the first year could exceed or fall short of initial projections. We have been transparent about the significant uncertainties surrounding forward-looking estimates, particularly because this is a new tax,” Grimstad stated.
The Norwegian Ministry of Finance has projected that the salmon tax could generate NOK 4.5 billion ($403 million) in revenue for 2024. These estimates remain subject to market conditions and taxpayer compliance as the policy matures.
Industry Pushback
The resource rent tax, commonly known as the “salmon tax,” was announced in autumn 2022 and implemented on 1 January 2023. However, the legislation was not finalized until May 2023, leading to criticism from the aquaculture sector.
Industry representatives have expressed concerns that the tax could undermine competitiveness and reduce investment in coastal communities. Critics have also pointed to the rapid rollout of the measure and its uncertain long-term implications.
Despite this opposition, the government maintains that the tax is essential for ensuring that profits from Norway’s natural resources are shared with the public. The broader effects of the policy on both the aquaculture industry and government revenues will likely become clearer in the coming year.
