Category: Norway

Denmark / DTA / Greenland / Hong Kong / Iceland / Norway / Sweden / Tax Information Exchange Agreements

Orders on tax information exchange agreements with Nordic jurisdictions and protocol on avoidance of double taxation arrangement with the Mainland gazetted

Posted On: October 2, 2015

Hong Kong (HKSAR) – Six orders for implementing the tax information exchange agreements (TIEAs) with six Nordic jurisdictions (i.e. Denmark, the Faroes, Greenland, Iceland, Norway and Sweden), and an order for implementing the Fourth Protocol to the Comprehensive Arrangement for the Avoidance of Double Taxation with the Mainland (the Arrangement)… – Continue reading

Airbnb / Costa Rica / EU / Iceland / Norway / South Africa / Switzerland / Tax evasion investigations / Uber

Airbnb v. Uber: Sharing economy gets a mixed reception in Costa Rica

Posted On: September 16, 2015

The night that Uber started offering its ride-hailing service in Costa Rica, vandals – reportedly taxi drivers – smashed the windows of one of the company’s cars in protest. Traffic police impounded two Uber vehicles earlier that same night. Airbnb, however, another staple of the so-called “sharing economy,” has been… – Continue reading

Australia / Austria / Canada / Chile / Colombia / Corruption / Court cases / Finland / France / Germany / Ireland / Israel / Italy / Japan / Mexico / Norway / OECD / Poland / Russia / Switzerland / Turkey / United Kingdom

Ireland making ‘little or no’ effort to curb corruption – report

Posted On: August 21, 2015

Ireland has made “little or no” effort over the past four years to create a corruption-free playing field for global trade, violating its “obligation to combat cross-border bribery”, reports the Irish Times. The Transparency International Exporting Corruption report, released on Thursday, found that Ireland, along with countries such as Russia,… – Continue reading

Double Taxation / Hong Kong / Indonesia / Norway / Singapore / United Kingdom

Singapore shipowners seeking more double taxation agreements

Posted On: August 18, 2015

The Singapore Shipping Association (SSA) is pushing for the city-state to have more double taxation agreements. Speaking at a media briefing on Tuesday, Rene Pedersen, chairman of the SSA International Committee said, “Singapore today has some 65 double taxation agreements and that’s actually not a lot.” By comparison the UK… – Continue reading

Austria / Estonia / Finland / Ireland / Japan / Korea / Norway / Singapore / Sweden / Switzerland / USA

OECD Tracks Tax Admin Changes In 56 Countries

Posted On: August 14, 2015

The Organisation for Economic Cooperation and Development (OECD) said in a recent report that improving taxpayer services, while making non-compliance harder, is helping revenue bodies increase their efficiency and allowing governments to finance important programs that will further benefit their citizens. According to Tax Administration 2015, which looks at 56… – Continue reading

Austria / Common Reporting Standard / Costa Rica / Croatia / Digital Services / Estonia / EU / FATCA / Finland / Ireland / Japan / Korea / Morocco / Norway / OECD / Singapore / Sweden / Switzerland / Tax evasion investigations / Thailand / United Kingdom / USA

OECD Releases Its Annual Tax Administration Report

Posted On: August 13, 2015

On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the economic and social well-being of people around the world.” The OECD describes its annual report as follows: Tax… – Continue reading

Australia / Canada / Dividends / Double Taxation / Finland / France / Germany / Ireland / Norway / Sweden / Switzerland

New online service to help recover tax paid on share dividends abroad

Posted On: July 20, 2015

Irish people investing in other countries often lose up to a fifth of dividends Irish tax refund specialists Taxback. com have introduced an online service to help people recover tax withheld on share dividends in other countries. *Irish people investing abroad often lose up to a fifth of their dividends… – Continue reading

Australia / Austria / Belgium / British Virgin Islands / Canada / Chile / Colombia / Czech Republic / Denmark / Estonia / EU / Europe / EY / FACT / Financial markets / Finland / France / Germany / Greece / Hungary / Iceland / Ireland / Israel / Italy / Japan / Korea / Latvia / Legislation / Lithuania / Luxembourg / Mexico / Netherlands / New Zealand / Norway / Poland / Portugal / Regulatory / Russia / Slovenia / Spain / Sweden / Switzerland / Turkey / United Kingdom

