OSLO, Norway (AP) -- The Norwegian government is proposing to shift the tax burden more to its large oil industry to stimulate growth in other sectors.
Prime Minister Jens Stoltenberg presented a new tax plan Sunday that will increase tax revenues from the oil industry by 70 billion kroner ($12 billion) by 2050 by reducing deductions available to that sector.
Meanwhile, he will cut the corporate tax rate to 27 percent from 28 percent from 2014.
The announcement could affect oil industry stocks when markets reopen Monday.
Stoltenberg said the "proposals will ease the pressure for industries facing international competition" while oil companies will cover a larger share of investment costs.