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.
Monaco Life spoke to MYS Director Gaëlle Tallarida to understand more behind the organisation of Europe’s largest, most prestigious yachting event during these unprecedented times.
Reactions to FEDEM’s request to annul a bill protecting employees from dismissal during the health crisis have come swift and hard from trade unions, the National Council and the Prince’s Government.
The European Commission has issued a new, and somewhat controversial, European budgetary proposal that includes a recovery fund to help coronavirus-battered economies rebound in the coming months and years.
The Principality’s employer’s union, the Federation of Monegasque Enterprises, has formally requested the government scrap a ban on dismissals and the obligation to allow employees to telework.