Taxation in San Marino

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CHENNAI: India and San Marino have signed a tax information exchange agreement, which has a provision for exchange of information that is relevant to the administration and enforcement of the domestic tax laws.

Gabriele Frontoni of Italy today asked the EU Commissioner for taxation, Algirdas Semeta, if San Marino – who is about to vote on EU membership – is still seen by Europe as a tax haven or country has met the minimum standards transparency provided by the OECD and the Moneyuval.

There is a chill wind blowing through the medieval hill town of San Marino, the oldest sovereign state in the world and a once notorious tax haven that is facing growing pressure to clean up its act.

Hitherto deemed a safe haven beyond the taxman’s clutches, this tiny republic in the foothills of the Apennines has been hard hit by the economic crisis and the Italian clampdown on capital flight.

The Republic of San Marino has joined the Council of Europe Group of States against Corruption (GRECO) on 13 August 2010 as its 48th Member State.

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