From July 10th to 13th, 2023, the Principality of Monaco partook in the 15th meeting of the Inclusive Framework of the Organisation for Economic Co-operation and Development (OECD) and the G20 on Base Erosion and Profit Shifting (BEPS), held in Paris.
The Principality was represented by Mr. Pierre-Jean Douvier in Paris, while Mr. Romain Bugnicourt and Ms. Laura Repiquet from the Department of Finance and Economy represented Monaco.
At this meeting, 138 members of the Inclusive Framework OECD/G20 on Base Erosion and Profit Shifting (BEPS), collectively representing over 90% of the world's GDP, reached consensus on a statement acknowledging the significant progress made. This facilitates countries and jurisdictions to move forward in implementing a significant and historical reform of the international tax system. The approved statement will be presented to the Finance Ministers and Central Bank Governors of the G20 countries during their upcoming meeting in Gandhinagar, India, on July 17th and 18th.
Consequently, the two-pillar solution to address the tax challenges arising from the digitalization of the economy will ensure a fairer distribution of profits and taxing rights amongst countries and jurisdictions, for the world's largest multinational companies (MNCs).
The Principality of Monaco continues to be fully involved in the work of the OECD and remains committed to upholding international standards.