RULES OF APPLICATION OF THE LAW GOVERNING THE GRANTING OF RESIDENCE PERMITS AND RESIDENCES CITIZENS NOT SAN MARINO

SAN MARINO

DECREE - LAW 26 October 2010 172
(Ratification Decree - Law 144 of 6 August 2010)


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

The Decree - Law 144 of 6 August 2010 "Urgent measures in support of the economic system
which furthers the consolidation of enterprises and the establishment of new economic activities", 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 the Qualified Law of 12 December 2005 n.184 and
namely the need and the urgency to take measures in support of the economic system
through theses measures to encourage the consolidation of
existing enterprises and the establishment of new economic activities;
As the Order of the Day of the Great and General Council adopted at its meeting on 23 July 2010
;
Given the decision of the Congress of State 12 adopted at its meeting on August 2, 2010;
Given the amendments to the above Decree in connection with ratification of the same by the Great and General Council
its meeting of 20 October 2010;
Having regard to Articles 8 and 9, paragraph 5, of the Qualified Law n.186 / 2005;
Promulgate and publish the final text of the Decree - Law 144 of 6 August 2010
as amended as a result of the amendments approved by the Great and General Council
home to ratification:


URGENT SUPPORT SYSTEM OF ECONOMIC MEASURES TO PROMOTE
THE CONSOLIDATION OF ENTERPRISE AND START OF NEW ECONOMIC ACTIVITIES

TITLE I GENERAL PROVISIONS



Art.
1 (Purpose and object)

1. Given the need for the Republic of San Marino to introduce measures no longer
postponed to support the economy of the country, consistent with the guidelines of the Program Budget
2010 and 2011 and with the guidelines set out in the order of the Day of the Great and General Council
its meeting on 23 July 2010, the provisions of this decree-law anticipate
some tax laws are part of the overall plan for tax reform aimed at:
- introduce new taxation can encourage the development of new business activities and
promote consolidation of economic activities already operating there;
- Start the existing order tax adjustment related to business income to
changes in the structure of the social and economic fabric of the country;
- Simplify and make more efficient the procedures within the tax ratio -
taxpayer;
2. Consistent with the purposes set forth in paragraph 1 above, the present decree-law
introduces additional measures, not having a fiscal nature, in support of the economic system.

Art.
2 (Definitions)

1. For the purposes of this Decree-Law shall be construed:
a) 'participation exemption', the tax regime for exemption of capital gains realized in the
business income, to the limits and conditions laid down in Article 3 of this decree-law;
B) 'holding' means of equity management company;
C) for "questioning", the institution provided for in Article 15 of this decree-law, which allows
improve the efficiency of tax authorities, with a view to greater transparency and || | certainty of the relationship between tax authorities and taxpayers, marked by cooperation and good faith;
D) 'business start-ups ", the company that started the economic activities
for less than one year from the date of first issuance of the license;
E) 'operating license' means a license issued for the exercise of the company's
according to the rules and conditions laid down by current legislation of San Marino;
F) 'taxpayer' means the taxable entity and / or the withholding agent.


TITLE II INCOME TAX CORPORATE INCOME TAX AND PRODUCTS ABROAD


CHAPTER I RULES OF PARTICIPATION EXEMPTION AND DIVIDEND

Art. 3
(Gains exempt)

After the 24-article f of Law 13 October 1984, n. 91, is inserted the following article:
"24-g - Capital gains exempt:
1. Capital gains arising from transfer acts for consideration, including the barter and the
contribution, relating to the ownership, usufruct and all other rights attributable to
holdings in resident or non-resident companies or entities, having or not legal personality, not
residents, they do not contribute to the formation of business income.
2. The exemption operates under the following conditions:

A) that participation in companies or entities mentioned in the preceding paragraph is detained
continuously for at least twelve months and is disclosed in company accounts and at least one
budget;
B) that participation is classified in the category of financial assets in the
first financial statements in the period of ownership. 3
. Notwithstanding paragraph 1, the capital gains arising on investments in real estate companies
San Marino law does not contribute to the formation of business income, as exempt
in the amount of 50 percent.
4. For the purposes of paragraph 3 above, "real estate entities" means
companies for which, alternatively:
- more than half of total assets consists of immovable property;
- More than half of revenue, income for the year, resulting on real estate.
In the case of property held under finance lease the value taken as a reference
is the purchase value supported by the concessionaire. For the existence of
2
these conditions, take into account the data of the financial statements under which
the disposal of shares or to the previous year. ".

