From July 10 to July 13, Monaco took part in the fifteenth meeting of a Framework Meeting of the Organisation for Economic Co-operation and Development (OECD) and G20 on base erosion and profit shifting (BEPS), held in Paris.

The Principality was represented by Mr Pierre-Jean Douvier in Paris and from Monaco by Mr Romain Bugnicourt and Ms Laura Repiquet from the Ministry of Finance and Economy.

At this meeting, 138 members of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), representing over 90 percent of global GDP, agreed an Outcome Statement recognising the significant progress made and allowing countries and jurisdictions to move forward with historic, major reform of the international tax system.

The newly agreed Outcome Statement was due to be delivered to G20 Finance Ministers and Central Bank Governors at their meeting in Gandhinagar, India on July 17–18 .

The two-pillar solution to address the tax challenges arising from the digitalisation of the economy will ensure a fairer distribution of profits and taxing rights among countries and jurisdictions with respect to the world’s largest multinational enterprises (MNEs).

The Principality of Monaco remains fully involved in the work of the OECD and maintains its commitment to upholding international standards.

IMAGE: Amazon has often been labelled the most aggressive tax avoider