Ernst & Young: Norway leading way in North Sea tax reform

05/03/2004
The Norwegian Ministry of Finance's proposed tax reforms look promising for international oil and natural gas companies already doing business in Norway and enhance Norway's attractiveness for new international investors, said Ernst & Young LLP energy and tax expert Derek Leith.In an interview with OGJ from his Aberdeen office, Leith called the proposed changes "more sweeping than the piecemeal reform of the UK system that has taken place over the last few years."He said, "Not only will gains realized on the sale of shares by companies be exempt from taxation, but also dividends received by companies will no longer be liable to tax. The UK introduced an exemption for gains in 2002...
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