Trade Alert: The reverse tax bomb continues in Norway
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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