Major joint project to fight tax evasion

tax evasionIllustration. Tax.Photo: Vegard Wivestad Grøtt / NTB scanpix

Major joint project to fight tax evasion, three initiatives launched

The country’s banks, Tax Directorate, and digital public services company, Altinn, have jointly developed a method to facilitate the fight against tax evasion.

 

The cooperative mission that began in 2015 will now launch three of ten of its initiatives, reported VG.

The financial industry, banks, tax administration, and Brønnøysundregistrene (Norwegian Business Registration Centre), have developed a digital tool to make cooperation more effective.

Before the summer, DNB Bank, Nordea, and Skandiabanken will join the scheme.

Three pronged project

One of the projects concerns consent-based loan applications, where banks can, with the consent of the borrower, gather information that the borrower must collect, such as tax returns, and payslips.

The second project will provide digital information to the country’s liquidators, who often struggle to locate the cash flows of those who’ve filed for bankruptcy.

The third project will aid the tax administration in checking finances in companies where financial fraud is suspected.

Head of data protection, Bjørn Erik Thon, said, ‘we have worked through various phases of this project, and have concluded that it’s consistent with our guidelines. It doesn’t contribute new sources of information, but connects the data in a new manner.’

 

© NTB Scanpix / Norway Today

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