Ever more difficult to hide overseas wealth

Money fixed interestNorwegian bank notes, Photo: Norway Today Media

The net is closing around people who have hidden fortunes abroad. From September 30, Norwegian authorities will receive banking and investment information from 103 countries.

 

In a matter of days, the tax administration will be able to see how much money Norwegians have deposited in large financial centers like Switzerland, Singapore, and Hong Kong.

The system of exchange of financial information was introduced last year, but only 49 countries were included. By the end of the month, it will expand with 53 new countries who have signed up for the so-called Common Reporting Standard (CRS).

Persons who have not told the tax office about their value abroad can apply for voluntary rectification on their own initiative.But the time to make up for it is about to expire.

‘’It is important not to wait to contact the tax administration. It is harder to be granted voluntary correction after we have received information via CRS. We urge anyone who has unqualified earnings or wealth abroad to contact us’’, said tax director, Hans Christian Holte in a press release.

During last year’s exchange, the tax office received information about 115,000 accounts,with a total amount of more than 150 billion kroner,belonging to persons and companies that are taxable in Norway. Much of the value was already reported to the tax administration.

 

© NTB scanpix / #Norway Today

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