Monaco joins convention on tax assistance

International Tax Review is part of Legal Benchmarking Limited, 4 Bouverie Street, London, EC4Y 8AX

Copyright © Legal Benchmarking Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Monaco joins convention on tax assistance

Monaco has become the latest jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the international instrument developed jointly by the OECD and the Council of Europe to fight international tax avoidance and evasion

The Convention, including those part of it by territorial extension, now reaches 84 jurisdictions. Sixty eight have signed it, the latest  before Monaco being the Philippines last month.

“Today’s [October 13] signing is an important new signal that Monaco is seriously committed to the international fight against offshore tax avoidance and evasion,” said Angel Gurria, the OECD’s secretary general, after a ceremony at the Organisation’s headquarters with José Badia, the Principality of Monaco’s Minister for Foreign Affairs and Cooperation.

The Convention will enter into force on the January 1 after the date on which it is ratified by Monaco.

All examples of exchange of information, including on request and spontaneous, are part of the Multilateral Convention. Automatic exchange is also an option under the Convention if parties agree to it. The Convention covers other forms of mutual assistance such as tax examinations abroad, simultaneous tax examinations and assistance in tax collection.

more across site & bottom lb ros

More from across our site

While new technology won’t replace the human touch, it could help relieve companies’ staffing issues, EY’s David Helmer and Daren Campbell tell ITR
The firm said the financial growth came from increased demand for its AI services and global tax reform advice
Chrystia Freeland had also been the figurehead of Canada’s controversial digital services tax adoption, which stoked economic tensions with the US
Panama has no official position on pillar two so far and a move to implement in Costa Rica will face rejection, experts tell ITR
The KPMG partner tells ITR about Sri Lanka’s complex and evolving tax landscape, setting legal precedents through client work, and his vision for the future of tax
Overall turnover at the firm also reached a record £8 billion; in other news, Ashurst and Dentons announced senior tax partner hires
Aibidia said the IBFD collaboration will benefit TP professionals through more robust risk assessments and compliance planning
Chinese tax authorities are increasing their scrutiny of high and new technology enterprises, which stresses the importance of strong documentation, says Abe Zhao of FenXun Partners
A boom in corporate tax revenue from extractive sector profits propelled Chad and the Democratic Republic of Congo to financial growth
The FASTER directive is aimed at making withholding tax procedures in the EU safer and more efficient for cross-border investors, national tax authorities and financial intermediaries
Gift this article