Ahead of its report on Monaco in 2025, a delegation from the Principality has taken part in the OECD Global Tax Forum in Lisbon, an international body working on the implementation of international standards for tax transparency.
The Monegasque delegation travelled to Lisbon, Portugal, for the 16th plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes, organised by the Organisation for Economic Cooperation and Development (OECD) from Tuesday 28th November to 1st December.
The meeting was an opportunity for participants to focus on the collective achievements of the Global Forum over the past 15 years, of international tax cooperation in the fight against tax evasion and tax transparency, “international standards in which the Principality of Monaco is fully committed”, said the Monaco government in a statement. Discussions were also focused on the future work of the Global Forum to ensure the effective implementation of information exchange (ER) standards.
The morning of the first day was broadcast publicly, while the rest of the meetings were reserved for members, of which Monaco has been since 2009.
During this meeting, the OECD presented the points of attention that certain jurisdictions – including the Principality of Monaco – should be focussing on for the ongoing evaluations. They include confidentiality and data security as well as the effectiveness of the automatic exchange of information for tax purposes. The results of these evaluations will be published in 2025.
During this meeting, Monaco declared its intention to resume updating the Common Reporting Standard including the new Crypto-asset Reporting Framework (CDC).
For more information on this event and the OECD report, click on the link here.
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Photo of Lisbon credit Andreas Brucker, Unsplash