Decree Law February 24, 2011 36 - Ratification Decree Law 29 November 2010 Ranked # 190 - Urgent Measures Of Adjustment To International Standards In Matter Of Transparency And Information Exchange

Original Language Title: Decreto Legge 24 Febbraio 2011 N.36 - Ratifica Decreto Legge 29 Novembre 2010 N.190 - Misure Urgenti Di Adeguamento Agli Standard Internazionali In Materia Di Trasparenza E Scambio Di Informazioni

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
PROVISIONS RELATING TO THE SUPERVISION OF ECONOMIC ACTIVITIES

REPUBLIC OF SAN MARINO
DECREE - LAW 24 February 2011 36
(Ratification Decree Law 190 of 29 November 2010)



We the Captains Regent of the Most Serene Republic of San Marino


Given the Decree Law 190 of 29 November 2010 - "Urgent measures for adjustment to international standards
on transparency and exchange of information", promulgated:
Given the necessity and urgency referred to in 'Article 2, paragraph 2, point b)
of Constitutional Law 183 of 15 December 2005 and Article 12 of Law 184 of 15 December 2005
Qualified namely the need to adapt the legislation
existing standards of transparency and exchange of information for tax
OECD and the urgency of making that adjustment;
Given the decision of the State Congress adopted in the sitting of 1
29 November 2010;
Given the amendments to the above Decree in connection with ratification of the same by the Great and General Council
its meeting on 23 February 2011;
Having regard to Articles 8 and 9, paragraph 5, of the Qualified Law n.186 / 2005; We
promulgate and publish the final text of the Decree Law 29 November 2010
190 as amended as a result of the amendments approved by the Great and General Council
when the same ratification:


URGENT MEASURES OF ADJUSTMENT TO THE INTERNATIONAL STANDARDS IN
TRANSPARENCY AND INFORMATION EXCHANGE


I
TITLE CHANGES TO LEGGE18 June 2008 N.95


Art.
1 (Amendments to Article 1 of Law 95 of June 18, 2008)

Article 1 of Law 95 of June 18, 2008 is replaced by:

"Art.
1 (Purpose)

This Act regulates the supervision and monitoring services on economic activities for
prevent and combat tax fraud, the "the like", fraud and distortions in
regarding interchange.
This Act regulates also the administrative cooperation and exchange of information on tax matters
with other states and jurisdictions in compliance with international agreements
into force between the Republic of San Marino and those other states and jurisdictions . ".
2


Art. 2
(Amendments to Article 11 of Law 95 of June 18, 2008)

Article 11 of Law 95 of June 18, 2008 is replaced by:

"Art.11
(Duties, functions and powers)

The Central Liaison Office is designated as the competent authority to implement and
follow up the administrative cooperation and exchange of information on tax matters,
in accordance with international agreements in force between the Republic of San Marino and the other Member
and jurisdictions. And 'it excluded the competence of the Office in collaboration with the authorities of foreign
supervision of financial systems.
The Central Liaison Office has the power to direct, or through other offices competent
, the information necessary to give rise to forms of cooperation and exchange of
information referred to in the preceding paragraph; it also has power of access to information to
combating and preventing tax fraud, the "the like", fraud and distortions in the
economic relations with other states and jurisdictions. The skills referred to in this paragraph are exercised
whether that behavior constitutes an assumption of criminal law
.
The banking secrecy specified in Article 36 of Law 165 of 17 November 2005
and subsequent amendments and additions, as well as in general the confidentiality and professional secrecy, not to be relied
'Central Liaison Office in carrying out its functions, the
which can also be accessed directly to the information held by the operators of the financial system
.
The members of the Bar and registered with the Board of Certified Public Accountants or
can not oppose the Central Liaison Office
professional secrecy unless the information they receive in ' carry out their task of defending or representing
their client in judicial proceedings or in connection with such proceedings,
including advice on instituting or avoiding proceedings, whether such information is received or
obtained before, during or after such proceedings.
The provisions of Law 70 of May 23, 1995, shall not apply within
of the exchange of information made in implementation of international agreements in force between
the Republic of San Marino and other states relating to cooperation in tax matters, the fact

Subject to compliance of provisions for data they contain confidentiality.
The Central Liaison Office, the work carried out at the Congress of State for
by the Secretary of State for Finance and Budget and the Secretary of State for Industry,
l ' Craft and Commerce.
The Central Liaison Office Manager is required to submit annually to the
Great and General Council, through the Secretary of State for Finance and Budget, a
activity report from ' Office.".


