Norway to regulate sovereign wealth fund's tax haven exposure

Oslo

NORWAY will take a first step this week towards using its US$850 billion sovereign wealth fund, the world's biggest, as a tool to combat the use of tax havens, two key members of parliament's finance committee said on Wednesday.

The country's right-wing minority government will be asked to take a two-pronged approach to regulation, examining both the fund's own use of ownership structures designed to cut its liability for tax on its foreign investments as well as that of companies it invests in, the politicians said.