Business & Finance
Brought to you by: Monaco Life
It would be difficult to exaggerate the success of 2016 for the Monegasque economy, a record year for the Principality.
Jean Castellini, Minister of Finance and Economy, told the Eco-Club of Monaco-Matin that the Principality is proving its dynamism thanks to the leading economic indicators for last year.
Mr Castellini said that several factors combined to make 2016 so successful: the fiscal scenario, tourism, and company formation. A total of 1,300 applications were filed for company formations, he said.
“For the fifth consecutive year, we should close the fiscal year in surplus. We reached a record level of revenue in 2016 and the main contributors are tax revenues such as VAT, corporation tax and transfer taxes. Each one testifies to our vitality,” he said.
It’s been a month of diplomatic accreditations, with several ambassadors officially presenting their credentials in Monaco and internationally.
The crisis brought about by Covid-19 cost the Principality €900 million in profits for the first half of the year, the latest report from IMSEE has revealed.
Giulio Alaimo has presented his credentials as the new Ambassador of Italy to Prince Albert.
The latest survey by IMSEE has revealed that the business climate continued to weaken in July, though retail trade and the auto commerce and repair sectors saw slight improvements.