Monaco has signed seven new bilateral agreements to promote the exchange of information on tax cooperation with the Nordic countries (Sweden, Norway, Finland, Denmark, Iceland, Faroe Islands and Greenland). "This door to 23 the number of agreements signed to date, including 12 with the countries of the OECD", insists Franck Biancheri.
Advisor of the Monegasque Government for international financial relations, he negotiated agreements before and after the exit - end September 2009 - the Principality of the grey list of tax havens by the OECD. But Monaco is shown the finger, which has the gift to irritate Franck Biancheri. The Advisor recognizes that to cross the threshold of 12 agreements established by the OECD, need to move quickly and therefore conclude, including with States not protected by an exemplary reputation tax cooperation: "since we entered a consolidation phase: Monaco is, to date, the only State to have signed many agreements, in particular with the countries of the OECD".", France, Austria, United States, Luxembourg, Belgium, Netherlands, Australia, Norway, Sweden, Denmark, Finland, Iceland", lists. The agreement with the Germany, already initialled, will be signed in July 2010. Should be noted that the agreement with the France is special: it date from 1963 and provides that French residents in Monaco are subject to French tax.
Ongoing evaluation by the OECD
So, this is not a discharge without condition to the Principality. The world of the OECD Forum on transparency and the exchange of information for tax purposes has launched assessments. The Monaco is underway. A draft report was sent to the Monegasque authorities for comments prior to publication, end of August 2010.
The absence of agreement with the Italy and England, whose nationals are very present in the Principality, is part of the issues. "We have received no request on the part of the English", provides Franck Biancheri. In the Italy, who scored Monaco on his own gray list of tax havens, the situation is more complex. "The Italy actually expressed a request." We have chosen to wait until the end of the tax amnesty, extended to April 30, 2010. "Today, we are studying whether to open negotiations to conclude a convention on jurisdiction taxation for the benefit of between catch and individuals", which will include the exchange of tax information, says the consultant. The goal is the release of the Italian grey list. This could open up new markets to Monegasque enterprises.
Rest the application of the agreements already signed for which lack necessary to a relevant assessment back. Concerning a few agreements already entered into force (with the Austria, the United States, the Luxembourg and San Marino) no motion would have addressed to date the Monegasque tax administration. The procedures for the exchange of information vary from one agreement to another. In any case, it must be targeted applications, specifying the identity of the person, the period concerned and efforts already carried out in domestic law. "We retain a right of discretion, recognizes Franck Biancheri, but what benefit would we not cooperate after all the efforts we made to get out of the list of tax havens"