Art.
3 (Amendments to Article 12 of Law 95 of June 18, 2008)

Article 12 of Law 95 of June 18, 2008 is replaced by:

"Art.12
(Relations with the Administration offices and the Police)

In carrying out its tasks, the Central Liaison Office:
3
- can make use of the collaboration of the Office of Control and Supervision of Economic Activities
referred to in Article 3, the Tax Office and the Offices of the Public Administration.
- May request the cooperation of police forces, including the Anti-Fraud Unit of the Police Civil
, for access to information and documentation with the relevant stakeholders.
The Office for Control and Supervision of Economic Activities, the Tax Office, the Forces of
Police and the Anti-Fraud Unit of the Civil Police which operates in accordance with articles. 31 and 32 of the Law
23 July 2010 n. 129, as well as all the offices of the Public Administration, are required to fulfill user's requirements
in the indicated by the Central Bureau of connection mode in the performance of their
Principal tasks referred to in Article 11. ".


Art. 4
(Sanctions)

After Article 13 of Law 95 of June 18, 2008, as amended by Law 23 July 2010
129 is inserted the following Article 13a:

"Art. 13a
(Sanctions)

Anyone obstacles the Central Liaison Office's activities referred to in paragraphs 1 and 2, article 11
, or who fails to pay the demands in the manner specified by the Office, or the Nevada || | partially, it shall be punished, without prejudice to other penalties under the law, with a
administrative sanction from Euro 1,000.00 to Euro 50,000.00
applied by the Central Liaison. The above penalties do not apply to the offices of the Public
Administration, to the supervisory authorities and the forces of Police, without prejudice to other measures
sanctions provided by law.
The administrative fine referred to in the previous paragraph shall be doubled if
which, in addition to unlawful conduct, is resorted to fraudulent means. No power is applied
to extinguish the breach with reduced payment.
Against the sanction is allowed administrative judicial
in the manner and form provided for by Article 34 of Law 68 of June 28, 1989, and any subsequent changes
.
Expiry of the deadline for payment, the Central Liaison Office makes use
for the collection of the amounts, the recovery procedure through role pursuant to Law 70 of 25 May 2004 and subsequent
changes and additions.
The pecuniary administrative violations defined by this Law shall be included in the list which annually
the Administrative Judge of Appeal proposes
under Article 32 of Law 68 of June 28, 1989. ".


Art. 5
(Access to information and data)

After Article 15 of Law 95 of June 18, 2008 The following is inserted in Article 15a:

"Art. 15a
(Access to information and data)

The Central Liaison Office access, even by computer in the full versions and
without limitation, the data and information already contained in the records, archives, registers kept
at public administrations and Professional Associations ; also access to data and
information available at the Central Bank and the Financial Intelligence Agency,
in the form and manner set out in the Agreements and Protocols referred to in Article 17a of this Law.
4
Except as provided in the preceding paragraph, the data and information required by
government and the professional orders, are made available to the Central Office of
connection, in a written reasoned submission in relation to the purposes and skills referred
art. 11.
For the same purposes and powers specified in the preceding paragraph, the Central Bureau of
connection, a simple request, can access the registers, the archives of data or information

Kept at the Police Authority and at the Single Court, including data related to
criminal record. The data and related judicial activities information is released to the Office of Central Liaison
, with the approval of the court only in relation to the tasks of the same institute
Central Liaison Office.
The data and information obtained by the Office of Central Liaison
can be used exclusively for the performance of the duties prescribed by law.
The Central Liaison Office also has access to all information held by
the Office of the Trust Register, as of the subjects already identified art.2, paragraph 4, of the Decree
Chief 16 March 2010 n.50, as well as, in the exercise of its functions, may require
directly to the trustee the performance of the Book of which all'art.28 Events, paragraph 5, of the Law 1
March 2010 n.42. ".


