Monaco allows for the deduction of input VAT to offset output VAT for non-residents registered for VAT. If the input VAT exceeds output VAT in a given period, the balance is carried forward to offset future VAT payable. A refund of the input tax can be claimed at the end of the calendar year if the input VAT credit exceeds EUR 150, or at the end of the calendar month if it exceeds EUR 760.
VAT refunds are also available for non-residents with no establishment in Monaco that are not registered for VAT.The refund procedure depends on whether the non-resident enterprise is established within or outside the EU Member States.
Non-resident enterprises within the EU Member States are generally eligible to claim VAT refunds electronically via the VAT tax portal of the state in which they are resident under EU Directive 2008/9/EC.
Non-resident enterprises outside the EU may also be granted refunds, although paper application with supporting documentation must be submitted. Effective 1 July 2021, all VAT refund requests by such enterprises must be made electronically by a tax representative established in Monaco along with the specified documents. The claim must include copies of the invoices or import documents if the invoice amount is equal to or exceeds EUR 1,000 (EUR 250 for fuel expenses).