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Undeclared income and/or wealth abroad

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If you have foreign income and/or wealth which you have not previously declared to the Norwegian Tax Administration, you can avoid additional tax by using the voluntary correction process (tax amnesty). In recent years, the Norwegian Tax Administration has been receiving an increasing number of enquiries concerning voluntary correction. This has resulted in the Norwegian welfare state receiving an extra NOK 1.5 billion, and enabled individuals to tidy up their financial affairs.

What do I have to do?

You must provide complete information on the wealth and/or income and state where it comes from. The information is submitted via the information form for voluntary correction, which you will find at the bottom of this page. Attach documentation (See the summary of documentation requirements in the sections below.) The form must be submitted via the Norwegian Tax Administration's contact form in Altinn.

You can also submit this documentation later. You can send a letter or an e-mail to the Norwegian Tax Administration if you do not use the information form. Mark the consignment ‘Voluntary correction’.

Questions?

Contact us via Chat or on our telephone number: +47 310 10 030. Here, you can speak to someone with specialist expertise in voluntary correction.

What is voluntary correction?

Voluntary correction, known as a tax amnesty, is when you correct or complete information which has not previously been submitted or used in assessments, so that the correct amount of tax can be determined. This does not apply if the correction is the result of checks which will or have been initiated, or if the tax authorities correct the assessment based on information which has been obtained from parties other than you. Previously imposed additional tax is not waived. It is a condition that you provide complete and accurate information when making the correction. You must also provide information on the origin of the wealth/income.

If the conditions for voluntary correction are met, the tax office will amend the assessment and issue a new tax assessment. Surtax will not be imposed, but interest will be calculated on the tax that should have been paid. The Tax Administration will not report the matter to the police.

How many years can be altered?

The tax office can change tax assessments dating back ten years. This also applies as a general rule when the enquiry originates from the taxpayer's estate or heirs.

Overview of different types of income and wealth

Below, you will find information on how to declare the various types of income and wealth and what you should take into account.

Do you have a bank account abroad?

If you have a normal deposit account, the interest income will be taxable. You can ask the bank to send you a separate statement of your income.

For ordinary interest income and bank deposits, you must complete form RF-1231. 

The Norwegian Tax Administration will not accept you simply declaring the change in wealth from 1 January to 31 December as the taxable income for a particular year. 

If the bank statements contain amounts in foreign currency, the foreign currency must be converted to Norwegian kroner. For more information, see here

Do you have shares or securities abroad?

If your wealth is more complicated (e.g. you have securities in the form of shares, bonds, etc.) and managed by a bank/financial institution, you must state both the yield on the entire wealth and profits/losses on the securities that have been capitalised. Yields and profits are taxable and losses are deductible. Not all banks/managers abroad issue profit/loss statements. In such cases, you must calculate your profits/losses based on the statements that you have received from your bank/manager. The gain/loss is calculated according to the Norwegian tax rules. For more information, see the Norwegian Tax Administration's share pages.

If you have received income from dividends, you must complete form RF-1059 for the foreign shares or mutual fund. You can ask the foreign financial institution to send you a separate statement of your income. If you have a mutual fund which is invested in both shares and bonds/certificates/treasury bills (combination funds) or a fund which is only invested in bonds/certificates/treasury bills, you must specify the interest component of the gain in the mutual fund. You must also state your income from bonds and loans.

You must also specify the capital value as of 31.12 for each income year in which you have owned foreign shares, shares in mutual funds, outstanding claims, bonds and/or capital insurance and any other financial products.

Are you claiming a deduction for risk-free return?

With effect from the 2006 income year, you can claim a deduction for risk-free return in connection with the determination of taxable share dividends and/or profits. If you are claiming a deduction for risk-free return , you must fill in form RF-1059.

Have you received salary from abroad?

You must declare salary income for work performed outside Norway in your Norwegian tax return. Income earned in this way is often taxed in the country in which the work was performed. Even though the salary income is taxed in the country of work, it will also be taxed in Norway or included in the calculation of Norwegian tax on your other income. When the salary is taxed in Norway, you will receive a deduction for tax paid in the country of work (limited to the Norwegian tax on your foreign income). In order to receive a deduction for your foreign tax, you must fill in form RF 1147E ‘Deduction for tax paid abroad by a person (credit)’. When the salary is only to be included in the calculation of Norwegian tax on your other income, you must fill in form RF 1150 ‘Nedsetting av inntektsskatt på lønn’ (Reduction in income tax on wages - in Norwegian only).

If you have salary which is taxed in another Nordic country or if you are asking to have the tax reduced under the one-year rule (Section 2-1 tenth paragraph of the Taxation Act), you must fill in form RF 1150.

Special rules apply to cross-border commuters and certain other groups of employees, e.g. seafarers, airline personnel, offshore workers and public sector employees.

Have you received pension and/or benefits from abroad?

Pensions and disability benefits disbursed from other countries must be declared in the Norwegian tax return. Such pensions/disability benefits are often taxed in the country of disbursement. Even if the pension/disability benefit is taxed in the country of disbursement, it will normally also be taxed in Norway. When the pension/disability benefit is taxed in Norway, you will receive a deduction for tax paid in the country of disbursement (limited to the Norwegian tax on your foreign income). In order to receive a deduction for your foreign tax, you must fill in form ‘Deduction for tax paid abroad by a person (credit)’ (RF 1147E).