OECD establishes roadmap for membership with Lithuania

Posted On: July 10, 2015

10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading

Argentina / Australia / Austria / Azerbaijan / Bahamas / Bahrain / Barbados / Belgium / Bermuda / Brazil / British Virgin Islands / Bulgaria / Cayman Islands / Chile / Costa Rica / Croatia / Curacao / Cyprus / Czech Republic / Denmark / Estonia / FATCA / Finland / France / Germany / Ghana / Gibraltar / Guernsey / Honduras / Hong Kong / Hungary / India / Investments / Ireland / Isle of Man / Israel / Italy / Jamaica / Japan / Jersey / Kosovo / Latvia / Lebanon / Liechtenstein / Lithuania / Luxembourg / Malaysia / Malta / Mauritius / Mexico / Netherlands / New Zealand / Norway / Poland / Portugal / Qatar / Romania / Russia / Seychelles / Singapore / Slovakia / Slovenia / South Africa / South Korea / Spain / Switzerland / Taiwan / Thailand / Trinidad & Tobago / Ukraine / United Arab Emirates / United Kingdom / USA

FATCA – Which Countries Are In And Out

Posted On: June 19, 2015

FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading

Bulgaria / Double Taxation / EU / Legislation / Norway

Accord to Avoid Double Taxation with Norway Now Before Bulgarian Parliament

Posted On: June 3, 2015

Bulgaria’s government has proposed to parliament to ratify the agreement with Norway to avoid double taxation of income. The agreement was signed in July of last year to update the regulation framework governing the bilateral economic relations, the cabinet said in a statement on Wednesday. The previous agreement had been… – Continue reading

China / EU / Finland / France / Germany / IMF / India / Liechtenstein / Luxembourg / Norway / Parent-Subsidiary Directive / Profit Shifting / Switzerland / Taiwan / Tax competition / Tax evasion investigations / UBS

Estimating the illicit funds in global tax havens

Posted On: May 7, 2015

The total “development finance” loss – counting both revenues and reinvested earnings – is estimated in the range of $250 to $300 billion. This prevents developing countries from stopping the outflow of money, which thus bleeds them of essential resources The financial crisis of 2008 had an interesting collateral benefit… – Continue reading

Capital gains / Chile / Denmark / Dividends / Double Taxation / Estonia / France / Italy / Macedonia / Norway / OECD / Portugal / Sweden / Tax evasion investigations / United Arab Emirates / USA / Vanuatu

Those Gruelling U.S. Tax Rates: A Global Perspective

Posted On: May 4, 2015

The Tax Foundation released its inaugural “International Tax Competitiveness Index” (ITCI) on September 15th, 2014. The United States was ranked an abysmal 32nd out of the 34 OECD member countries for the year 2014. (See accompanying Table 1.) The European welfare states such as Norway, Sweden and Denmark, with their… – Continue reading

Canada / Capital gains / Double Taxation / India / Investments / Jersey / Luxembourg / Mauritius / Netherlands / Norway / Singapore / Tax treaties / Vodafone

Tax treaty shield will not apply to a majority of foreign investors

Posted On: April 24, 2015

FPIs are battling it out with the income-tax department, which has issued notices demanding that they pay MAT to the tune of Rs40,000 crore New Delhi/Mumbai: Despite the government affirming that foreign portfolio investors (FPIs) can use tax treaties to fight tax demands on past capital gains, a majority of… – Continue reading

Asia / Capital gains / Deloitte / Double Taxation / Financial markets / Hong Kong / India / Luxembourg / Norway / OECD / Tax treaties / United Kingdom / USA

US, UK funds approach India on MAT citing OECD

Posted On: April 24, 2015

However, OECD being persuasive may not help funds based out of nations whose treaties do not give specific exemption The Indian government’s clarification that it would honour tax treaties while making a demand of Minimum Alternate Tax (MAT) at the effective rate of 20 per cent came as a relief… – Continue reading

Asia / Azerbaijan / China / EU / Japan / Norway / OECD / South Africa / Taiwan / USA

