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!
Summary • In 2012, government expenditure worldwide was USD 28 656 billion. Total tax burden was USD 18 821 billion.• This huge discrepancy can be reduced by closing loopholes in tax systems and preventing capital flight• This report is about analyzing and fixing loopholes in tax systems – increasing cost-efficiency and ensuring fairer competition in extractive industries.VIDEO: See the presentation of the report "Windfall Taxes".
The Ministry of Finance proposes that accounting entities classified as «large» on the basis of new thresholds in anticipated EEA provisions that are expected to match those of Directive 2013/34/EU, as well as issuers of listed securities, which are active in the extractive industries and/or the logging of primary forests, shall prepare and publish an annual report on their activities, including payments to governments, at the country and project level.
On the evening of the 5th of December, the Norwegian Parliament passed a new legislation that can ensure more transparency on the operations of Norwegian companies’ enterprises abroad. The new regulation on country-by-country reporting requires Norwegian companies in the extractive and forestry industries to report some essential accounting figures.
• In 2012, government expenditure worldwide was USD 28 656 billion. Total tax burden was USD 18 821 billion.
• This huge discrepancy can be reduced by closing loopholes in tax systems and preventing capital flight
• This report is about analyzing and fixing loopholes in tax systems – increasing cost-efficiency and ensuring fairer competition in extractive industries.
A two-year consultation process to prepare legislation intended to prevent tax evasion has ended in the Ministry of Finance proposing legislation to the effect that Norway shall protect the tax havens of the world.
Written by Mona Thowsen, sectretary general of PWYP Norway. This opinion piece was published in the Norwegian newspaper Dagens Næringsliv 31.st of October 2013
The Arthur Svensson International Prize for Trade Union Rights encourage trade unions around the world to nominate candidates for the 2014 prize. The prize is 500 000 NOK and the deadline for nominating candidates is 31 January 2014.
Norway’s Minister of Finance, Sigbjørn Johnsen, is open towards connecting extended country-by-country reporting to the consolidated financial accounts of companies, making it the best and cheapest policy measure. It is now up to the National Assembly to make the decision.
An important step is achieved in the fight for transparency as the Norwegian government has decided to introduce extended country-by-country reporting from 1.1.2014. Yet the failure to link the reporting to the consolidated financial accounts of companies means we are only halfway to securing a strong standard for the benefit of the general public, says PWYP Norway.
Two criteria need to be met in order for country-by-country reporting to be one of the best and cheapest policy measures.
PWYP Norway underlines these two criteria in our consultative statement to the Ministry of Finance: