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/en/utenriksokonomi/statistikker/betalstr/arkiv
10288
Tax havens receive NOK 25 billion
statistikk
2009-08-20T10:00:00.000Z
External economy;External economy
en
betalstr, Cash flows between Norway and abroad, register of Cross Borders and Transactions and Currency Exchange, banking transactions (for non-financial enterprises and private individuals), incoming and outgoing payments, country areas, main business sectors (for example manufacturing, electricity and water supply, fishing)Balance of payments, Foreign assets and liabilities , External economy
false

Cash flows between Norway and abroadQ2 2009

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Tax havens receive NOK 25 billion

In the second quarter of 2009, the total value of outgoing settlements was NOK 299 billion, of which NOK 25 billion had a tax haven as a destination country. The total value of incoming settlements was NOK 336 billion.

The figures show that in the second quarter of 2009 outgoing settlements from Norway to what IMF (International monetary fund) has labelled as “tax havens” was NOK 25 billion, which amounts to 8 per cent of the total value for outgoing settlements. Incoming settlements from tax havens were NOK 13 billion or 4 per cent of the total.

Forty-six countries have been labelled “tax havens” in these statistics. This is based on information from the IMF (International monetary fund). The figures show bank settlements to and from countries with legislation that can qualify them to be termed “tax havens”. For more information can be found in the report “Tax havens and development” published by a commission appointed by the Norwegian government.

http://www.regjeringen.no/en/dep/ud/Documents/Reports-programmes-of-action-and-plans/Reports/2009/tax_havens.html?id=570947

Settlements to and from tax havens 2Q 2009. Million NOK
  Outgoing settlements Incoming settlements
  Total tax havens] Share to tax havens Total tax havens] Share from tax havens
NOK million  299 236 24 798 8.3  335 873 12 965 3.9

Reduction in settlements

The total values of both incoming and outgoing settlements have seen a reduction from the first to the second quarter of 2009. Outgoing settlements totalled NOK 299 billion in the second quarter, which is a 9 per cent decline from the first quarter. At the same time, incoming settlements fell by less than 4 per cent and totalled NOK 336 billion in the second quarter. The main contributor to this decline, both in outgoing and incoming settlements, is the reduction of value transferred between rest of EU and Norway. In total value, both outgoing and incoming settlements have seen a NOK 18 billion decrease from the first quarter in 2009 to the second quarter. This gives a decline of 12 per cent for incoming and 13 per cent for outgoing settlements.

Incoming cross border settlements through Norwegian banks Q2 2009
  Number of settlements Percent NOK million Percent
Total  551 405  100.0  335 873  100.0
The Nordic countries  314 482 57.0  135 439 40.3
Rest of the EU  168 434 30.5  136 212 40.6
Rest of Europe 12 256 2.2 4 852 1.4
Africa 1 574 0.3  822 0.2
Asia 17 612 3.2 15 895 4.7
North and Central America 33 328 6.0 39 456 11.7
South America 1 188 0.2 1 746 0.5
Oceania 2 531 0.5 1 452 0.4
Outgoing cross border settlements through Norwegian banks Q2 2009
  Number of settlements Percent NOK million Percent
Total 1 272 619  100.0  299 236  100.0
The Nordic countries  546 206 42.9  116 573 39.0
Rest of the EU  485 393 38.1  122 387 40.9
Rest of Europe 36 805 2.9 12 217 4.1
Africa 12 795 1.0 1 524 0.5
Asia  101 665 8.0 19 337 6.5
North and Central America 76 966 6.0 23 687 7.9
South America 6 576 0.5 1 419 0.5
Oceania 6 213 0.5 2 092 0.7

Mining and quarrying up, manufacturing down

In mining and quarrying there has been an increase in both outgoing and incoming external settlements from the first to the second quarter of 2009. Incoming settlements have seen an increase of almost 24 per cent or NOK 15 billion in this time period, and the outgoing settlements have seen an increase of 2 per cent, which is less than NOK 1 billion.

External settlements to the manufacturing industry in Norway decreased by 16 per cent from the first to the second quarter of 2009, which amounts to slightly less than NOK 25 billion. The total value of incoming settlements to the manufacturing industry was more than NOK 125 billion in the second quarter of 2009, which is the lowest total registered for the manufacturing industry in these statistics. The outgoing settlements from the manufacturing industry totalled almost NOK 109 billion in the second quarter of 2009. Compared to the first quarter this is a decline of NOK 17 billion or 14 per cent.

Figures for 2 quarter 2009, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total  332 984  100.0  293 651  100.0
Agriculture, hunting and forestry 25 0.0  220 0.1
Fishing 4 056 1.2 2 095 0.7
Mining and quarrying 77 528 23.3 26 547 9.0
Manufactoring  125 255 37.6  108 755 37.0
Electricity, gas and water supply 18 831 5.7 23 890 8.1
Construction 1 720 0.5 2 067 0.7
Wholesale and retail trade 30 987 9.3 61 990 21.1
Hotels and restaurants  377 0.1  408 0.1
Transport, storage and communication 36 744 11.0 29 992 10.2
Real estate, renting and buiness activities 28 550 8.6 27 716 9.4
Public administration 6 757 2.0 5 652 1.9
Education  215 0.1  290 0.1
Health and social work  347 0.1 1 601 0.5
Other community, social and personal service activities 1 074 0.3 2 112 0.7
Private households with employed persons 0 0.0 0 0.0
Extra-territorial organizations and bodies  133 0.0 37 0.0
Missing  386 0.1  278 0.1

Incoming settlements 12 per cent higher than outgoing

In the second quarter of 2009, the incoming settlements were almost 12 per cent higher than the outgoing. There has been a positive trend in the last three quarters, where the total value of incoming settlements is becoming greater than the outgoing. In the second quarter of 2009, it is the increase in incoming settlements from the Nordic countries to Norway in particular, together with a decrease in outgoing settlements from Norway to the Nordic countries that has improved the balance.

Change of incoming versus outgoing settlements in Q1 2009 and Q4 and Q3 and Q2 and Q1 2008. Per cent
  2. quarter 2009 1. quarter 2009 4. quarter 2008 3. quarter 2008 2. quarter 2008
Total 12.1 5.8 -9.1 28.6 13.8
The Nordic countries 24.1 7.8 -5.2 34.1 36.8
Rest of the EU 6.4 10.0 -1.2 32.4 6.9
Rest of Europe -61.9 -63.5 -65.7 -55.0 -67.2
Africa -17.8 -53.3 -90.5 -29.8 -14.4
Asia -16.6 -35.7 -41.5 31.5 -11.8
North and Central America 72.5 53.6 13.0 38.4 17.4
South America -54.8 -48.9 -58.4 -54.6 -55.9
Oceania -37.4 -32.1 -47.7 4.3 -18.8

The majority of settlements in the Register of Cross Border Transactions and Currency Exchange are transferred via commercial banks. The use abroad of credit cards issued in Norway and the use in Norway of credit cards issued abroad are also registered. Unless otherwise stated, the statistics only cover payments via commercial banks.

The statistics show the extent of cross border payments between individuals or enterprises in Norway and foreign individuals or enterprises. Financial enterprises are not included in the statistics. More details about delimitation and important terms are available in About the statistics .