Regulatory updates - Monaco

According to this Ordinance, VAT is levied at the reduced rate of 5.5% regarding services for laying, installing, and maintaining charging infrastructure for electric vehicles, defined as charging infrastructures installed in residential premises and intended for residents.

The reduced rate applies to energy renovation services carried out in premises rented at least two years ago. These premises are assigned or intended to be assigned to residential use at the end of the provision of services.

These services relate to installing, adapting or maintaining materials, equipment, devices, or systems intended to save energy or use the energy produced from renewable sources by improving thermal insulation, heating, ventilation, and domestic hot water production.

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.