|Update:||Compliance Alert – Temporary 0% VAT Rate for COVID-19 Vaccines until 31 December 2022|
Monaco has issued Sovereign Ordinance No. 8.512 of 26 February 2021 in the Official Gazette.
The Ordinance covers amendments concerning VAT (Turnover Tax).
One of the major amendments is the introduction of new Article 52 bis in the Turnover Tax Code.
It entitles the application of a 0% VAT rate on COVID-19 vaccines, closely related services, and in vitro diagnostic medical devices approved in the EU.
The Article is effective retroactively from 15 October 2020 but will be revoked as of 1 January 2023, which means that it applies until 31 December 2022.