Salmon farming giant Cermaq said Monday it will freeze investments in Norway as a direct consequence of a proposed new resource tax announced last week.

“We will wait for more clear understanding of the announcement of last week and the final proposal for the resource rent tax and associated regulations,” Cermaq CEO Steven Rafferty said.

The Norwegian government is proposing the introduction of a new resource tax on salmon and trout farming of 40 percent for larger companies.

The proposed tax, which must still be approved by the Norwegian Parliament, is set to take effect on Jan.