Italy and San Marino Will Sign a Tax Accord

September 3, 2009 International Tax CooperationTaxation in ItalyTaxation in San Marino  No comments

Italy and Republic of San Marino will sign a tax accord by the end of September.

The announcement of the new tax accord between smallest European country Republic of San Marino and Italy was made last week by Italian Economy Minister Giulio Tremonti. This accord is part of an economical program of the governments of Italy and San marino to fight tax avoidance by citizens of these countries.

The third tax amnesty will begin in Italy in mid-September. At the same time the government of San Marino is planning to conduct an emergency census of it’s 31,000 citizens to eliminate foreigners, mainly Italians, claiming to live in San Marino where they enjoy low taxes and strict banking secrecy . The government of Italy has organised high scale PR actions to convince tax haven account holders to come forward. Within the coming weeks San Marino is planing to complete all 12 tax information exchange agreements, in order to be removed from OECD “grey list”.

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