Norway announced October 8 a significant increase in carbon taxes, changes to the rules on the deductibility of bad debts between related companies, and an expansion of the oil industry’s petroleum tax. The changes were announced in the last budget plan before the September 2013 general election, and parliament is expected to approve them by the end of the year. The carbon tax on petroleum activities will be increased by $35/MT, nearly doubling the current rate. The plan also includes increases in the CO2 and NOx elements of the tax levied on new vehicle purchases, and a reduction in the vehicle re-registration tax.