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CRS – Publication of Ministerial Order n°9019-37

Implementing Sovereign Ordinance n°6.713 of 14.12.2017 on reporting obligations for large enterprises

Under the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, and in line with Sovereign Ordinance n°6.713 of 14 December 2017, large enterprises are required, under certain conditions, to provide reporting on a country-by-country basis.

Ministerial Order n°2019-37 of 14 January 2019, implementing Sovereign Ordinance n°6.713 of 14 December 2017 itself implementing the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, clarified the form, content and mode of transmission of country-by-country reporting to be sent to the Department of Tax Services.

Ministerial Order n°2019-37 of 14 January 2019 includes provisions equivalent to those contained in Ministerial Order n°2018-111 of 13 February 2018 implementing Sovereign Ordinance n°6.208 of 20 December 2016 implementing the Convention on Mutual Administrative Assistance in Tax Matters, the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information and the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC.

For information, Sovereign Ordinance n°6.208 of 20 December 2016 requires financial institutions, including credit institutions, to comply with the reporting and due diligence obligations laid down by the Common Reporting Standard (CRS).

Authors

The picture of Stephan Pastor
Stephan Pastor
Avocat Associé | Partner
Monaco
The picture of Juliette Henry
Juliette Henry
Associate
Monaco