Norway and Bermuda join forces to combat tax evasion
Norway today (April 16) concludes a tax information exchange agreement with Bermuda. The agreement will enable the Norwegian and Bermudian tax authorities to exchange tax information for the purposes of preventing international tax evasion.
Bermuda thereby continues to implement the OECD standard on transparency and exchange of information in the tax area.
Moreover, Norway and Bermuda have also signed an agreement for the avoidance of double taxation on individuals as well as an agreement on mutual agreement procedures in connection with the adjustment of profits of associated enterprises.
The agreements are the result of a joint Nordic Project aiming at concluding tax information exchange agreements with countries and territories that have made a commitment to the OECD to improve transparency and exchange of information in tax matters. Similar agreements have been concluded previously with Isle of Man, Jersey, Guernsey and the Cayman Islands. Negotiations are also at an advanced stage with, amongst others, Aruba, the British Virgin Islands and the Netherlands Antilles. The signed agreements will subsequently be submitted to the Norwegian Parliament for approval.