Nordic Nations Signed 40th Tax Information Exchange Agreement

Last week the Nordic group of territories (Sweden, Denmark, Norway, Finland, Iceland, Greenland, and the Faroe Islands) signed its 40^th tax cooperation agreement. It was agreement with Jamaica.

The numerous agreements signed by the Nordic group are aimed to contribute to global efforts for the adoption of international standards on transparency and tax information exchange developed by the OECD.

There are also benefits for tax authorities in member countries. Denmark, Norway and Sweden have reported that since April 2009 tax compliance rates have increased significantly, and substantial funds held offshore have been voluntary disclosed, which brought billions to the countries’ budgets.