The Norwegian Government issued a release on 31 August 2021 announcing proposed amendments to the petroleum taxation system. --- Proposed amendment to the petroleum taxation system The Government is proposing to revise the special petroleum tax system as of 2022, replacing the rules on depreciation and uplift with immediate investment expensing (cash-flow tax). "This reorientation prepares the oil and gas tax system for the developments anticipated on the Norwegian continental shelf in the years ahead. The changes introduce stricter tax rules with a more neutral effect on investments. A further aim is to give companies predictable framework conditions," says Minister...