The Monegasque Institute of Statistics and Economic Studies, also known as IMSEE, has announced the activation of a compulsory GDP declaration survey for all of Monaco’s economic entities. The goal of the survey is to calculate the Principality’s 2023 gross domestic product. 

Defined by the International Monetary Fund as “the monetary value of final goods and services produced in a country in a given period of time”, GDP counts all of the output generated within the borders of a nation. It is composed of goods and services produced for sale in the market, as well as certain nonmarket production, such as defence or education services provided by the government.   

IMSEE’s study into Monaco’s GDP in 2023 will be an important tool used by the Prince’s Government to assess and observe the country’s economic policies in both domestic and international contexts. 

COMPULSORY PARTICIPATION

Participation in the survey is obligatory for all economic entities in Monaco, but the government has sought to reassure business owners that it has “no tax implications”. 

Those who must complete the survey include: all legal persons governed by private law and all Monegasque public institutions; all natural persons carrying out, as a self-employed worker, a skilled trade or commercial, industrial or professional activity in the Principality or renting a business or parking lot; any individual who rents furnished accommodation, land and non-residential property, such as a business or car park; all companies and businesses, whose headquarters are located abroad and who have opened or use an agency or a branch, administrative or representative office in Monaco; any foreign (natural or legal) person who occasionally carries out business in the Principality. 

See more: Economy: Revenues exceed €20 billion for the first time in Monaco

Full details on how to complete the required forms, which must be submitted by the end of May this year, can be found on the MonEntreprise government portal or by clicking here.  

Accountancy firms, estate agents and property managers are able to submit returns for their clients.

The IMSEE team will be able to assist with any questions or queries regarding the GDP survey and can be contacted via email at pib@gouv.mc or by telephone on 8000 2008. 

For further information, click here.

 

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Photo source: Glenn Carstens-Peters, Unsplash