Category Taxation in San Marino

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 ...

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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...

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