Monaco has published Sovereign Ordinance no. 8.847 of 27 September 2021 in the Official Gazette, which modifies the tax credit for R&D expenses. Provided in Sovereign Ordinance no. 10.325 of 17 October 1991, as amended, the R&D tax credit is equal to 30% of R&D expenses not exceeding EUR 100 million and 5% of R&D expenses exceeding this amount. Sovereign Ordinance no. 8.847 amends how the R&D tax credit is applied, including that from 1 January 2021, the credit is limited…