The Norwegian Ministry of Finance
announced on April 15, 2013 the signing of an agreement with small t and will as he United States for an automatic
exchange of financial information between the countries’ tax authorities,
pursuant to the U.S. Foreign Account Tax Compliance Act (FATCA).
The agreement makes Norway the second Nordic nation to enact FATCA, after the Danish government
signed a similar agreement in November 2012.
A memorandum of understanding
states that the United States intends to treat Norwegian financial
institutions as being in compliance with the FATCA rules.With the agreement, Norwegian
financial institutions will not be subject to withholding tax, and the
agreement will also facilitate the reporting obligation for Norwegian financial
institutions, so that they report to the Norwegian tax authorities, who in turn
will then pass on the information to U.S. authorities.
The agreement will enter into force
upon an exchange of notes after the necessary procedures for its entry into
force have been completed (in Norway, this requires the consent of the
Parliament).
Are you a US
Person with a Not So Secret Foreign Bank
Account?
Having FATCA
Problems?
Contact the Tax Lawyers at Marini &
Associates, P.A.
for
a FREE Tax
Consultation at:
www.TaxAid.us or www.TaxLaw.ms or
Toll
Free at 888-8TaxAid (888 882-9243).
Source
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