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Value Added TaxesMonaco follows the French Value Added Tax ("VAT" in English and "TVA" in French) system, currently 18.6% of the value of a taxable transaction. For most businesses and certain individuals, this tax may be recoverable. Thus, if someone entitled to recover TVA pays more TVA than collected, the Government refunds the excess paid. VAT is not a sales tax, because the tax applies to the value added in each phase with the ultimate burden of the tax falling entirely on the final user or consumer. Those below the final user usually have most, if not all, of the VAT they paid refunded. |