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.