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!
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.
The Ministry of Finance. Photo: Christian A. Calmeyer (CC BY-NC-ND 2.0)
PWYP Norway explains how the protection of tax havens can be repealed by removing a link between two paragraphs.
Knut Falk Qvigstad´s (MDG - Norwegian Green Party) input on the interpellation, points out what information society needs in order to keep their authorities and companies accountable. Screenshot: Parliament´s video archive
Knut Falk Qvigstad (MDG) explains why the weaknesses in OECD´s BEPS-track will allow companies to continue the same practices as they have been doing.
From 2003 - 2012, 6.6 trillion US dollar left developing country economies illicitly. Illustration: PWYP Norway
Financial transparency can finance development
Finance MinisterSiv Jensen. Foto: Rune Kongsro, Finansdepartementet
There are mechanisms against the Panama leak. The Ministry of Finance is scheduling the most important hearing which can give transparency into companies for "summer."
Until now Parliament´s own control mechanisms have not been involved. They will be now when Parliament takes this step. Photo: Johannes Jansson/norden.org
The Standing Committee on Finance and Economic Affairs has reported the Government´s lack of follow-up of the transparency law extended country-by-country reporting.
There is widespread agreement that the current CBCR regulation does not function as intended, and therefore cannot make visible unwanted tax adjustments. Illustration: PWYP Norway.
Parliament asked for extended country-by-country reporting (ECBCR). The Ministry of Finance sent out a hearing on BEPS.
Statoils head office in Oslo. Photo: Eline Helledal
The law of country-by-country reporting was implemented in Norway January 1st 2014. For the first time the companies reports for the account year of 2014. Statoil is the first company. This is an important result of ten years of work for transparency, and it is not yet over.
Companies often reallocate income rather than paying the tax. The figure shows the weighted average of the three groups of countries, with the current taxable income as weights. Graphics: IMF
International companies have managed to push the income tax down to zero, and the countries loses up to 15 percent in tax revenue, according to a new report from the International Monetary Fund (IMF).