Trade Alert: The reverse tax bomb continues in Norway
Norges Bank is still asked to sell plenty of NOKs a month by the Treasury Department, while the scope for tax income is falling apart by the week. Position accordingly through June.
Norges Bank has just communicated that it intends on selling 1.3bn NOK per day through June to match incoming tax receipts from oil- and gas companies.
Companies are still paying taxes from 2022 (when prices were higher), while the first 2023 installments on oil- and gas taxes are paid in August 2023 – there is a time lag of roughly six months between price developments in oil- and gas and subsequent changes to the tax outlook.
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Norges Bank is still asked to sell plenty of NOKs a month by the Treasury Department, while the scope for tax income is falling apart by the week. Position accordingly through June.
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