VPS offers a subscription for registering and reporting of FATCA and CRS data. The subscription scheme simplifies the reporting of information to the tax authorities that account operators are required to comply with according to international tax agreement

 

Our subscription services for international tax reporting (FATCA and CRS) enable a simple and straightforward reporting to Skatteetaten (the Norwegian tax authorities). VPS’s comprehensive offer includes

  • Access to user interface for registration of FATCA and CRS information via VPS Investor Services
  • Production of files for reporting information to Skatteetaten
  • Direct reporting by VPS to the tax authorities is available
  • Customisation of formats and new reporting requirements
  • A simple user guide for recording
  • The investor will, as part of the annual VPS statement, receive copies of all details reported to the tax authorities
  • “Substantial owners” will receive a separate annual statement from VPS
  • A list of all investors and “substantial owners” registered for FATCA/CRS reporting

FATCA and CRS

Norway has signed an agreement with the United States on the exchange of tax information under US law, the Foreign Account Tax Compliance Act (FATCA). Payments from an American source to accounts in Norwegian and foreign financial institutions will be subject to deduction of 30 percent withholding tax unless information on US customers is being sent to the United States. CRS (Common Reporting Standard) is the OECD’s new international standard for automatic exchange of financial account information in the tax area. Norway has signed bilateral agreements with a number of OECD countries regarding the exchange of tax information.