If you deal with companies in Monaco, you may be able to claim a Monegasque VAT refund.
Whether you’re a European or non-European company, establishing certain activities in Monaco may mean you need to register for VAT. You will need to appoint a tax representative to fulfil your VAT reporting obligations in Monaco.
We have put together for you the specific information on the VAT regulations in Monaco.
|EU membership||La Principauté de Monaco n’est pas membre de l’Union Européenne|
|VAT introduced in Monaco||1963|
|VAT name in Monaco||Taxe sur la Valeur Ajoutée (TVA)|
|VAT ID format in Monaco||FR99900099999 (et n° de dossier fiscal 9999L L9999)|
|Territories with special status in Monaco||Monaco|
VAT rates in Monaco
|Standard VAT rate||20%|
|Reduced VAT rate (1)||10%|
|Reduced VAT rate (2)||5,5%|
|Super reduced VAT rate||n/a|
|VAT parking rate||n/a|
|Zero VAT rate||yes|
Reporting frequency in Monaco
|VAT returns||monthly, quarterly|
VAT-related penalties in Monaco
|Failure to file a VAT return||Failure to file the returns used for the assessment or liquidation of turnover taxes shall incur a fine of EUR 15. The authorities may then send a formal notice to produce the documents within 30 days. If the document is not produced within this period, the fine is increased to €150.|
|Late payment of VAT||Failure to pay or insufficient payment or late payment of the tax due will incur payments for interest on arrears which shall be due independently of any penalties. The amount of interest on arrears is 0.20% of the total charged to the debtor or whose payment has been deferred, per month the payment is late. It is calculated from the first day of the month following the date the tax was due until the last day of the month of payment.|
|Failure to report ESL/DEB|| Failure to file the returns detailed in Articles 73 and 74 within the time limits shall incur a fine of €750.
This fine is increased to €1,500 if these declarations are not produced within 30 days of a formal notice.
Each omission or inaccuracy in the returns submitted shall incur a fine of €15, which may not exceed a total of €1,500.
Useful links on VAT in Monaco
|Tax Authorities in Monaco||Department of Finance and Economy|
|Ministry of Finance in Monaco||Department of Finance and Economy|
|Check a VAT number in Monaco||n/a|
The current VAT rates in Monaco are as follows:
You may need a VAT number in Monaco to fulfil your tax obligations in this country. Indeed, certain activities such as sales, purchases and subcontracting operations may require VAT identification. To check if your activities require VAT identification in Monaco, use our VAT simulator or contact us.
VAT Monegasque is named Taxe sur la Valeur Ajoutée (TVA)and the VAT numbers in Monaco have the following structure: FR99900099999 (et n° de dossier fiscal 9999L L9999).
Registering for VATis a relatively simple formality compared to setting up a company, but in addition to obtaining a VAT number in Monacoyou’ll need to file periodic VAT returns to ensure your VAT compliance.
Companies with a VAT number in Monaco must complete and submit VAT returns in Monaco detailing all taxable income (sales) and expenses (costs), with the following periodicity: monthly, quarterly .
Failure to comply with the deadlines imposed by the Monegasque authorities for the deposit and payment of VAT will result in the payment of penalties .
These penalties are defined as follows in Monaco:
In principle, a company not established in Monaco can recover all or part of the VAT paid on its expenses. There are three different scenarios: Learn more about our VAT recovery services.
In principle, a company not established in Monaco can recover all or part of the VAT paid on its expenses.
There are three different scenarios:
Learn more about our VAT recovery services.
*This information is subject to change without notice.
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