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Italian Cabinet Approves DTA With San Marino

by Ulrika Lomas,, Brussels

12 December 2012

On December 6, 2012, the Italian Cabinet approved the ratification of the double taxation agreement (DTA) between Italy and San Marino, which also includes a Protocol for the exchange of tax information.

Until recently, a long-running saga saw San Marino trying to persuade Italy to go ahead, while Italy dragged its feet. Within successive anti-tax evasion actions taken by Italian governments, San Marino has remained on the ‘black list’ of countries Italy still considers to be tax havens. Due to that, for example, there have been substantial cash outflows from San Marino’s banks, reducing their financial stability.

San Marino’s government has long professed that it has, for some time, been working to reduce the evasion of Italian taxes through its territory and has irrevocably chosen the path of international tax transparency and collaboration. It has been able to change its internal regulations to guarantee transparency within its economic system, and has entered into numerous bilateral tax information exchange agreements with other countries.

Premier Mario Monti’s government has now ratified the DTA and its Protocol, calling it a valid point of reference for Italian businesses that, at the same time, protects the interest of the Italian tax authorities. With regard to the latter, it was emphasized that the terms of the agreement follow the most recent internationally-agreed framework for the exchange of tax information and the overcoming of bank secrecy.

San Marino will now be looking for the Italian Treasury to issue a notice removing it from the black list as soon as possible. Firstly, however, to be fully ratified, the agreement will now need to be signed off by the Italian president Giorgio Napolitano, and then by both Italian houses of parliament.

While San Marino’s government has expressed its satisfaction at the approval of the Italian government, it is to be hoped that the DTA arrives in parliament in time to avoid further delays arising out of the present Italian political uncertainties, during which Monti could resign sooner rather than later.

TAGS: compliance | tax | double tax agreement (DTA) | tax compliance | law | banking | offshore | agreements | offshore banking | Italy | San Marino

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