Monaco Ratifies Multilateral Tax Convention

Monaco recently ratified the Convention on Mutual Administrative Assistance in Tax Matters.

The Convention, developed jointly by the Organisation for Economic Cooperation and Development (OECD) and the Council of Europe in 1988, commits signatories to co-operate multilaterally to tackle tax evasion and avoidance, and guarantees extensive safeguards for the protection of taxpayers' rights.

To date some 107 jurisdictions currently participate in the Convention, including 15 jurisdictions covered by territorial extension The Convention will enter into force for Monaco on April 1, 2017.

Monaco has already committed to implement the automatic exchange of financial account information in time to commence exchanges in 2018 and was among the first signatories to the Common Reporting Standard Multilateral Competent Authority Agreement and the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports.