News
San Marino Accuses Italy Of Intransigence | 2010 06 17
An official delegation from San Marino, consisting of four ministers, has held a press conference in Rome, to publicise San Marino’s efforts to reach the Organisation of Economic Co-operation and Development (OECD) standards on transparency and the exchange of tax information, and the state of its relationship with Italy.
The ministers described how San Marino, over a short period, has been able to change its internal regulations to guarantee transparency within its economic system, and to enter numerous bilateral tax information exchange agreements (TIEAs) under the OECD’s internationally-agreed standard. Its efforts in that respect, they said, have been appreciated and recognised by the OECD, Europe’s Moneyval and the Financial Action Task Force.
In contrast, the ministers described themselves as being highly preoccupied about the state of the bilateral relationship with Italy, which has always been San Marino’s primary point of contact for obvious geographical reasons.
For example, San Marino found it impossible to persuade Italy to complete the protocol for the exchange of tax information which needs to be added to the San Marino-Italy double taxation agreement (which has itself never been ratified). Negotiation of the text of the protocol was completed in June last year, but never signed.
Moreover, it was noted that, within subsequent decrees issued by the Italian government, San Marino has still been placed on a ‘black list’ of countries considered to be tax havens; and that there had been an “embarrassing silence” following all requests from San Marino for a meeting to clarify matters between the two governments.
The ministers concluded that the Italian attitude was incomprehensible, if only for the fact that San Marino has demonstrated a clear willingness to meet all of the Italian government’s demands, so as to define the timing and means of concluding the TIEA between the two countries.
They emphasised that the present situation of stalemate poses an extreme risk to San Marino’s economy and its businesses which, amongst other things, provide employment to more than 6,000 Italian citizens. For example, it was revealed that the latest Italian tax amnesty had resulted in an outflow of EUR5bn (USD6.2bn) from San Marino’s banks, representing more than one-third of their deposits.
- If you want to leave a message or get consultation, please simply register here and indicate time preferable to you.
- A brochure of Company Express Group describes services offered and characteristics of most popular offshore jurisdiction.