San Marino Eyes OECD Grey List Removal

August 5, 2009 International Tax CooperationTax HavensTaxation in ItalyTaxation in San Marino  No comments

According to the San Marino Foreign Secretary, the nation expects to upgrade from its standing on the OECD Grey List by September.

In an effort to entice Italian companies to invest back into San Marino, along with draw it’s much relied upon tourist dollar, the nation racing to sign the necessary Tax Information Exchange Agreements (TIEA) to improve the view that the OECD takes of it.

San Marino was classed as a Blacklist nation by the OECD until 2003, due mostly to its alleged use by Italians for tax haven purposes. Increased international pressure for financial transparency, a Fitch rating downgrade and a forecasted 2010 budget deficit has now prompted San Marino officials to seek an improvement in its global financial standing. To achieve this San Marino needs to sign 12 TIEAs, of which two have already been completed, and with a further three sitting on the verge of completion.

San Marino Secretary of State for Foreign Affairs Antonella Mularoni said the following in regards to this upcoming task “There’s just a little more than a month to go, but we have reasonable expectations that this objective will be reached. There’s pressure on lots of countries, so everyone wants to do these accords to get off these lists.” She went onto say, in regards to the benefits of San Marino as a financial center “In small states like ours, decisions are taken rapidly, bureaucracy is limited and we also have stability. So we want to favour companies that want to base themselves here, if they’re strategically interested in southern Europe.”

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