Holm seeks changes to mackerel fishing quotas amidst tax law delays in Norway

Dennis Holm believes that ships not engaged in mackerel fishing should not be allowed to sell mackerel. He considers this a form of support that should be discontinued. Since assuming the role of Minister for Fisheries in December 2022, Holm has been advocating for this position.

However, progress has stalled, primarily because Holm is awaiting changes in the tax law regarding the final transfer of quotas, a matter that falls under Ruth Vang, the Minister of Finance. The current legislation stipulates that when quotas are transferred permanently, a special tax on the profits must be paid. This law was enacted when quotas became tradable during the tenure of former Minister Jacobi Vestergaard from 2020 to 2022.

To ensure that the state receives a portion of the profits when free quotas are sold, a specific tax needs to be applied to the profits from these sales. While this was the original intent of the legislation, there are exceptions.

Holm argues that if those who have received ten-year mackerel quotas are required to transfer them permanently instead of selling them annually, they should not be taxed according to the current special rules on permanent transfers. Nonetheless, despite the issue having been left with Ruth Vang for some time, she has yet to take any action.

“There is still no agreement on whether the mackerel support should be phased out; the matter has not been fully addressed,” says Ruth Vang.