Frøy Rederi notified of possible amendment of tax assessments for income years 2019 and 2020 and forced withdrawal from tonnage tax regime?

23 Feb 2023 21:32 CET

Frøy Rederi AS (“Frøy Rederi”), a wholly owned subsidiary of Frøy ASA (the
“Company") has been covered by the Norwegian special tonnage tax system since
its incorporation in 2013. As described in the Company’s 2021 annual report,
Frøy Rederi has been notified by the Norwegian Tax Administration (the “NTA”) of
a possible amendment of its tax assessments for income years 2019 and 2020. Frøy
Rederi has now received from the NTA a draft decision stating that Frøy Rederi’s
activities are not covered by the tonnage tax scheme and that there is basis for
amending its tax assessment for the income years 2019 and 2020. Frøy Rederi
disagrees with the NTA’s preliminary position and will object to and defend its
legal position.​

In the event an amendment of the tax assessments for the income years 2019 and
2020 is upheld in a final and binding decision, the consequence for Frøy Rederi
would be a forced withdrawal from the tonnage tax regime and entry into the
ordinary tax regime going forward.​

No final decision has been made by the NTA.​

Should the NTA rule in line with the draft decision received and this is upheld
in a final and biding ruling, the Company’s preliminary assessment is that there
will be limited changes in taxes to be paid for income year 2019 and 2020.​

For further information, please contact:​

Tonje Foss, CEO, +47 996 10 116​
Sondre Vevstad, Interim CFO, +47 936 54 555​

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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