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Norway Encourages Panama Papers Declarations

by Ulrika Lomas, Tax-News.com, Brussels

16 May 2016


Individuals with undeclared overseas income may receive more lenient treatment from the Norwegian authorities if they disclose any wrongdoing using the financial police's dedicated phone service, set up in the wake of the Panama Papers revelations.

The National Authority for Investigation and Prosecution of Economic and Environmental Crime, known in Norway as Økokrim, said in a statement released on May 10 that those who "put their cards on the table" and provide the unit with information about undeclared income and capital held offshore could qualify for lighter punishment under "discount" schemes already part of Norway's criminal code.

According to Økokrim, those making a declaration who are not already under investigation could see any subsequent penalty reduced by up to one-third, depending on the circumstances of the case.

Økokrim said any information it received will be shared with the tax authority.

As in many countries, cases of tax evasion in Norway are usually dealt with with heavy fines. However, the more extreme cases can result in a prison sentence for the perpetrator.

TAGS: tax | law | Norway | enforcement | offshore | Panama | Invest

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