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Friday, July 1, 2022

Banks sharing account info internationally

Norwegian tax authorities will start getting information next year from banks in around 50 countries around the world, where Norwegian citizens hold accounts. They’re already getting account information from banks in the US.

Newspaper Dagsavisen reported Tuesday that in 2018, another roughly 50 countries will transmit Norwegians’ account information to tax authorities in Norway. The growing bank account transparency is aimed at minimizing possibilities for stashing fortunes abroad and evading taxes on both interest payments and the account balance as well.

Norwegian tax director Hans Christian Holte hosted a conference in Oslo this week to prod further cooperation among banking and tax authorities worldwide. The Global Forums Peer Review Group is currently evaluating national laws and regulations for exchanging tax and financial information among 12 countries.

“We’re now getting information we could only dream about just 10 years ago,” Holte said in his opening remarks at the conference, while noting that hiding places still exist for those keen to evade taxes on their wealth. The conference, held in advance of the implementation of the Automatic Exchange of Information act, is  being attended by about 170 delegates from 57 countries.

newsinenglish.no staff

 

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