Monaco has defended itself against accusations that it is akin to
as a tax haven.
The principality has issued a release saying it ‘regrets the comparison’ made
between it and Liechtenstein, currently in the grip of global fraud probes into
cash stored there by citizens of other countries.
Monaco says it complies with VAT information exchanges with the EU, customs
regulations, and that its system of internal controls mean it ‘does not have a
system of foundations which is open to fraud.’
The release came from ‘the office of H.S.H. Prince Albert of Monaco.’
‘Despite the considerable efforts which have been made over the last few
years to comply with international standards, Monaco regrets that, for formal
reasons, the OECD still keeps it “on its blacklist”,’ the statement says.
‘However, discussions with the OECD are still ongoing and Monaco does not
intend to remain apart from a general movement towards an exchange of
information which is going to be implemented by all of the European states and
the main financial centres,’ it adds.
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile
I will feel slightly awkward when I write to the client who is about to receive a large invoice from the PAYE expert, offering him the fee protection going forward