Art. 6
(cooperation instruments between the surveillance offices on economic activity, the Central Bank and the Financial Intelligence Agency
)

After Article 17 of Law 95 of June 18, 2008 is the following Article 17a:

"Art. 17a
(cooperation instruments between the surveillance offices on economic activity, the Central Bank and the Financial Intelligence Agency
)

With special agreement signed between, on the one hand, the Central Liaison Office and
the Office of Control and Supervision of economic activities, on the other hand, the
Coordination Supervision of the Central Bank of Republic of San Marino, are regulated:
- forms of collaboration for the deepening of the banking and financial aspects, as per art.
13 of this Act, subject to the provisions dall'art.36 paragraph 5 letter. d) of the Law
November 17 2005 165;
- Reporting procedures, in art. 7, paragraph 2 of this Act;
- Any appropriate additional steps: signaling
a) of alleged irregularities detected in the exercise of their public functions
, with reference to the areas of competence of the other supervisory authorities;
B) Access to data and information available
on a reciprocal basis and applicability of professional secrecy which, respectively,
in Article 17 of this Law and Article 29 of the law 96 of June 29, 2005.
The Central Liaison Office, in the exercise of public functions, has access
at the Central Bank of the Republic of San Marino Archives Anagrafico established by Decree-Law
May 14, 2009 65, in the methods, forms and terms to be determined by the same
Central Bank and reported in the Agreement referred to in the preceding paragraph, as existing under
last introduction.
With specific memoranda of understanding between, on the one hand, the Central Liaison Office and the Office of
Control and Supervision of Economic Activities, on the other hand, the Agency of Information Financial
, They define the forms of mutual cooperation and access to data and information available
. ".



5

TITLE II AMENDMENTS TO THE LAW November 17, 2005 165


Art. 7
(Amendments to Article 36 of Law 165 of 17 November 2005)

Article 36, paragraph 6, letter c) of Law 165 of 17 November 2005, and subsequent amendments and additions
, is replaced by:
"c) the communication is addressed ultimate parent undertaking , San Marino or foreign State with which it is in force
specific agreement referred to in Article 103, and is required for consolidated supervision purposes
and risk at group level control; ".
After paragraph 9, Article 36 of Law 165 of 17 November 2005, and subsequent amendments and additions
, is inserted the following paragraph:
"10. The observance of this discipline of banking secrecy, freedom to authorized entities, the
financial advisors, agents and insurance intermediaries from complying with the additional
provisions in the Law 70 of May 23, 1995, as amended, to
protection of confidentiality of data, including that from the last paragraph of Article 4. ".
Article 103, paragraph 1, of Law 165 of 17 November 2005, and subsequent amendments and additions is replaced
:
"1. The supervisory authority is entitled to conclude cooperation agreements with their counterparts in foreign countries
authorities with, in full reciprocity, the transmission between the same authorities
of information and documents necessary to the fulfillment of their respective
tasks of supervision, and the possibility and manner of acquisition of such information and documents

Directly from the supervised entities by the competent authority for the supervision on the respective foreign parent company
. ".

Art. 8
(Amendments to Article 156 of Law 165 of 17 November 2005)

After paragraph 8, Article 156 of Law 165 of 17 November 2005 following paragraphs are inserted
:
"9. For group relationships existing at the date of entry into force of this Act, the
communication to the foreign parent company referred to in Article 36, paragraph 6, letter c), is to be considered even in the absence of permitted
existing agreement.
10. For contracts and rights provided for in Article 149, paragraph 1, respectively, signed and dated
arisen prior to the entry into force of this Act, applies-year limitation period from the date of entry into
force of this Act or the ordinary limitation period thirty
if its course appears earlier than the aforementioned deadline. ".
TITLE III OTHER PROVISIONS




Art. 9
(Preservation tax documents)

Article. 38 of Law 13 October 1984 n. 91 is replaced by the following:

"Art. 38
(Preservation of Documents)

All records and documents provided for in Title IX, and the supporting evidence and documentation required by
other tax laws and those still relevant the effects of 6

investigations, even in conflict with provisions that provide for shorter terms,
must be kept for five years, excluding the tax year to which they relate and in any case up to
when they are not defined verification regarding the same tax year. ".


