Business & Finance
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Liechtenstein has approved a double taxation agreement with Monaco centering on income tax and capital gains tax. The main provisions eliminate double taxation. Liechtenstein and Monaco had already concluded a tax information exchange agreement.
Liechtenstein said the agreement with Monaco is part of its programme of eliminating double taxation both within the European Union and worldwide. The double taxation agreement with Monaco will come into force after both countries have completed the respective legislative procedures.
Liechtenstein is the fourth-smallest country in Europe and lies in the heart of the Alps between Switzerland and Austria. It is the sixth-smallest country in the world with a population of around 37,000. The country has been a member of the European Economic Area (EEA) since 1995.
Since the conclusion of the Customs Treaty in 1923, Liechtenstein has shared a common customs area with Switzerland, meaning that bilateral free trade agreements between Switzerland and other countries also apply to Liechtenstein.
The Maltese Communication Authority has approved a €250 million corporate contract between Monaco Telecom and Malta’s leading telecommunications company, Vodaphone Malta.
Monaco is reopening the Larvotto construction site to workers, saying the beach project is “essential for the development of the Principality”.
Monaco’s self-employed entrepreneurs will have access to a minimum monthly income as part of the government’s new economic measures, effective immediately.
The Prince’s government has announced another raft of economic measures to support employees impacted by the Covid-19 crisis.
Ireland should act to recover up to €13 billion from Apple in back taxes, the European Commission has ruled. After a three-year long investigation, it has concluded that the US firm’s tax benefits are illegal.
The commission concluded that Apple received “illegal state aid” from Ireland — essentially a sweetheart deal that allowed the computer maker to unfairly reduce its tax bill in a way not available to other companies, according to the report.
The Commission said this enabled it to pay substantially less tax than other businesses, in effect paying a corporate tax rate of 1%. Both Apple and the Irish government are likely to appeal against the Commission’s ruling.