PWYP Norway is arranging an open half day seminar November 21st at The House of Litterature in Oslo. SAVE THE DATE!
There is a lot happening around tax issues this fall. OECD launched their first recommendations, which is part of an international Action Plan supported by G20 and most EU- and OECD countries. OECDs BEPS project (Base Erotion and Profit Shifting) is an international approach to combat tax avoidance by multinationals.
IMF released a report in June that shows that multinationals have forced the income tax down towards zero. This has made countries loose up to 15 percent in tax incomes. PWYP Norway sent comments to IMF during the hearings to the report. Our comments were about the negative effect one country´s tax systems can have to another country.
Transocean is acquitted of all charges this summer, in the biggest tax case in Norwegian history. They were accused of having evaded seven billion NOK from Norwegian taxation. Norwegian authorities have appealed portions of the judgment.
In December, the Scheel Committee will put forward its proposals for corporate taxation in the light of international developments. Large national and international tax measures are initiated.
In January the country-by-country reporting law came in force, which is an important step in the right direction. We are also very close to an even better law; the extended country-by-country reporting. 15 of 18 elements are already in place. The Minister of Finance has announced that the shortcomings of the law of country-by-country reporting is preliminary maintained. The Minister is not willing to open the Regulations to apply to companies to show their full profit per country.
So what can the Norwegian politicians do in Norway now? How can we fight secrecy with policy? Before the summer the Parliament voted against the proposal on the extended country-by-country reporting under the review of the revised state budget. The Government has indicated that they intended to prevent tax evasion. We are excited to see how they will make the measures work.
In part 1 of the seminar experts of the issues of taxation will be keynote speakers. In Part 2 there will be a political debate with members of the Standing Committee on Finance and Economic Affairs.
PWYP Norway is looking forward to see you at the House of Literature 21st of November.