Art.
10 (Penalties for breach of the obligations referred to 'art. 72 of Law 23 February 2006 n. 47 and subsequent changes
)

Paragraph 5 of Article 72 of Law 47 of February 23, 2006 and subsequent amendments is so integrated
:
"The books mentioned in the preceding paragraph shall be kept in the office of the company for the entire duration of
same in accordance to your address book LXXI of Book II of the Statutes. It is, moreover, permitted
filing such books, and the books and documents referred to in paragraphs 1 and 2, at the studio of
an Attorney and Notary or Public Accountant or Chartered Accountant duly registered at
' San Marino professional register subject to the duty to present to the relevant authorities in the event of
request, checks or inspections. Failure to produce results in the application of
penalties referred to in paragraph 7. ".
After paragraph 6 of Article 72 of Law 23 February 2006 n. 47 and subsequent
changes, the following paragraph 7:
"7 is inserted. The corporation or of people who fail to comply with one or more of the requirements referred to in this article is
imposed an administrative fine ranging from € 2,000.00 to € 25,000.00.
In the event of a breach of the obligations referred to in paragraphs 1, 2 and 3, the penalty is defined and applied by
Tax; in the event of breach of the obligations referred to in paragraphs 4, 5 and 6
the sanction it is applied by Industry and Commerce to the extent indicated by the control and supervision
on businesses. In the case of convictions under administrative violations
under this Article, the administrative fine shall be increased up to three times as much in the minimum
As in most, given the gravity of the infringement. It is a recidivist who, in the two years prior
last violation, alleged to have the same administrative violation.
In this case it is not allowed the voluntary subsidies provided for in Article 33 of Law 28 June 1989 n.
68. ".


Art. 11
(Tax Office Controls)

The Tax Office, as part of its mandate and for the fulfillment of the functions
assigned to it, and in addition to the checks already provided for by special laws may, on its own initiative or following
reports or requests received by the Central Liaison
or other bodies of the Public Administration:
- give notice to individuals, Economic Operator, as well as representatives of non-profit organizations
, to report to l 'office to provide explanations, news and tests and
to produce any documentation deemed necessary also in order to implement the
provisions in international agreements in force between the Republic of San Marino and other Member
and jurisdictions;
- Make access, inspections and audits at the premises where the activities of the economic
;
- Inspect and verify the accounts, records and documents concerning the activities economic
exercised by economic operators;

- Require taxpayers producing the original documents related to the costs referred
ask the deductibility under Article 6 of the law 31 October 1984 n. 91 and subsequent amendments and additions
;
7
- access to data and information contained in records, archives, databases stored and used
at the Public Administration which may be useful in order
perform its duties and functions;
- Requiring public officials an extract or copy of the documents and the acts of which are
possession;
- Ask the help of technical experts for assessments that require special knowledge.
When tests are not run on direct initiative, the Tax Office is required to report back
the outcome for the applying organization.
In case of refusal or failure to present, delivery or transfer of the product to the
paragraph 1, the Tax Office applies an administrative sanction from Euro 2,000.00 to Euro
15,000.00.


Art.
12 (Provisions on foreign shareholdings through trust mandates)

1. Trust companies from San Marino, who hold through fiduciary
investments in foreign companies, on request made by the Central Liaison
according to Article 11, third paragraph, of the Law 95 of June 18, 2008 and subsequent changes and additions are
required to transmit, in the terms and in the manner established by the same, the information referred
Article 2, paragraph 2, of the Law 7 June 2010 n. 98.
2. Failure to comply with the obligations referred to in the previous paragraph shall, for the company trustee
San Marino, the application of the sanction provided for in Article 13 bis of Law 18 June 2008 n
. 95 and subsequent amendments and additions.