Art. 4
(Amendments to Article 22-bis of Law 13 October 1984, n. 91)

1. Letter c) of paragraph 1 of Article 22-bis ( "Revenue") of Law 13 October 1984, n. 91
is amended as follows:
"c) the proceeds of the sale of shares or units of shares and financial instruments
similar to shares, not held as financial fixed assets, other than those which || | apply the exemption provided for in article 24-octies, although not included in the assets to which
exchange is the firm's assets. ".

Art.
5 (Amendments to Article 24-sexies of the Law 13 October 1984, n. 91)

1. Paragraph 1 of article 24-sexies of the Law October 13, 1984, n.91 ( "
capital losses and losses"), is amended as follows:
"1. The losses of the assets relating to the company, other than those mentioned in articles 22-bis and 24-
g, determined with the same criteria established for the determination of capital gains,
are deductible if they are made pursuant to the first subparagraph a) or b) of Article 24-d
ie where it is shown to the permanent loss or damage to the goods. ".

Art. 6
(Dividends)

After the 24-Article g of Law 13 October 1984, n. 91, is inserted the following article:
"24 novies - (Dividends)
" 1. The sums or values ​​deriving from the distribution in cash or in kind, of profits or other
reserves, even during the clearance by the companies or bodies which are legal entities, non-residents in the territory of the Republic of
San Marino, do not form part of the receiving society
income, since they are excluded from the formation of the company's income or receiving unit
for 95 percent of their amount.
2. The exclusion operates on condition that participation in such companies or bodies is
held continuously for at least twelve months and is disclosed in company accounts and at least one
budget. 3
. For the purposes of this standard, the maturation of the minimum uninterrupted
detention period can be realized subsequently also with respect to distribution. ".

Art. 7
(coordination rules with those provided for in Title II of the law 20 July 2004 n.102)

1. The provisions introduced by Articles 3, 4, 5 and 6 of this Act shall be effective as from fiscal 2011.

2. Following the entry into force of the rules referred to in this Chapter I the provisions of Law
July 20, 2004, No. 102, referring to the regime laid down in Title II thereof, continue to apply
, even in the case of tacit renewal, only the already exercised options prior to August 31, 2010, exclusively
with reference to investments held at 31 December 2010.
CHAPTER II INCOME


PRODUCTS ABROAD
3
Art. 8
(income produced abroad and the tax credit)

After the art. 3-bis of Law 13 October 1984, n. 91, is inserted the following article:
"3-ter - (Income produced abroad and the tax credit)
" 1. Income produced abroad by resident individuals are exempt from tax only in so far as they are taxed
on outright income and if declared in accordance with Articles 28 and following
. In the absence of one or both of the conditions referred to in the previous period, such income is
consider to all the effects produced in the territory of the Republic of San Marino and, therefore,
They
bear to the total taxable income. In this case any taxes
already acquitted abroad are not deductible anyway.
2. If the total income of legal persons and entities assimilated
concur foreign income, taxes on that income paid there outright or
considered such, but not repeatable, shall be allowed as deduction of ' net tax due up to the amount of the tax competition
San Marino corresponding to the ratio between the incomes
products abroad and the total income. The net tax and the tax rate are those resulting after
positive and negative income tax changes. 3
. If competing products income in more foreign states, the deduction applies separately for each State
.
4. The effects of the provisions in the second paragraph, the deduction shall be made in
tax return relative to the tax period in which the foreign income has helped to
forming the overall income and in such statement are including taxes pertaining
that have been definitively paid before its presentation. The credit for taxes paid abroad
can not exceed the net amount of tax payable on the total income.
5. The deduction is not up if the foreign income has not been declared or in the event of failure
file the return or nothing statement.
6. If the period to which they belong such foreign income does not coincide with
one in which foreign tax has actually been paid, except as provided in the preceding paragraph
, the deduction must take place in the declaration relating to this period always
with reference to the year of accrual basis, taking into account any income adjustments
stranded abroad within three years.
7. The foreign tax actually paid and not recovered from that
deductible under the second paragraph becomes negative component of income statement of
deductible in the next tax year.
8. With the exception of foreign income through a permanent establishment, the income abroad
to be considered for the calculation of the tax credit, in the preceding paragraphs, must
be determined by multiplying the total income for the ratio between the gross proceeds and foreign
total revenues.
9. In the event that the income produced abroad contributes in part to the formation of
total income, also the foreign tax deductible is reduced by that amount. ".

