Monaco ratifies Convention on Mutual Administrative Assistance in Tax Matters

14 December 2016, Monaco deposited its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters. By doing so, the OECD said, it had taken another important step in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters 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.

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 (CRS MCAA) and the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA), which are both based on Article 6 of the Convention.