On 29 July 2014, published the Income Tax Ordinance ratifying the pending income tax treaty with Monaco. The tax treaty was signed 7 April 2014 in Guernsey and 14 April 2014 in Monaco. It is the first of its kind between the two jurisdictions.
The treaty covers Guernsey income tax, and Monaco profit tax on commercial income of individuals and profit tax on companies.
Both jurisdictions apply the credit method for the elimination of double taxation.
The treaty will enter into force 30 days after the ratification instruments are exchanged, and will apply from 1 January of the year following its entry into force.
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