Monaco Signs Tax Treaty With UAE

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Nancy Heslin   Forbes Monaco

Monaco Signs Tax Treaty With UAE

Minister of finance and economy Jean Castellini and the United Arab Emirates’ minister of state for financial affairs Mohamed Bin Hadi AL Hussaini. Photo: Manuel Vitali/Communications Department

On Saturday, November 13, Monaco signed a tax agreement with the United Arab Emirates in Dubai at Expo 2020.

The bilateral treaty between the two countries is aimed at eliminating double taxation and the prevention of tax evasion and fraud.

Minister of finance and economy Jean Castellini and the United Arab Emirates’ minister of state for financial affairs Mohamed Bin Hadi AL Hussaini signed the agreement in the presence of Prince Albert, who is also in Dubai visiting the Expo.

This is Monaco’s 36th tax treaty and “is the result of constructive negotiations carried out with the objective of preserving the specificities and interests of the two States, promoting their economic relations and improving their cooperation in tax matters.”

It was in 2009, four years after his accession, that Prince Albert reached agreements on information exchange respecting OECD standards. This Convention conforms to the latest OECD model and embraces the measures of the BEPS (Base Erosion and Profit Shifting) project.

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Nancy Heslin   Forbes Monaco

Nancy Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.