- The Government wants to make it easier to comply with tax, customs and excise regulations. At the same time it will be harder to circumvent the rules and evade taxes and customs and excise duties, says Minister of Finance Per-Kristian Foss.

The tax, customs and excise authorities’ compliance monitoring activities will be proactive, random, efficient and adhere to the rule of law, the finance minister stressed. Together with Minister of Justice Odd Einar Dørum, Foss presented the Government’s new action plan against economic crime at a conference today in Oslo.

- Procedures associated with private jobs in the home will be reviewed with a view to simplification. Furthermore, we are working on a scheme where taxpayers can receive a binding advance statement on the tax-related aspects of a disposition before it is implemented. The Norwegian Revenue Service has established a separate unit that will direct its efforts against the underground economy and white-collar crime in the Oslo area. Our goal is to establish specialised units around the country. Several new measures will be evaluated in the building and construction industry. One of these will be to consider various types of rules obligating the main contractor to provide security for the tax liabilities of subcontractors.

- The Customs and Excise Administration will step up inspections of imports and exports to uncover smuggling of currency. This is particularly important with a view to exposing the financing of terrorism,” says Foss.

Internationally, Norway will work to reduce the attractiveness of tax havens, in particular in the OECD and other relevant organisations. It must be easier to find out who actually owns companies so that people cannot hide their income, either in tax havens or behind complicated corporate structures.

The financial scandals of recent years have demonstrated an increased need for ensuring confidence in financial information. For this reason it is important to strengthen controls. Norway will follow up international measures in this area. In following these up we face challenges in conjunction with i.a. accounting rules, auditing rules and enforcement of accounting rules.

The Government will follow up international measures against money laundering and financing of terrorism, and ensure that such measures are implemented in Norwegian law.

The securities market is a fast-paced sector where shares and companies rapidly change hands. It is important that offences are quickly uncovered and punished with effective sanctions. An evaluation of the cooperation between the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (ØKOKRIM), the Banking, Insurance and Securities Commission of Norway (Kredittilsynet) and Oslo Stock Market will be carried out to assess the inspection resources and division of work between the agencies.

Under the European Economic Area Agreement, Norway participates actively in drafting EU financial market regulations. Important measures for following up the EEA rules in this area, which are in the process of being implemented in Norwegian law, include regulation of market abuse, prospectuses, disclosure obligations of listed companies, investment services and regulated markets.

For more information, see press release from the Ministry of Justice and the Police.