Weather
15 ° C
15°C
9°C
Sunny Intervals
Breaking News

5 Covid cases 19 Apr, 10 hospitalised, 5 in ICU, 29 home monitored, 2,304 recoveries, 30 deaths, 63 incidence rate, 32% population vaccinated

Brexit and VAT explained for Monegasque companies

Brexit and VAT explained for Monegasque companies

By Cassandra Tanti - January 12, 2021

When the United Kingdom officially left the European Union on 1st January 2021, the concept of intra-community transactions between Monaco and the UK, which are exempt of VAT, ended.

The Monaco government on Tuesday attempted to clarify the situation, releasing a statement that defines the differences between intra-community transactions and import and export operations, and highlights what is now required.

“Unlike intra-community operations, import and export operations require the filing of specific declarations with the Directorate of Customs and Indirect Rights when carrying out the operations in question.

On exportation, the exemption from value added tax (VAT) must be justified in accordance with the provisions of article A-52 of the annex to the code of turnover taxes. On importation, the VAT must be calculated in accordance with the provisions of article 83 of the aforementioned code.

As a result, transactions with the United Kingdom from January 1, 2021 will no longer require the filing of European declarations for services and/or trade in goods. In addition, Monegasque companies that do not carry out taxable transactions in the United Kingdom can request a refund of the VAT incurred for the acquisition of goods or services in the United Kingdom for the year 2020 via the e-RMB-EU service until March 31, 2021 while respecting, as previously, the specific reimbursement rules set out in Council Directive 2008/9/CE of February 12, 2008.

This procedure, reserved for liable taxable persons, is however no longer applicable for requests for reimbursement of VAT incurred in the United Kingdom from January 1, 2021. These must be sent directly to the British tax authorities according to a legal procedure planned by the UK.

For any further details, you can contact Mr. Olivier BIGARD: 98.98.81.43”

 

Photo of London source: Unsplash

 

 

shares
SHARE
Previous articleInterview: Olivia Dorato, Monaco’s rising star
Next articleTop Marques postponed

daily

Cassandra Tanti

More than 150 public and private finance professionals have gathered to hear a progress report on Monaco’s fight against money laundering and corruption.

0
April 14, 2021 | Business & Finance

The future of diamonds

Cassandra Tanti

Diamond expert Alberto Vitale talks about Covid’s impact on the industry, how it historically sent down diamond prices, and the rise of transparency thanks to blockchain.

0
April 8, 2021 | Business & Finance

Finance ministers meet for climate change action

Cassandra Tanti

Monaco’s Jean Castellini has joined finance ministers across the globe in a meeting to foster economic growth strategies that take into account the environment and climate change.

0
April 8, 2021 | Business & Finance

Monaco receives three new ambassadors

Stephanie Horsman

The Principality has welcomed three new ambassadors from Iran, Latvia and Honduras.

0