August 14, 2022

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The newly charged wealth tax does not allow mistakes

The newly charged wealth tax does not allow mistakes

It can quickly become “to be or not to be” for its owners.

The results of the 2021 agricultural year are in full swing. Salmon prices were up last year, too, despite the pandemic. Many breeders have made it sharp, but there are also some who have had to spread the deficit.

Among those who went to the profitable mines were, among others, Bolaks and Mortenlaks. Blom Fiskeoppdrett barely managed to reach a score of zero last year.

This is often the case in the fishing and aquaculture industry. swings. An attitude in which results emerge in waves, from high tops and deep bottoms, is normal for many primary industries.

Do your best
This is also noticeable on the tax return. In good times you pay more, and in bad times you pay no taxes at all.

Comment: Aslak Berge

The latter will now change. At least if the fish farming company is privately owned – ie not listed or owned by foreign capital. In this case, one would have to deal with a significant tightening of the wealth tax, as the valuation basis for licenses will henceforth be set at the market rate at the same time as the tax rate is tightened significantly.

Wealth tax must be paid regardless. It’s independent of the underlying process, whether it’s going well or badly, and it’s only relevant to the owners.

Read also: Pay 600 million extraordinary profits – to pay the tax bill

Thus, the farmers have to distribute broad profits, which of course are also levied on profit tax, to cover the wealth tax. Did one not earn money? Well, the owners should in any case drain the company to cover the huge increase in wealth tax.

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Gradually bigger problem
For companies that have not over time competed at peak profitability or are burdened with debt, and therefore have a limited profit base to boot, taxation itself will become a progressively greater problem.

Yes, in the end it becomes an object or not an object. Not for business, but for owners. They will not benefit from reducing the company’s equity, or taking out loans to cover the tax.

The answer will force itself forward. Unambiguous: sale (preferably to foreign owners) or listing.

Not everyone wants to live in Bø in Vesterålen or tax havens abroad. They prefer to live by Björnfjörden, in Flatanger or Heroy. Of course, they can still do that, but it’s better if they get better service by someone else who owns the store.