(January 28, 2015) 

On January 28, 2015 the UK HM Revenue & Customs published the text of the Tax Information Exchange Agreement as concluded between the United Kingdom and Monaco. The agreement was signed in London on October 22, 2014 and in Monaco on December 23, 2014.

 

Although the Agreement has been signed, it has not yet entered into force. The Agreement will enter into force after both countries have finalized their respective ratification processes and diplomatic notes have been exchanged.

 

Based on Article 3 of the Agreement, the existing taxes which are the subject of this Agreement are: 

a)      in the United Kingdom, taxes of every kind and description; and

b)      in the Principality of Monaco:

(i)      the profit tax on commercial income levied from individual persons;

(ii)    the profit tax levied from companies;

(iii)   the inheritance tax;

(iv)  the gift tax;

(v)    the transfer tax.

 

Paragraph 2 of Article 3 arranges that the Agreement shall also apply to any identical taxes imposed after the date of signature of the Agreement in addition to or in place of the existing taxes. The Agreement shall also apply to any substantially similar taxes imposed after the date of signature of the Agreement in addition or in place of the existing taxes. Furthermore, the taxes covered may be expanded or modified by mutual agreement of the Contracting Parties. The competent authorities of the Contracting Parties shall notify each other of any substantial changes to the taxation and related information gathering measures covered by the Agreement.

 

Article 5 of the Agreement arranges for the Exchange of Information Upon Request.

 

Article 6 of the Agreement arranges for the possibility to undertake Tax Examinations Abroad.

 

Click here to be forwarded to the text of the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Principality of Monaco for the Exchange of Information Relating to taxes as published on GOV.UK, which will open in a new window.

 

 

Copyright – internationaltaxplaza.info

 

Stay informed: Subscribe to International Tax Plaza’s Newsletter!

 

 

 

Submit to FacebookSubmit to TwitterSubmit to LinkedIn
INTERESTING ARTICLES