Monaco ratifies international tax convention

Monaco has ratified the Convention on Mutual Administrative Assistance in Tax Matters. The ratification underlines Monaco’s commitment to fighting tax evasion and avoidance. It also means the principality has taken 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.

The convention will enter into force for Monaco on 1 April 2017.