Art. 9
(coordination requirements for the foreign income)

1. A determination of non-compliance of declaratory obligations in the previous article
involves applying to the taxpayer of the penalties provided for by art.
63 of Law 13 October 1984, n. 91 and subsequent amendments and additions.
2. The provisions of this Chapter shall apply from tax year 2010. 3
. And 'repealed Article 44 of Law 129 of December 21, 2007. ".


CHAPTER III ON PERMANENT ESTABLISHMENT
4

Art. 10
(Permanent Establishment)

After Article 2 of the Law of 13 October 1984, n. 91, the following is inserted Article 2-bis - Stable organization

"1. It's called "permanent establishment" the fixed place of business through which the business is not established
is wholly or partly carried on in the State.
2. The term "permanent establishment" is identified, by way of example and without limitation, in:
a) a place of management;
B) a branch;
C) an office;
D) a factory;
E) a workshop;
F) a mine, an oil or gas well, a quarry or any other place of extraction of natural resources
. 3
. A building site or construction or assembly or installation, or the exercise of supervision
activities connected with it, is considered "permanent establishment" only if such site or
activity has a duration of more than three months.
4. In addition to the provisions of paragraph 2, constitutes a permanent establishment in the availability
any title of electronic computers and related auxiliary facilities that enable the collection and
transmission of data and information to make the sale of goods and services.
5. Notwithstanding the provisions of the preceding paragraphs, a fixed place of business is not, however, considered a permanent establishment if
:
a) uses facilities solely for the purpose of storage, of goods or || display or delivery | merchandise belonging to the enterprise;
B) the goods or merchandise belonging to the enterprise is stored solely for the purpose of storage, display or delivery of
;

C) the goods or merchandise belonging to the enterprise solely for the purpose of processing by
another enterprise;
D) a fixed place of business solely for the purpose of purchasing goods or merchandise or of collecting
information for the enterprise;
E) is used for the sole purpose of carrying on, for the enterprise, any other activity of a preparatory or auxiliary character
;
F) is used solely for any combination of activities mentioned in subparagraphs a)
to e), provided that the activity of the fixed place as a whole, resulting from this combination, has
preparatory or auxiliary character.
6. Notwithstanding the provisions of Sections and except as provided in paragraph 7,
constitutes a permanent establishment of the organization referred to in paragraph 1 the person, resident or non-resident
, which usually ends in the State in the name of 'firm itself contracts
different from those of purchasing goods.
7. Not a permanent establishment of the non-resident organization merely because it carries on business in the State
its business through a broker, general commission agent
, agent or any other agent of an independent status , provided that such persons are acting in
of their ordinary activities.
8. The fact that a non-resident with or without permanent establishment in the territory of an enterprise resident
state controls, or is controlled, or that both companies are controlled
by a third party operating activities or not d ' company is not in itself sufficient reason
to consider any of those undertakings a permanent establishment of the other. ".

Art.
11 (Coordination with the existing tax provisions)
5

1. For the purpose of coordination of the provisions contained in Article 10 before with
current rules of the Law 13 October 1984, n. 91 and subsequent amendments thereto, shall be amended as follows
:
1) In Article 2, paragraph 1, the words 'as well as to permanent establishments' shall be replaced by the following
"as well as stable organizations of non-resident companies. ";
2) In Article 12, paragraph 1, lett. b) The expression 'for the subjects in the last paragraph of Article 20
applying the proportional rate of 17%' is replaced by 'for
subjects in the last paragraph Article 20 as well as to permanent establishments of non-resident enterprises
applying the proportional rate of 17%. ";
3) In Article 28, paragraph 1, the expression "(c) hiunque derives income is required to declare annually
(...) 'is replaced by the following:' (c) possesses hiunque income, including stable
organizations in the territory of the Republic of San Marino of non-resident companies, has
obligation to declare them every year (...). ";
4) In Article 34, paragraph 1, the expression "(l) and society, similar to these institutions as well as individual entrepreneurs
(...) 'is replaced by the following:' (l) and companies, institutions in the same class,
permanent establishments of non-resident companies as well as individual entrepreneurs (...). ";
5) In Article 39, paragraph 1, the expression "(i) persons who perform the activities referred to in Articles 19 and 20
, agricultural enterprises, the State, public and private entities, which correspond compensation
(...) 'is replaced by the following:' (i) persons who perform the activities referred to in articles 19 and 20, the stable
organizations of non-resident enterprises, agricultural enterprises , the State, public and private
entities that correspond remunerations (...). ".
2. Article 39 of Law 179/2005, as amended by Article 52 of Law 168/2009,
the expression "(i) persons who perform the activities referred to in Articles 19 and 20 of Law 13 October 1984
91, agricultural enterprises, the State, public and private bodies, the Autonomous Companies '
is replaced by the following:' (i) persons who perform the activities referred to in articles 19
and 20 of Law 91 of October 13, 1984, agricultural enterprises, the State, public and private bodies, the Autonomous Companies,
and permanent establishments of non-resident companies. " 3
. All other provisions on direct and indirect taxes that apply to
legal persons also apply to permanent establishments, which are therefore required to
same obligations.
CHAPTER IV


