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12 August 2021

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Monaco Publishes Ministerial Order Introducing New VAT Refund Requirement for Taxable Persons Outside the EU

Monaco has published Ministerial Order no. 2021-574 of 3 August 2021 in the Official Gazette, which establishes new rules regarding VAT refund requests by taxable persons established outside of the EU. The rules are the same as those recently introduced in France considering that Monaco has a customs union with France and applies essentially the same VAT regime.

The new rules include that, with effect from 1 July 2021, all VAT refund requests by such persons must be made electronically by a tax representative established in Monaco. Further, refund requests must be accompanied by a summary table providing information for each invoice or import document, including the name and VAT ID of the supplier or service provider, the date, and the tax base and VAT amount in euros. Copies of the invoices or import documents are also required if the tax base is equal to or exceeds EUR 1,000, although this threshold is reduced to EUR 250 for fuel expenses.

In addition to the new refund request requirements, Ministerial Order no. 2021-574 also makes certain other adjustments to the Sales Tax Code that apply with effect from 12 June 2021. This includes an increase in the exemption threshold for exempt non-profits engaged in other operations, providing that such other operations are also exempt from VAT as long as receipts from the other operations do not exceed EUR 72,432 in the previous year (up from EUR 72,000).

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