China-led bank starts with 57 members

Posted On: April 16, 2015

BEIJING: A total of 57 countries have been approved as founding members of a Chinese-led infrastructure bank, Beijing said on Wednesday, and Norway is included despite frosty relations over a Chinese dissident’s Nobel prize. No nations that formally sought to become founding members of the Asian Infrastructure Investment Bank (AIIB)… – Continue reading

Africa / Albania / Andorra / Anguilla / Argentina / Australia / Austria / Automatic Exchange of Information / Bahamas / Banking Secrecy / Barbados / Belgium / Belize / Berlin / Bermuda / Brazil / British Virgin Islands / Brunei / Canada / Cayman Islands / Chile / China / Colombia / Costa Rica / Croatia / Cyprus / Czech Republic / Denmark / Dominica / Estonia / EU / FATCA / Finland / Forms / France / G20 / Germany / Gibraltar / Greece / Grenada / Guernsey / Hong Kong / Hungary / Iceland / IGA / India / Indonesia / Investments / Ireland / Isle of Man / Italy / Jersey / Korea / Latvia / Legislation / Liechtenstein / Lithuania / Luxembourg / Malaysia / Malta / Marshall Islands / Mauritius / Mexico / Monaco / Netherlands / Nevis / New Zealand / Norway / OECD / Poland / Portugal / Privacy / Qatar / Romania / Russia / Samoa / San Marino / Saudi Arabia / Seychelles / Singapore / Slovenia / South Africa / Spain / Sweden / Switzerland / Trustee / Turkey / Turks and Caicos / United Arab Emirates / United Kingdom / Uruguay / USA

Global Tax Transparency Goes Live in 2016

Posted On: April 1, 2015

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading

Barbados / Canada / Cyprus / Europe / Greece / Loans / Luxembourg / Netherlands / Norway

Eldorado Gold faces accusations of tax avoidance in Greece

Posted On: March 30, 2015

Canada’s Eldorado Gold Corp., the biggest foreign investor in Greece, is engaged in a tax-avoidance scheme that uses mailbox companies in the Netherlands to lower its tax load, a new report from a Dutch foundation says. The Centre for Research on Multinational Corporations, known as SOMO, made the claim in… – Continue reading

Australia / Austria / Belgium / Canada / Capital gains / Chile / Czech Republic / Denmark / Dividends / Double Taxation / Estonia / Finland / France / Germany / Greece / Iceland / Investments / Ireland / Israel / Italy / Japan / Korea / Luxembourg / Mexico / Netherlands / New Zealand / Norway / OECD / Poland / Portugal / Shares / Slovenia / South Korea / Spain / Sweden / Switzerland / Tax Credit / Turkey

Dividend imputation clears an early tax review hurdle

Posted On: March 30, 2015

Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading

Africa / Austria / Belgium / Brazil / Canada / Channel Islands / China / Denmark / Double Taxation / Estonia / Finland / France / Germany / Hungary / Iceland / India / Indonesia / Ireland / Japan / Kazakhstan / Latvia / Legislation / Lithuania / Luxembourg / Malta / Mauritius / Mexico / Monaco / Morocco / Netherlands / Norway / OECD / Portugal / Qatar / Residence / Residency / Russia / Saudi Arabia / Seychelles / Singapore / Slovakia / South Africa / Spain / Sweden / Switzerland / Tajikistan / Tax treaties / Thailand / Turkey

Luxembourg: Luxembourg’s Direct Tax Administration Publishes Circular On Residency Certificates For Funds

Posted On: March 30, 2015

Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading

Automatic Exchange of Information / Corruption / France / Norway / OECD / Poland / Spain / Tax evasion investigations / Ukraine / United Kingdom

Ukraine suddenly 40% more interested in UK tax info – HMRC

Posted On: February 19, 2015

Growing trend of chasing ‘high net worth foreign nationals’? Cooperation between HM Revenue and Customs (HMRC) and foreign tax authorities will only increase as more countries sign up to automatic tax information exchange agreements. This is according to Pinsent Masons, the law firm behind Out-Law.com, which obtained figures showing a… – Continue reading

Automatic Exchange of Information / France / Norway / Offshore Investments / Poland / Spain / Tax disclosure amnesty / Tax evasion investigations / Ukraine / United Kingdom