INCENTIVE RULES
Art. 12
(incentive standards for new firms)

1. With This standard introduces a special tax regime, the 5-year duration, intended to
encourage start-ups, during start-up and consolidation of

business, which provides for a percentage reduction of the tax base (tax income), on the basis of objective and qualified
criteria specified in the following paragraphs and can be derived from appropriate
company project.
2. The amount of the percentage of the tax base reduction, for each fiscal year
which forms part of the special scheme, is determined on the basis of the following criteria:
a) amount of investment in capital goods, can also be made by means of contract
leasing:
a1) 10% reduction in the case of investments in depreciable properties over
to € 1 million (€ 1 million / 00);
A2) 20% reduction in the case of investments in all other capital goods
depreciable exceeding five hundred thousand Euros (€ 500,000 / 00);
B) occupational plan:
6
10% reduction in employment compared with at least five employees, or 20% reduction in the use
front of at least 10 persons employed as described above.
The criteria referred to in paragraph a) and the one referred to in point b) are mutually combinable
to the determination of the total percentage of the tax base reduction. 3
. To be eligible for this tax scheme companies must:
a) To be constituted as a corporation or stable corporation organizations not
residents;
B) Introduce appropriate notification of adhesion to the Tax Office
regime within 12 months from the date of issuing an operating license;
C) Realize the commitments referred to in paragraph 2 no later than December 31 of the year following that in
which the application was lodged;
D) Meeting, for each fiscal year of the scheme, at least one of the two
criteria referred to in point a) and point criterion b). In respect of each tax period, where the
aforementioned requirements are less during the year, these will be replenished to the maximum
within 180 days.
4. The tax break runs from the year following the tax period referred to in paragraph 3
c) or at the option of the taxpayer from the second the next fiscal year.
5. Failure to comply with the provisions of this article shall contain the consequent adjustment
by the Office of Tax tax return and the application of sanctions under Article 63 of the 1984/91
law and subsequent amendments and additions .
6. Accession to this special regime is incompatible with the other special regimes of taxation of income
.

Art.
13 (Limits on the carrying forward of tax losses for start-ups)

1. Notwithstanding the provisions of Article 21 of Law 13 October 1984, n. 91 and subsequent amendments thereto
, the tax losses generated in the first three tax periods
from the date of constitution of the new company may be included in the total income fall
subsequent tax years without any time limit, provided that
relate to a new economic activity.
2. The losses carried forward as referred to in the preceding paragraph shall be determined in accordance with standards
used in determining the income of Law 13 October 1984, n. 91 and subsequent amendments thereto
. 3
. The provisions of this Article shall apply to companies established after January 1, 2011
.

Art. 14
(Tax Deduction for equity)

1. As from fiscal year 2010, the taxable persons other than natural persons
, including permanent establishments of non-resident enterprises, may
to be deducted from taxable income, determined in accordance with the rules provided by Law 13 October 1984 n. 91 and subsequent amendments thereto
, a share corresponding to the increase in capital
its net profit for the year in progress, for each tax period.
2. The principal amount of its deductible is fixed at 5% increase Net asset
as indicated in the previous paragraph. With Delegated Decree will be
varied the aforementioned deduction measure and may be provided
any limitations to the application of provisions of this Article. 3
. Prices do not deducted in a tax year can not be counted down
taxable income of subsequent tax periods.
7
4. The scheme referred to in this article is not compatible with that provided by the previous
Article 12 of this decree-law.
5. In the case of reductions of their capital deliberated by the shareholders do not derive from
operating losses, the company is liable for the reimbursement proportion of subsidy enjoyed.




