Fiscal Discipline In Matter Of Mutual Funds And Societa 'of Law San Marino Management

Original Language Title: Disciplina Fiscale In Materia Di Fondi Comuni Di Investimento E Societa' Di Gestione Di Diritto Sammarinese

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Read the untranslated law here: http://www.consigliograndeegenerale.sm/on-line/home/archivio-leggi-decreti-e-regolamenti/scheda17016072.html

Microsoft Word - D004-2007.doc SAN MARINO We the Captains Regent of the Most Serene Republic of San Marino Having regard to Article 4 of the Constitutional Law no.185 / 2005 and Article 6 of Qualified Law n.186 / 2005; We promulgate and publish the following ordinary law approved by the Great and General Council at its meeting of 11 January 2007. LAW 15 January 2007 Ranked # 4 FISCAL DISCIPLINE IN THE MATTER OF MUTUAL FUNDS AND COMPANIES 'MANAGEMENT OF LAW SAMMARINESE Art. 1 (Taxation of mutual funds) 1. mutual funds of San Marino law investment referred to in Article 1, letter p) of the Act 17 November 2005 n. 165, are not subject to income tax, except as provided in article 2. 2. For the mutual funds do not apply the withholding tax referred to in paragraph 10 of Article 39 of the law 13 October 1984 n. 91 and subsequent amendments and additions. Art. 2 (Taxation on certain types of goods purchased by mutual funds) 1. For the income and capital gains on immovable property situated in the territory of the Republic of San Marino, held among the assets of the mutual funds of which in article 1, paragraph 1, the provisions relating to income tax provided for by the law 13 October 1984 n. 91 and subsequent amendments and additions with reference to companies and tax-resident entities with legal status in the territory of the Republic of San Marino. The rate fixed by the aforementioned law and subsequent amendments and additions may be varied, limited to the cases covered by this paragraph, by delegated decree. 2. The management company shall, for each of the mutual funds referred to in Article 1, paragraph 1, to determine the taxes referred to in the preceding paragraph, prepare the statement and provide for their settlement and payment in accordance with the provisions of law of 13 October 1984 n. 91 and subsequent amendments and additions with reference to companies and tax-resident entities with legal status in the territory of the Republic of San Marino. 3. The purchase, made by the management company on behalf of mutual funds referred to in Article 1, paragraph 1, of durable movable property, other financial instruments, and characterized by unique features according to the management regulations funds have approved it by the Central Bank of the Republic of San Marino, it is liable to pay on imports, provided for by Law 22 December 1972 n. 40 and subsequent amendments thereto, to the extent specified in Article 2, paragraph 1 of the Decree of 27 October 2003 n. 135. Art. 3 (Taxation of participants in mutual funds) 1. Income and capital gains arising from participation in mutual funds referred to in Article 1, paragraph 1, however, received by persons other than companies or similar entities , they are not subject to income tax. This is without prejudice to the application of withholding tax under Law 25 May 2005 n. 81. 2. The income and capital gains received by companies or similar entities are not subject to withholding taxes and contribute to the formation of business income under the provisions of Law 13 October 1984 n. 91 and subsequent amendments and additions. Art. 4 (Taxation of management companies) 1. Except as provided in the following paragraph, a management company authorized by the Central Bank of the Republic of San Marino to perform collective investment services referred to in subparagraphs E) and / or F) Annex 1 to Law 17 November 2005 n. 165 are subject to general income tax of legal persons, of Law 13 October 1984 n. 91 and subsequent amendments and additions, with a proportional rate of 12 percent. 2. The management company authorized by the Central Bank of the Republic of San Marino to perform also the service referred to in point D4 of Appendix 1 to the law 17 November 2005 n. 165 must separate the particular tax profit in the year in two proportional components respectively: a) the relationship between revenues related to the same period arising from commissions for the performance of services referred to in subparagraphs E) and / or F) of Annex 1 to Law 17 November 2005 n. 165, including fees arising from the management of delegation of collective investment schemes, and the sum of these revenues and revenues from the same period arising from commissions to provide the service referred to in point D4 of Annex 1 to the Law on November 17 2005 no. 165;
b) ratio of revenues from the same period arising from commissions for the conduct of the service referred to in point D4 of Annex 1 to Law 17 November 2005 n. 165, and the sum of these revenues and revenues from the same period arising from commissions to provide the service in letters E) and / or F) of Appendix 1 to the law 17 November 2005 n. 165, including fees arising from the management of delegation of collective investment schemes. Net income attributable tax corresponding to the ratio referred to in subparagraph a) is subject to general income tax of legal persons under Law 13 October 1984 n. 91, as amended and supplemented, with a proportional rate of 12 percent, while the one corresponding to the ratio referred to in point b) is subject to that tax with ordinary proportional rate. 3. In each calendar year, the management company accrues a tax credit in an amount corresponding to withholdings, applied in that year on wages of each employee, in excess of 25 percent of the difference between the gross income from paid work each employee and the amount of the relative deductions applied. This tax credit can be used only in the calendar year following that in compensation of the sums which the management company must pay as a deemed total applied, in the same year, on income from employment, up to the same amounts. 4. The tax credit referred to in paragraph 3 does not contribute to the tax profit education management companies. 5. At the management company of mutual funds is applied, according to the same timetable and procedures, scheduled fee with Article 40 of Law 16 December 2004 n. 172 covered by the financial companies. Art. 5 (Entry into force) 1. This law comes into force on the fifteenth day following that of its legal publication. Our Residence, this day of 15 January 2007/1706 THE CAPTAINS REGENT Antonio Carattoni - Roberto Giorgetti THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Valeria Ciavatta