Monaco deposited yesterday its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters (“the Convention”).
Monaco underlines its commitment to fighting tax evasion and avoidance and takes another important step in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries as well as automatic exchange of Country-by-Country Reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.
Monaco committed to implement automatic exchange of financial account information in time to commence exchanges in 2018 and was amongst the first signatories of the CRS Multilateral Competent Authority Agreement (and the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports.
The Convention will enter into force for Monaco on 1 April 2017.
Francesco Giliberti and Emiliano Cordoba are available for any questions you might have on this matter.