CHAPTER V ON RELATIONS WITH THE FINANCIAL ADMINISTRATION

Art. 15
(Interpello quote)

1. Each taxpayer can submit in advance in writing to the relevant offices of the
Public Administration, detailed and specific instances of interpellation concerning
the application of tax provisions relating to direct and indirect taxes to concrete cases and personal
if there are objective conditions of uncertainty on the correct interpretation and application of the same provisions
.
2. The competent Office's reply, written and motivated, binds the latter with exclusive
reference to the subject matter of the question of questioning. If it does not respond to
taxpayer within 60 days from the date of receipt of the ruling, it means
that the Office agrees with the interpretation or the proposed behavior from moment taxpayer and not
They may be imposed sanctions against the taxpayer limited to the issue
instance subject of questioning. It is null and void any act, also it contained tax or penalty
, issued in contravention to the answer. 3
. For some specific types of cases, behavior or transactions that will be identified in
special decree of the preliminary ruling procedure may be followed for the predetermination
the tax or duty based on the transaction object of
'ruling.

Art. 16
(Tax Returns electronically)

1. As from the fiscal 2010 tax returns in the regulations in force
on general income tax and tax on imports made by taxpayers
they must be submitted, including by means of an auditor, the Office tax in
electronically within the statutory deadlines for their presentation.
2. For the sole purpose of the presentation of the statements, we consider those responsible for their submission
:
a) registered in the roll of chartered accountants and accountants;
B) the trade union associations of entrepreneurs and trade associations among
workers;
C) persons who perform non-profit and in a non-professional activities
occasional assistance to taxpayers in the preparation and transmission of the declaration as a result of delegation
expressly conferred by these. 3
. Special delegated decree, to be issued by December 31, 2010, will define:
- the technical and operational mode of transmission of tax returns;
- The specific mode of transmission by means of the persons responsible referred to in paragraph 2
;
- The new elements of the declaration, amending and supplementing the existing provisions, taking
account the provisions set forth in Article 17.
4. The return is considered filed on the day it is received by the Tax
electronically. The filing of the declaration is given by the communication
8
Tax Office certifying the receipt of the declaration submitted electronically
directly by the taxpayer or through the persons referred to in paragraph 2.
5. The appointed pursuant to subsection 2, they are allowed to forward the statement to the Office of the taxpayer
account without written authorization signed by the taxpayer (delegating)
and the person responsible (Delegate) for acceptance. Copy of the proxy must be kept by the taxpayer until
limitation period of relative assessment year of
statement.
6. Failure to submit electronically tax returns on time
by law, and in the manner prescribed by this decree and the rules it has delegated,
it involves applying to the taxpayer of the measures and sanctions provided for by legislation
force regarding omitted, or delayed and / or misrepresentation. The application of
measures and sanctions against the taxpayer in cases preceding
happens even when the reasons thereof, based on the documentation referred to in paragraph 5, are attributable to the entity in charge
made subject to the right of the taxpayer to revenge on the latter.

Art. 17
(Attached to the tax return)

1. To simplify the taxpayers' obligations, and at the same time ensuring full
computerization of the filing of the return process is suppressed
obligation to supplement the declaration of income paperwork proving the declared data,

Under Article 31 of Law 13 October 1984, n. 91 and subsequent amendments and additions.
2. The obligation for each taxpayer, up to expiration of the period of limitation of
assessment action, preservation of the original documents proving the data
which the return for the possible transmission or display on request Office Tax
. 3
. The decree referred to in paragraph 4 of the previous article will indicate any attachments that will be transmitted electronically
together with statements and those for which only vigerà obligation to
conservation.

