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.