Shipping groups fight Norway in court over taxes

OSLO, June 3 (Reuters) – Norway’s government meets two shipping companies in court on Wednesday to defend its tonnage tax that imposes a big tax bill on the industry at a time when the global downturn is hammering profits.

A scheme presented in 2007 aims to make Norway’s system similar to tonnage tax systems in countries of the European Union, of which Norway is not a member. It also imposes 14 billion crowns ($2.3 billion) in back taxes on undistributed profits retained by shippers over many years.

Click here to read the entire story on Reuters.com

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