| Norway's $860-billion sovereign wealth fund, the world's largest, must develop a policy on how companies in which it has invested declare their taxes, parliament's finance committee said. The fund, managed by a unit of the central bank, invests the income from Norway's oil industry. It owns 1.3 percent of the world's listed company equity, with stakes in some 9,050 firms.
The move is a first step by Norway to use the fund as a tool to combat the use of tax havens. It follows the Panama Papers leaks in April, which revealed details of corporate and individual tax evasion and triggered a global backlash. Two key committee members told Reuters of the move last week...............................................Full Article: Source
|