During September, the tax office receives information about Norwegian assets in 50 countries. After September, it will be more difficult to make voluntary rectification.
‘This exchange of information is a quantum leap in the work of proper taxation of foreign values,’ said tax director, Hans Christian Holte.
On September the 30th, there will be an automatic exchange of information between countries that have committed to the OECD ‘Common Reporting Standard’ (CRS). Luxembourg, the United Kingdom, and the Channel Islands are among the first 50. Next year, there will be 50 new countries, including Panama, and Switzerland.
Thus, persons who are taxable in Norway have a clear time period left to state the values of their assets, if they are still wavering.
Before the tax administration has been given access to information from abroad, one can volunteer the information, and pay ordinary tax with interest.
If, on the other hand, the tax administration receives the information from abroad from a third party first, there will be additional taxation, and a possible court notification.
212 people have applied to make voluntary rectification during the first half of 2017, and these are not only those with big fortunes, but also people with holiday apartments, and those who receive pensions from abroad.
Those who are taxable in Norway must also state assets, and income earned and taxed in other countries. International tax treaties ensure that no one will be double taxed.
© NTB Scanpix / Norway Today