- Introduction of VAT Changes: Monaco’s Sovereign Ordinance No. 10.832, published on September 19, 2024, introduces significant VAT changes effective from January 1, 2025, including revised exemption thresholds for various goods and services.
- Revised Exemption Thresholds: The VAT exemption thresholds will decrease for certain categories, with exemptions set at EUR 85,000 for goods and hospitality services, EUR 37,500 for most services, and EUR 50,000 for services by authors and performing artists.
- Current Year Turnover Limits: The benefit of the VAT exemption will be lost if the turnover exceeds specified amounts in the current year, including EUR 93,500 for goods and hospitality and EUR 41,250 for other services.
- Changes to Place of Supply Rules: New rules state that cultural and entertainment services provided virtually to non-taxable persons outside Monaco will be considered supplied outside the jurisdiction.
- Import VAT Liability for Electronic Sales: Taxable persons facilitating sales through electronic platforms will be liable for import VAT on goods located in Monaco at the time of shipment arrival, with this rule also retroactively effective from January 1, 2024.
Source Orbitax
