In many local communities along the Norwegian coast, maritime companies account for more than half of private sector employment, which in turn is the mainstay of our welfare. All this is driven and financed by local, private owners with a commitment to long-term thinking and value creation.

We need good framework conditions that create a more investment-friendly Norway, ensuring that Norwegian owners are on equal terms with foreign competitors.

Paul-Christian Rieber, President of NSA and CEO of GC Rieber

“We need good framework conditions that create a more investment-friendly Norway, ensuring that Norwegian owners are on equal terms with foreign competitors. If we do not remove the extra cost of Norwegian ownership, we cannot complain when Norwegian companies are sold abroad,” says the president of the Norwegian Shipowners’ Association, Paul-Christian Rieber.

Paul-Christian Rieber is CEO of GC Rieber AS and Chairman of the Board of GC Rieber Shipping ASA. GC Rieber is headquartered in Bergen and is a privately owned company with operations in shipping focused on offshore and renewable energy, real estate development and various industrial companies.

To abolish the wealth tax on working capital will facilitate long-term ownership, secure jobs and further value creation and welfare along the entire coast.

Paul-Christian Rieber, President of NSA and CEO of GC Rieber

“Norwegian owners compete with foreign owners, and the wealth tax on working capital in enterprises is a significant competitive disadvantage for Norwegian-owned companies. Competitive framework conditions for Norwegian private ownership are central to the further development of the maritime cluster in Norway, among other things,” says Rieber.

The wealth tax is a special tax on Norwegian ownership that systematically discriminates against Norwegian private owners as opposed to state and foreign ownership groups. It also drains companies of capital that might have gone to innovation, the green shift and new jobs. The Norwegian Shipowners’ Association is therefore working to reduce and eventually eliminate the wealth tax on working capital.

“We have put two very demanding years for Norwegian business behind us, with major liquidity challenges as a result of the Covid-19 outbreak and a demanding global market. In addition, offshore service companies have faced major challenges for several years, with many ships in layup today.”

“It is therefore necessary to abolish wealth tax on working capital, ensuring that Norwegian companies are still Norwegian-owned when we return to a more normal market situation. This will facilitate long-term ownership, secure jobs and further value creation and welfare along the entire coast,” Rieber concludes.