Rate for:

Interest rate for the carryforward of deficits and surplus tax-free income

Due to the introduction of cash flow tax for the special tax, starting from the 2022 income year, interest is no longer calculated on deficits and unused uplift.

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Established by the Ministry of Finance on 19 January 2022 pursuant to Section 16 of Regulation No. 316 of 30 April 1993 on the taxation of income earned through the extraction and pipeline transport of petroleum.

Pursuant to Section 16 of Regulation No. 316 of 30 April 1993 on the taxation of income earned through the extraction and pipeline transport of petroleum, an interest rate must be established for use in the carryforward of deficits and surplus tax-free income under Section 3 (c) second paragraph first point and Section 5 sixth paragraph second point of the Petroleum Tax Act. The interest rate is based on the interest rate for treasury bills with a term of 12 months, plus 0.5 percent and adjusted downwards by 22 percent.

The interest rate for 2021 is therefore set at 0.7 percent.