Faroese Salmon Tax Restructuring Aims for Stability

Bakkafrost P/F ( (GB:0MQ2) ) has provided an announcement.

A new political agreement in the Faroe Islands has restructured the taxation system for the salmon industry, set to take effect on January 1, 2025. This restructuring reduces the maximum revenue tax rate from 20% to 7.5% and introduces a special additional corporate tax of 12% on marine salmon farming. The changes aim to stabilize tax volatility linked to salmon prices and improve the viability of producing value-added products for contracted sales, impacting Bakkafrost’s operations and potentially providing more tax stability for stakeholders.

More about Bakkafrost P/F

Bakkafrost P/F operates in the aquaculture industry, primarily focusing on salmon farming. The company is involved in farming salmon at sea, particularly within the Faroe Islands, and is a significant player in the Faroese salmon industry.

YTD Price Performance: -5.21%

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Technical Sentiment Consensus Rating: Sell

Current Market Cap: NOK36.71B

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