Through this agreement, and in an effort to combat international tax evasion, Norway and the U.S. have agreed to automatically exchange information on accounts held by U.S. persons in Norwegian banks and financial institutions, and vice versa. The U.S. Department of Treasury is currently in discussions with approximately 50 countries on coordinating FATCA implementation, and Norway is among the first to sign a bilateral implementation agreement.
In his remarks, Ambassador White cited the speedy negotiation of this agreement as yet another example of the close and constructive cooperation between Norway and the U.S. White also jokingly noted that it was only proper that the agreement was being signed on U.S. “Tax Day”, the dreaded day on which individual income tax returns are due to the federal government.
Source: US Embassy Norway
Published: January 25, 2020