If you receive a pension/disability benefit from abroad which is not to be taxed in Norway, you must still provide information on the type of pension, the amounts concerned and the country from which it was disbursed. Tax-free old-age pensions have a bearing on the calculation of the tax deduction for pension income from 2011 and the National Insurance contributions. 

Do you have real property abroad?

Wealth in the form of real property abroad and income and gains from the sale of such property are, in principle, liable to tax in Norway. You must always provide information on real property abroad and give an account of income, etc. and how the property has been used.

Capital value

Wealth in real property abroad is in principle liable to tax in Norway. However, the property may be exempt from any wealth tax obligation under the tax treaty with the country in which the property is situated. You must provide information on all wealth in real property abroad (country, land registry number, date of purchase, cost price, etc.). You must also calculate the tax value retrospectively for each of the years in which you have owned the property. 

See more about property abroad.

Income from real property abroad

Income from real property abroad is in principle liable to tax in Norway. However, the income may be exempt from any tax obligation under the tax treaty with the country in which the property is situated. 

If income from real property abroad is liable to tax in Norway under the tax treaty, the income must be stipulated pursuant to Norwegian rules. Your personal use of a house/apartment/holiday home abroad will be tax-exempt in the same way as if the property had been situated in Norway. If you have taxable rental income from real property abroad, you must fill in and submit ‘Letting etc. of real property’ (RF‑1189E). Special rules apply to forestry and agricultural properties.

If income from real property is taxable in Norway, you can claim a deduction in your Norwegian tax for the foreign tax on the income. If you are claiming a deduction for foreign tax, you must document that you have paid the tax abroad. You must also fill in and enclose the form RF‑1147E ‘Deduction for tax paid abroad by a person’.

Gains and losses on the sale etc. of real property abroad

Gains or losses made upon realising real property abroad will generally be taxable or deductible in Norway, as they would have been had the property been in Norway.

Any gain may also be exempt from any tax obligation under the tax treaty with the country in which the property is situated. When a gain would be tax-free under national law or an applicable tax treaty, the loss will not be deductible.

When a gain made upon realisation of real property is taxable in Norway, the gain or loss is determined in accordance with Norwegian rules. You must provide information about the property and how you calculated the gain or loss. 

If the gain is taxable in Norway, you can claim a deduction from your Norwegian tax for the foreign tax on the gain. If you are claiming a deduction for foreign tax, you must document that you have paid the tax abroad.

You must also fill in and attach form RF-1147E ‘Deduction for tax paid abroad by a person’

Have you paid tax abroad?

When foreign wealth and/or income is taxed abroad and you wish to claim a deduction from your Norwegian tax for the tax you have paid abroad, you must enclose documentation showing your final tax assessment and the corresponding tax that you have actually paid abroad. You must also fill in and enclose the form RF-1147E ‘Deduction for tax paid abroad by a person’. If the foreign tax is not adequately documented, we recommend that you provide information on how the tax is paid. 

Which taxes can you claim a deduction for?

A credit deduction can be given for foreign tax which:

  • is a direct tax, i.e. foreign income tax, wealth tax or similar tax,
  • has been assessed on wealth or income with a source in the state concerned,
  • does not exceed the tax which the source state can claim under a tax treaty,
  • has been determined with final effect, e.g. through payment or assessment abroad, and• has been paid.

Instead of a credit deduction, you can claim a deduction from your income for the same foreign taxes.

If you have paid tax on salary you have earned during periods of work abroad, you can claim a reduction in your tax. Use form RF 1150 ‘Nedsetting av inntektsskatt på lønn’ (Reduction in income tax on wages - in Norwegian only)

Converting foreign currencies into Norwegian kroner

All amounts entered in an information form or attachment must be converted into Norwegian kroner.

Persons who are not obliged to prepare annual accounts can convert income and expenses using either the exchange rate applicable at the time of the transaction or an annual mean exchange rate.

Taxpayers subject to the accounting obligation must generally use the rate applicable as of the time of the transaction, but may opt to use monthly mean rates when doing so would be in accordance with Norwegian accounting law.

To convert the value of wealth and debt, the rate as of 1 January in the year in which the tax return is to be submitted is used. If no listings are available for the relevant currency as of 1 January, you can use the most recently listed rate in the year before that in which the tax return must be submitted.

Exchange rates are available on Norges Bank’s website.

Agreements concerning the exchange of information with other countries

Norway has signed a number of agreements concerning the exchange of information relating to tax cases with other countries. These agreements concern automatic exchange, individual tax cases, value added tax and country-for-country reporting. Norway has entered into agreements with many countries to combat tax evasion and international tax crime. Under these agreements, the Norwegian Tax Administration receives information from foreign tax authorities concerning Norwegian taxpayers’ financial capital and assets held in foreign financial institutions, as well as foreign income. These agreements also enable the Norwegian Tax Administration to obtain information from banks, financial institutions, etc. and to find out who is behind companies which have been established there. See the overview of countries with which Norway has entered into an agreement here

Form for voluntary correction

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