Switzerland put an end to hidden bank accounts

Norwegian MoneyTRONDHEIM 20081031: Switxerland put´s an end to hidden bank accounts. Foto: Gorm Kallestad / SCANPIX .
Norway and Switzerland have agreed that information on Norwegian bank accounts in Switzerland from 2018 automatically will be forwarded to the Norwegian tax authorities.
A statement was Wednesday signed by Switzerland’s Ambassador Rudolf Knoblauch and Finance Minister Siv Jensen,  the newspaper Aftenposten writes. It paves the way for the automatic exchange.
If everything goes according to plan, it will, therefore, be an end on hiding money in secret accounts in Switzerland.
Norway currently has an amnesty scheme where people with hidden money abroad voluntarily could report this to the IRS. They must pay taxes for all hidden years with interest, but the government will forfeit additional taxes.
Source: NTB scanpix / Norway Today

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