Global salmon giant Cermaq is terminating farming permits in Norway it purchased at a value of NOK 134 million (€12.8 million/$12.7 million) in reaction to the government's controversial proposed resource rent tax announced last week.

The proposed tax, which must still be approved by the Norwegian Parliament, is set to take effect in 2023 and will be applied to volumes above 4,000 or 5,000 metric tons.

If implemented, the total tax rate for salmon and trout farming would increase from the current 22 percent to 62 percent.