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San Marino Should Introduce VAT In 2017: IMF

by Lorys Charalambous, Tax-News.com, Cyprus

10 February 2017


San Marino should introduce value-added tax (VAT) as early as the end of the year to expand its tax base, the International Monetary Fund (IMF) said in its Article IV report for the country.

The IMF said: "Implementing a VAT will help expand the tax base and secure a steady source of income to the Government, while making the tax regime more compatible with the EU system. The VAT rate should be set to safeguard fiscal objectives and sustainability." The Fund said that the country has already carried out "considerable preparatory work" for the regime.

It added that: "Tax collection efforts should be also stepped up," with a focus on improving tax compliance rates and the efficacy of the tax administration. The IMF said gradual fiscal adjustment should start this year, and authorities should target a modest surplus by 2019.

TAGS: compliance | tax | investment | value added tax (VAT) | tax compliance | International Monetary Fund (IMF) | San Marino | Tax

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