Art.
13 (Amendments to Article 11, paragraphs 1 and 4 of Law 23 July 2010 n. 129)

1. Section 1 of Article 11 of Law 23 July 2010 n. 129 is replaced by the following:
"1. Can open a permanent establishment in the Republic of San Marino only a foreign company
capital or people. The company plans to open a permanent establishment must proceed to
constitution of the Notary at the San Marino and appoint a representative to San Marino
that will have the same rights and the same obligations as a single administrator. ".
2. Point a), paragraph 4, Article 11 of Law 23 July 2010 n. 129 is replaced by the following
:
"a) his name or company name, headquarters, legal representative, business purpose and
share capital".



Art.14 (Amendments to Articles 26, 34 and 35 of Law 13 October 1984 no. 91 and subsequent amendments and additions
)

1. Article 26 of Law 91 of 13 October 1984 is replaced by:

"Art.26
(Building more)

1. Economic operators holding individual licenses, whose income is defined by the provisions of Article 20
, and which are not already required to prepare financial statements, except for those undertakings
for the procedure laid down in Article 27a, they are obliged to fill in the
income statement and balance sheet when, in the course of the reference year, have achieved
amount of revenues exceeding € 800,000.00; the obligation is the operator for the next two years.
8
2. The base year cited in the article refers to the year of the beginning of economic activity;
the second year of simplified accounts provided for in Article 35; sophomore accounting ordinary
mentioned in the first paragraph of this article and in the fourth paragraph of Article 35. 3
. The parameters referred to in paragraph 1 can be altered and defined by delegated decree on a proposal
of the State Congress.
4. The Secretariat of State for Finance provides firms with the criteria to be followed in determining
amount of income under the first paragraph.
5. Undertakings governed by this Article shall apply, with regard to the compilation
of the income statement and balance sheet, the rules contained in Law 23 February 2006
47, as amended. ".

2. Article 34 of Law 91 of October 13, 1984 and subsequent amendments and additions is so replaced
:

"Art.34
(Obligation of accounting records kept by the companies, similar organizations and major companies)

1. All persons and corporations, institutions in the same class, the permanent establishments of non-resident enterprises
, as well as individual entrepreneurs are obliged to keep accounts as ordinary
considered greater undertaking within the meaning of Article 26 , must take, even with

IT tools, the paper book, the book inventory, the register of depreciable assets, duly endorsed
, and any support scriptures, indicating separately the assets and income
grouped into categories; They must also draw up the inventory and the budget
with the account of profits and losses. ".
3
. Article 35 of Law 91 of 13 October 1984 is replaced by:

"Art.35
(Simplified regime for smaller companies)

1. The cost of individual licenses operators, whose income is defined by
provisions of Article 20, if the revenues achieved in the reference year have not exceeded
the amount provided for in Article 26, shall be exempted for the next two years from the estate of
accounting entries required by Article 34 and are obliged to draw up inventories of
register, that of the purchases and the sales, subject to the retention of obligations
purchase and sales invoices and other records and documentation required.
2. Records must be duly signed and stamped. 3
. Within the period of the tax return, such persons should indicate in the register of
inventories the value of inventories.
4. Such parties may opt for the tightness of all the records provided for in the previous article
. The option may be exercised within the month of January and obliges the
taxpayer for that year and the next.
5. The taxpayer can request to revoke the option, provided that the request concerned is made written
sent to the Tax Office in the first quarter of the second year. ".


Art.
15 (Amendments to the Chief Executive Decree 50 of March 16, 2010)

1. After paragraph 1, Article 1, of the Chief Executive Decree 50 of 16 March 2010 shall be inserted the following paragraph
:
"2. To "extract" the founding of the trust means the ' "certificate" of the trust referred to in Article 7 of the Law aforementioned
1 March 2010 n.42. ".

9
2. Paragraph 1, Article 8 of the Delegate Decree 50 of March 16, 2010 are eliminated
words "voluntary jurisdiction".


Given at Our Residence, this day of February 24 2011/1710 dFR


THE CAPTAINS REGENT
Giovanni Francesco Ugolini - Andrea crocuses




THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Valeria Ciavatta

Related Laws