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Taxation in Monaco

Value Added Tax (VAT)

The existence of the French-Monegasque Customs Union means that VAT is applicable at the same rate as in France. European community tax is applicable since 1 January 1993.

The following are subject to VAT:

• on the one hand, the operations due to economic activity carried out for a fee by a tax-payer, i.e. by a person acting on an independent basis as of custom or occasionally, whatever his legal status;

• on the other hand, the operations expressly named by law as being subject to VAT (delivery of goods to oneself, certain purchases, imports);

• and lastly, operations which would normally be exempt, but which become eligible for the application of VAT according to a choice made by the person carrying them out (operations carried out by persons performing exempted commercial activities, banking and financial establishment operations, empty property rentals for industrial, commercial or professional use).

The most frequently applicable rates are as follows:

• normal rate: 19.6%
• educed rate: 5.5%

The normal rate, 19.6%, is used when there is no reason to apply the reduced rate.

The reduce rate, 5.5%, is applicable as follows:

• on various services: transport of travellers, hotel or furnished accommodation, certain shows (cinema, theatre, concerts), entrance fees for certain attractions (museums, monuments, cultural exhibitions), private television subscriptions, provision of meals in works cafeterias, services related to the supply and evacuation of water;

• on certain products: water, food products (except alcoholic beverages and certain solid food products), medicines (except medicines which are reimbursed to social security contributors belonging to the 2.10% category), products with agricultural origins, books, special apparatus and equipment for the handicapped, certain products for animal feed.

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