SummaryStatoil reported on the minimum transparency requirement, called country-by-country reporting, on a half page in its sustainability report for 2014.PWYP Norway shows that Statoil could have easily reported on
a meaningful transparency requirement, called an extended country-by-country reporting, on that half page.When companies can show their country-by-country presence on a half page, why will politicians not demand it from them?
Summary:• Natural resources have the largest value creation potential to mobilize tax revenue, but profit often ends up elsewhere.• Today, the Extractive Industries can transfer significant profits out of the source country before it get taxed.• One simple policy proposal, aligned with US and EU regulation, will give investors and constituents the instrument to follow their money.• The proposal links taxpayments to the audited financial statements through 8 simple accounting numbers.
In January, a new legislation will be introduced in Norway that might prevent capital flight and ensure a greater degree of transparency. Three activists from the civil society in South Sudan, Uganda and Ghana explain why this law is vital for their work. See the video interview!
Prime Minister Erna Solberg. Foto: Heiko Junge/NTB scanpix/SMK (CC BY-NC 2.0/Flicker).
Have we not learned anything from Panama and Paradise Papers? The government proposes to remove the economic support that gives the opportunity for NGOs to work for transparency in capital flows.
Deloitte´s building in Oslo, Norway. Photo: Benson Kua (CC BY-SA 2.0/Flickr)
The Ministry of Finance has outsourced the evaluation of national transparency requirements to one of the "Big Four" accounting firms - Deloitte. PWYP Norway shares its consultative input with notes.
Statoil's tax director Finn Lexov stated that the company chose the Netherlands because of the favorable tax laws. The oil industry is calling it “stable and predictable", writes the Mona Thowsen. Photo: Kjell Eson, v/ Flickr: CC BY - NC - ND 2.0
Statoil and others should be forced to report on their mailbox empires. Or does the State prefer to get this sort of information through the news?
Snorre Valen (SV - socialist left) presented a suggestion to Parliament concerning a measure against a black economy and tax evasion. Poto: Stortinget (CC BY 2.0) Flickr
The litmus test is served. Snorre Valen (SV) asks politicians in Parliament to sign a representative proposal for extended country-by-country reporting. Since the Panama Papers, this is one of the most important measures which is not in place yet. The reason for this is the lack of follow-up by the Ministry of Finance on country-by-country reporting for accounting purposes.
The consequence is that companies are not required to give information from tax havens, because payments to such places will be less than NOK 800,000, writes Mona Thowsen in the opinion piece. Photo: Kathie M Ceballos CC BY-NC-ND 2.0 Flickr
The Ministry of Finance has not followed up on Parliament´s request, so Norwegian companies do not have to submit information from tax havens.
Thick walls at the Ministry of Finance. Foto: Helge Høifødt
Right before Christmas Eve, on December 22, the Ministry of Finance established changes to the amendment concerning country-by-country reporting (CBCR), without Parliament having dealt with the matter.