Logic Prevails

Norwegian shipowners were rightfully overjoyed with the ruling of the nation’s Supreme Court that overturned the government’s attempt in 2007 to change the then existing tonnage tax system to one that conformed to those in the European Union. While the change going forward would have been beneficial, the conversion process required that the taxes previously deferred under the system would become painfully taxable. The government tried to make this palatable by spreading the repayment over time and giving a credit if the funds were used to benefit the environment.

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