The fledgling cod farming sector in Norway is so far exempt from last week's proposed controversial new tax on Norway's aquaculture sector, but that could change in the future depending on production growth.

As it stands now, the proposed 40 percent tax hike announced last week currently covers the production of salmon and trout only.

But wording in the government's tax proposal leaves open the possibility that other aquaculture producers could one day fall under the proposed increase. "All aquaculture production in the sea utilizes scarce natural resources that belong to the community," says the government proposal.