Presenting the ratification document for the Convention on Mutual Administrative Assistance in Tax Matters to the OECD
The Minister of State, accompanied by the Government Counselor – Minister of Finance and Economy, presented today to the Secretary General of the Organization for Economic Co-operation and Development (OECD) Mr. Angel Gurría at Chateau de La Muette, OECD headquarters in Paris, the ratification document for the Convention on Mutual Administrative Assistance in Tax Matters, signed by HSH Prince Albert II of Monaco.
At present, 107 jurisdictions are participating in the Convention, including all G20 countries, all OECD countries, major financial centers and a growing number of developing countries. The Convention has now entered into force in 91 countries, including Monaco, out of these 107 jurisdictions.
This Convention signed on October 13, 2014, will take effect in Monaco three months after its ratification, in particular for the exchange of information upon request and for a spontaneous exchange.
As a reminder, the Principality of Monaco has undertaken to implement an automatic exchange of information on financial accounts to be started in 2018 on the data collected in 2017.
Monaco is also one of the signatories to the Multilateral Agreement between Competent Authorities on the automatic exchange of information on financial accounts, clarifying the Convention and taking effect at the same time.
In addition, the “common reporting standard” provides that tax administrations collect from the financial institutions the data on the accounts of their non-resident customers in the Principality and automatically forward them to the tax authorities of their respective State of residence, while preserving the Rights of the taxpayers by guaranteeing confidential treatment of the exchanged data.
All these commitments made by the Principality of Monaco are in continuity with the wish expressed by S.A.S. Prince Albert II to increase transparency in tax matters and all measures implemented since 2009.