On July 27 the Principality of Monaco signed a convention for the avoidance of double taxation and fiscal evasion with Luxembourg. The document was signed in Luxembourg by Franck Biancheri, Monaco Government Advisor for External Relations, and Luxembourg’s Minister for Economic, Financial and International Affairs, Luc Frieden.
The agreement incorporates provisions for the exchange of tax information between the two countries’ tax authorities in accordance with the OECD standard. The agreement lays the foundation for tax distribution rights on investment and trade carried out by businesses and individuals in the respective countries, and the parties hope that it will facilitate enhanced cooperation in several areas including the fight against money laundering, terrorist financing, and corruption.
In a statement following the signing of the agreement, Monaco’s government noted the signing of a similar agreement with Belgium on July 15 bringing its tally of such agreements to two. It disclosed that it would continue negotiations with other third countries at an ‘accelerated rate’ in order to fulfil its pledge to increase transparency and exchange information in order to be removed from the OECD’s grey list, formulated at the G20 summit on April 2, 2009.
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