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Company News

Norway government proposes temporary tax relief for oil firms

OSLO, April 30 (Reuters) - Norway’s minority government proposed on Thursday to temporarily change tax rules for oil firms in a bid to prevent a collapse in investments amid the COVID-19 pandemic, Prime Minister Erna Solberg told a news conference on Thursday.

The plan could boost the liquidity of oil firms by as much as 100 billion Norwegian crowns ($9.7 billion) combined for 2020 and 2021, by allowing faster write-offs of investments, and thus effectively postponing tax payments until later years, she said. ($1 = 10.3202 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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