Jump In Foreign Requests For UK Tax Information

Posted On: February 19, 2015

The number of requests from foreign governments for tax information from the UK rose by 45 percent in 2013, according to international law firm Pinsent Masons. 2,466 requests were received by HM Revenue and Customs (HMRC) in the year to December 31, 2013, up from 1,701 recorded in 2012. James… – Continue reading

Automatic Exchange of Information / HSBC / Norway / Tax evasion investigations / Ukraine

Tax evasion inquiries by foreign gov’ts soar by 45%

Posted On: February 16, 2015

Britain’s tax office has seen a surge in foreign governments making information requests about tax evasion over recent years. The number of requests to HM Revenue & Customs rose by 45% in 2013 to total 2,466, research from international law firm Pinsent Masons revealed. Ukraine had the biggest boost in… – Continue reading

Austria / Denmark / Eritrea / FATCA / France / Germany / Italy / Legislation / New York / Norway / Privacy / Residence / Residency / Spain / Sweden / Switzerland / USA

‘The age of financial privacy is over’

Posted On: January 27, 2015

Jonathan Weiss hasn’t lived in the US for 25 years. But that didn’t keep his foreign bank account from being frozen in the wake of new US tax laws. Find out how you can avoid the same fate at the hands of FATCA. “I had been living in Switzerland for… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / EU / Legislation / Norway / OECD / Royalties / Transfer pricing

Norway’s Commission Recommends Corporate Tax Rate Cut

Posted On: December 5, 2014

The Tax Commission, appointed by the Government in March last year to review corporate taxation in Norway in light of international developments, submitted its report on December 2, and proposed a cut in both corporate and individual income tax rates, alongside other adjustments to combat corporate base erosion and profit… – Continue reading

Base Erosion & Profit Shifting / Dividends / Legislation / Norway / OECD / Royalties / Tax treaties

Norway – Proposals for tax reform; maritime industry considerations

Posted On: December 2, 2014

December 2:  A tax commission charged with examining the tax system in Norway today submitted its report—NOU 2014: 13—to the Minister of Finance that describes proposals for changes to the corporate tax system and for adjustments to the tax system, in general. The tax commission’s report will be submitted for… – Continue reading

Base Erosion & Profit Shifting / Dividends / Legislation / Loans / Norway / OECD / Royalties / Tax treaties / Transfer pricing

Norway – Proposals for tax reform; maritime industry considerations

Posted On: December 2, 2014

December 2:  A tax commission charged with examining the tax system in Norway today submitted its report—NOU 2014: 13—to the Minister of Finance that describes proposals for changes to the corporate tax system and for adjustments to the tax system, in general. The tax commission’s report will be submitted for… – Continue reading

Austria / Belgium / China / Credit Suisse / Denmark / Germany / Hong Kong / India / Israel / Japan / Norway / Offshore Trusts / Sweden / Switzerland / Tax Planning / USA

Wealth Inequality Accelerates Worldwide on Inheritance, Tax Avoidance

Posted On: October 15, 2014

Wealth inequality is growing worldwide, according to a new report by Credit Suisse. A greater share of wealth is being held by a smaller number of ultra-rich families worldwide as larger inheritances, family trusts, and similar arrangements to avoid taxes help the ultra-wealthy gain a greater portion of total capital… – Continue reading

Africa / Automatic Exchange of Information / Bermuda / British Virgin Islands / Canada / Costa Rica / Denmark / FATCA / France / G20 / Germany / Guernsey / Indonesia / Ireland / Isle of Man / Italy / Japan / Jersey / Legislation / Malta / Mauritius / Mexico / Norway / OECD / Offshore Trusts / Privacy / Residency / South Africa / Spain / Switzerland / United Kingdom / USA

Facing up to Fatca

Posted On: August 27, 2014

This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Most people accept that they have to pay taxes in their country of residence. But citizens of the United States and green card holders who live outside that country – even if they have never… – Continue reading

EU / Gibraltar / Guernsey / Iceland / Ireland / Isle of Man / Jersey / Liechtenstein / Norway / Offshore Banking

