Due to the United Kingdom’s exit from the European Union as of January 1, 2021, the concepts of intra-community transactions carried out between Monaco and the United Kingdom have been replaced by a regime of import and export from or to a third country. Unlike intra-community operations, import and export operations require the filing of specific declarations with the Directorate of Customs and Indirect Rights when carrying out the operations in question.
On exportation, an exemption from value added tax must be justified in accordance with the provisions of article A-52 of the annex to the code of turnover taxes.
On importation, the value added tax must be calculated in accordance with the provisions of Article 83 of the aforementioned code. As a result, transactions with the United Kingdom from January 1, 2021 will no longer require the filing of European declarations for services and/or trade in goods. In addition, Monegasque companies that do not carry out taxable transactions in the United Kingdom can request a refund of the VAT incurred for the acquisition of goods or services in the United Kingdom for the year 2020 via the e-RMB service until March 31, 2021.
This procedure, reserved for community taxable persons, is however no longer applicable for claims for reimbursement of VAT incurred in the UK from January 1, 2021. These should be made directly to the UK Revenue Authority in accordance with a legal procedure provided by the UK. For any further details, you can contact Mr Olivier Bigard: 98 98 81 43
ORIGINAL SOURCE: Monaco Government Press Service FILE PHOTO: Reuters