The Norwegian Ministry of Finance sought to get the revised Tonnage Tax system approved by ESA before 1 July 2017. We refer to our previous newsletter regarding the proposed changes.
The Ministry of Finance has now announced that it will ask ESA to approve the current Tonnage Tax system for an additional 6-month period. Consequently, the new rules are not expected to be clarified and approved before 2018. The key discussions are flag-requirement and bareboat charter limitations.