A committee appointed by the Norwegian government to evaluate aquaculture taxation released a report recommending the basic rate be set at 40 percent, a move that could bring in proceeds of around NOK 7 billion (€690 million/$770 million).

The committee said the proposal was modeled after Norway's tax system for hydropower plants.

The proposed tax reportedly takes into account fluctuations in profitability due to diseases, technology, and market conditions. However, the fee must be paid even if the company is running a deficit.

"We have good experience with such a tax from the petroleum and power sectors," the committee wrote.

"A surplus-based basic interest tax will adjust to the profitability of the industry as opposed to a production tax, which does not depend on profitability."

The government is expected to come back with an assessment of the committee’s proposals in the spring.

The report authors proposed a surplus-based basic interest tax be distributed between the state and the municipality through a deductible production tax that goes to the municipalities where the operations are baased.