Foreign Account Tax Compliance Act (FATCA) agreement with the United States
In April 2013, Norway entered into an FATCA agreement with the United States. The agreement is based on the US FATCA regulations and is the basis for information exchange between the Norwegian and US tax authorities with regards to financial transactions.
According to the agreement, Norwegian financial institutions can report to the Norwegian authorities instead of reporting to the US authorities. It is expected that this will ease the reporting liabilities for Norwegian financial institutions.
Country-by-country (CbC) reporting
Norway is implementing CbC reporting rules for multinational groups with a joint income of more than NOK 6.5 billion. The report is to be submitted, at the latest, by 31 December of the year after the relevant accounting year. The rules are to be implemented 1 January 2017, and the first report has to be submitted, at the latest, by 31 December 2017 for the accounting year 2016.