Altogether, 515 Norwegians have volunteered for the IRS scheme last year, and stated that they have withheld a total of 14 billion in taxation.
The total amount is twice as high as that reported in 2015. And the number of people signed up is around 30% higher than the year before. This is a record number, confirmed tax director, Hans Christian Holte, to Aftenposten newspaper.
‘The typical person who signs up is a man in his 50s living in eastern Norway,’ said Holte.
He believes the surge is due to fear of being found out. During this year, and next year, a scheme is being put into force in which 96 countries will automatically exchange account information.
‘More and more countries will also automatically exchange bank information.
Thus, there is a greater risk that hidden amounts of money held abroad may be discovered. The increase in the number of cases suggests that people are taking note of this’, said Holte.
By voluntarily giving information about hidden money, the taxpayer will pay the taxes for the years that they have been evading taxation.
But now, it concerns just the release of additional tax of up to 60%.
Over 1,900 Norwegians have voluntarily enrolled information about previously hidden assets and income during the ten years the scheme has existed. They have reported an amount of 65 billion, and revenue of 2.4 billion in around 1,700 cases of unfinished business.
Tax on processed income and wealth is estimated at around 1.5 billion.
Source: NTB scanpix / Norway Today