It has long been a desire for the Norwegian tax authorities to expose income that individuals have secreted away in offshore tax havens. The Norwegian Finance Ministry have now declared a 'significant breakthrough' obtaining agreement from Panama to disclose financial information.
They will now be able to obtain information on money transfers as they now do with 38 tax havens around the world. The Norwegian Finance Ministry continue to negotiate with countries such as Hong Kong, United Arab Emirates, Jamaica and Bostwana.
Individuals are encouraged to review their current tax arrangements and to seek advice where there is potential exposure.
Friday, 16 November 2012
Thursday, 15 November 2012
Norway's Conservative party have proposed that if they win next year’s general election they will reduce the unpopular income and possessions surtax by over three-times.
The proposal includes raising the basic allowance and lowering the tax level from 1.1% to 1%. In addition, they will introduce a share discount of 10%.
The Conservative Party and populist Progress Party have suggested scrapping the taxes entirely. However, they say that this could take five years or more if the current state of play remains the same, with almost three billion and one billion kroner, respectively.
Both Parties originally within the It could take 15 years at 1 billion kroner per year.
Currently, approximately 690,000 people are liable for wealth tax in Norway today.
This number will decrease if the basic allowance is raised from NOK 750,000 to NOK 870,000, contained in the government’s draft 2013 national budget proposal presented on Monday.
The net wealth tax but also the lowest basic allowance in its draft national budget 2013 proposal.
Saturday, 10 November 2012
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