Protecting Expat Cash In Offshore Savings Accounts

Posted On: August 27, 2014

Expat savers dealing with unfamiliar banks are unlikely to know how much of their cash is protected if the foreign bank goes bust. In Britain, the Financial Services Compensation Scheme (FSCS) safeguards up to £85,000 held by each person in accounts under a single banking licence. Each building society has… – Continue reading

Africa / Algeria / Armenia / Australia / Austria / Azerbaijan / Bahamas / Barbados / Belarus / Belgium / Bermuda / Brazil / British Virgin Islands / Bulgaria / Canada / Cayman Islands / Chile / China / Colombia / Costa Rica / Croatia / Cyprus / Czech Republic / Denmark / Dominican Republic / Estonia / FATCA / Finland / France / Georgia / Germany / Gibraltar / Grenada / Guernsey / Guyana / Haiti / Honduras / Hong Kong / Hungary / IGA / India / Indonesia / Iraq / Ireland / Isle of Man / Israel / Italy / Jamaica / Japan / Jersey / Kosovo / Kuwait / Latvia / Liechtenstein / Lithuania / Luxembourg / Malaysia / Malta / Mauritius / Mexico / Moldova / Montenegro / New Zealand / Nicaragua / Norway / Panama / Paraguay / Peru / Poland / Portugal / Qatar / Romania / San Marino / Saudi Arabia / Serbia / Seychelles / Singapore / Slovenia / South Africa / South Korea / Spain / St. Kitts & Nevis / St. Lucia / Sweden / Switzerland / Taiwan / Thailand / Turkey / Turkmenistan / United Arab Emirates / United Kingdom / USA / Uzbekistan

101 Countries Sign Up For FATCA Network

Posted On: August 25, 2014

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

Apple / Barbados / British Virgin Islands / Canada / China / CIBC / Czech Republic / Denmark / Finland / France / Germany / Guernsey / Iceland / India / Ireland / Netherlands / New Zealand / Norway / Poland / Portugal / Scotia Bank / Sweden / Tax Information Exchange Agreements / United Kingdom / USA

British Virgin Islands: BVI & Canada: Down To business – TIEA Now Effective

Posted On: March 24, 2014

The Canada-BVI Tax Information Exchange Agreement (“TIEA”) came into force on 11 March 2014. The TIEA was signed in May 2013, and the effective date provisions are set out in Article 13 of the Agreement. The BVI is now party to 25 TIEAs. What are the benefits? The BVI/Canada TIEA is significant due… – Continue reading

Apple / CISCO / Google / India / Loans / Microsoft / Norway / Singapore / UBS / USA / Withholding tax rules

Taxpayers Pay $163 Billion In Interest To Apple, Cisco, Google, Microsoft In Offshore Accounts

Posted On: March 17, 2014

United States taxpayers make large interest payments to the top four technology firmsfor the $163 billion in US government debt the companies own and shelter in tax-freeoffshore accounts. Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agencydebt in accounts overseas, allowing them to avoid the 35… – Continue reading

Cyprus / Norway / OECD / Tax treaties / United Kingdom

Cyprus: Signing Of Agreement For The Avoidance Of Double Taxation Between Cyprus And Norway

Posted On: March 2, 2014

The Cyprus government has announced the signature of a new double taxation agreement with Norway. Double taxation avoidance between Cyprus and Norway is currently regulated by the 1951 double tax agreement between Norway and the United Kingdom, which was extended in 1955 to include several British colonies, including Cyprus. On… – Continue reading

Cyprus / Norway / OECD / United Kingdom

Cyprus: Signing Of Agreement For The Avoidance Of Double Taxation Between Cyprus And Norway

Posted On: March 2, 2014

The Cyprus government has announced the signature of a new double taxation agreement with Norway. Double taxation avoidance between Cyprus and Norway is currently regulated by the 1951 double tax agreement between Norway and the United Kingdom, which was extended in 1955 to include several British colonies, including Cyprus. On… – Continue reading

Cyprus / Norway / Tax treaties

Double taxation agreement with Norway

Posted On: February 26, 2014

CYPRUS and Norway on Monday signed an agreement for the avoidance of double taxation. A statement said the text agreed between the finance ministries of the two countries would contribute to the further development of trade and economic relations between Cyprus and Norway, as well as other countries. “The updating,… – Continue reading

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