NOK 4.1 billion in hidden assets reported to the Tax Administration – E24

In 2020, 212 people contacted the Tax Administration to report income and unlisted assets.

In total, the Tax Administration received information on assets for NOK 4.1 billion from those who requested a “voluntary correction”.

That’s almost double what was revealed the previous year.

– Getting more information from other countries makes it more difficult to hide securities abroad, Tax Director Nina Schanke Funnemark says in a press release.

Most of the cases that are voluntarily reported to the Tax Administration refer to financial matters abroad.

All income and assets, such as bank deposits, real estate, and stock dividends in other countries, must be disclosed on the tax return each year.

In order to be granted the voluntary correction, you must provide information to the Tax Administration on your own initiative with a complete description of all the values. It cannot come after the control measures have been implemented or notified.

– You have the duty to disclose all the income and assets you have in all countries. If you’ve paid tax abroad, Norwegian tax law and tax agreements with other countries will ensure that you don’t pay double the tax, says the tax director.

NOK 4.1 billion in hidden assets reported to the Tax Administration | Tax authorities Voluntary correction

It is worth settling in a tax haven

Since 2007, nearly 4,000 people have contacted the Tax Administration to resolve unspecified financial matters. The total amount of reported amounts is a total of more than NOK 80 billion in assets.

The “voluntary correction” scheme, also called tax amnesty, has previously been investigated by international tax haven expert Gabriel Zucman and Norwegian Annette Alstadsæter, head of Tax Investigation at NMBU.

They concluded that the tax amnesty works and that the plan led to an increase in overall tax revenue.

The study also found that the 1,000 richest households in Norway own half of all hidden foreign wealth, and that the richest 0.01 percent in Norway evades a third of all the taxes they should have paid.

The researchers believe that the effect of the tax amnesty points to the fact that stricter enforcement against tax evasion among the wealthiest can be an effective way to increase tax revenues.

The richest among us are the most deceivers Tax evasion and avoidance, research article by Alstadsæter, Johannesen and Zucman