Norway Cuts Petroleum Investors' Tax Deduction Amid Booming Oil Prices to Raise $1Bln

MOSCOW (Sputnik) - The Norwegian government is proposing to reduce a tax deduction on investments in the oil industry which was introduced in response to the COVID-19 pandemic in order to increase the tax take to 11 billion krone ($1.05 billion), given the current surge in oil and gas prices, it stated in a press release on Thursday.