Norwegian salmon giant SalMar is scrapping plans to expand capacity under the country's traffic light system, amid a proposed new tax increase announced earlier this week.
Earlier this year, SalMar purchased increased license capacity for 1,223 metric tons of production for $23 million.
The company has now chosen to terminate this purchase as a direct result of the new tax plan announced this week that would institute a new 40 percent tax on companies producing more than 5,000 metric tons of salmon annually, increasing the tax paid by salmon farming companies operating in Norway from 22 percent to 62 percent.