Art. 18
(Dates for submitting declarations and the amount due)

1. In order to make available in due time the data needed for programming economic
and of timely setting of financial policy and the state budget
:
a) the deadline for submitting tax returns of natural persons, legal persons
, the permanent establishments of non-resident enterprises and substitutes tax
, is 30 June of the year following the year to which the statement refers
;
B) the deadline for submission of annual declarations provided by law in
concerning tax on imports (single phase) is maintained for fiscal years 2010 and 2011
provisionally unchanged.
2. With reference to point b) of Section 1 above, to ensure the tax
essential information for setting the forward-looking economic policies and for the preparation of the final budget is
must in any case for the taxpayer
of communication as part of the tax return, the figure for single reimbursement (where
payable) related to the fiscal year of the declaration as well as inferred from the financial statements
concluded. 3
. The terms for the payment of advances and adjustments General of Tax on Income
are varied as follows:

9 - June 30 payment of the surcharge for the tax period to which the reports
declaration;
- July 31, payment of the first installment due on all economic operators;
- November 30, payment of the second advance had by all economic operators
As a result of the above are repealed the paragraph 1, 2, 4 of Article 30 and Article 31 of Law 13 October
91 of 1984 and subsequent amendments and additions, and the Decree 10 May 1988
72.

Art.
19 (Amendments to Article 32 of the Legge13 October 1984, n. 91 and subsequent amendments and additions
)

1. Article 32 of Legge13 October 1984, n. 91 and subsequent amendments and additions is replaced
:
"1. Natural persons, the persons performing the activities referred to in Articles 19 and 20, companies and similar entities
and permanent establishments of non-resident companies, must submit
tax return by 30 June each year with regard to income products
in the previous year.
2. If the declaration is submitted within 30 days of the expiry of the deadline set for the
presentation, it is valid, but it applies to the taxpayer the penalty provided for by art. 63. 3
. The declaration submitted after this deadline has nothing and therefore can not be relied upon by the taxpayer such
request for reimbursement of the tax credit resulting in it, but it is equally
title for the collection by the tax authorities. ".

Art.
20 (Amendments to Article 33 of the Legge13 October 1984, n. 91 and subsequent amendments and additions
)

1. Article 33 of Legge13 October 1984, n. 91 and subsequent amendments and additions is replaced
:
"1. The subjects that match the amounts subject to withholding tax must submit annually
by June 30, the statement of the amounts subject to withholding tax in the previous calendar
.
2. The obligation of the declaration referred to in this article does not extend to the State and to Agencies
Public which, however, the deadline set down in the first subparagraph, are expected to attend however
withholding at source. ".

Art.
21 (Amendments to Article 8 of the Decree of November 29, 2004, 163 and subsequent amendments and additions
)

1. Article 8 of the Decree of November 29, 2004, 163 and subsequent amendments and additions is replaced
:
"1. The tax on imports is due for time periods corresponding to the calendar year.
2. The annual statement is used to determine, except as provided by article 10, the debt or
the tax credit of the reference year.
3
. The declaration must be transmitted electronically, the Tax Office;
the receipt of that transmission attests delivery and signing of the annual declaration.
4. The declaration must be submitted by September 30 of the year following the reference
. The complaint filed later, but before the deadline dall'art.19 is
subject to the sanctions provided for by that article.
10
5. The complaint filed beyond the deadline provided for in the said Article is void and can not be invoked as a
request for reimbursement of the tax credit resulting in it, but it is equally entitled
for the payment of VAT by the economic operator. ".

Art.
22 (Amendments to Article 9 of the Decree of November 29, 2004, 163 and subsequent amendments and additions
)

1. Article 9 of the Decree of November 29, 2004, 163 and subsequent amendments and additions is replaced
:
"1. The monitoring and assessment is performed by Tax
with the procedures indicated in the following paragraphs.
2. The Tax Office proceeds with IT procedure to the ordinary control of declarations submitted
in order to detect and rectify any transcription errors of the sums, computing and
liquidation of repayment; Also the Tax Office - always as a routine control - occurs, even
to the effects of the requirements of Art. 13 and 19, if the declaration has not been submitted, or is
been filed late, and if you have paid the resulting tax debt. In case
the operator notices that the declaration submitted for errors and / or omissions may
deliver a corrective statement by the sixth month following the submission of the declaration
. 3
. The Tax Office performs the verification activity with the draw system; the number of investigations
is determined for each period by the State Congress, prior reference
Secretary of State for Finance and Budget. To this end, the Office may:
- requiring public officials an extract or copy of the documents and the acts of which are
possession;
- Give notice to the taxpayer to show up in the Office to provide explanations, information, evidence and documents
;
- Ask for the help of technical assessments that require special knowledge;
- Require the production of the constituent securities or amending the tax on imports. ".

Art.
23 (Amendments to Article 19 of the Decree of November 29, 2004, 163 and subsequent amendments and additions
)

1. Article 19 of the Decree of November 29, 2004, 163 and subsequent amendments and additions is replaced
:
"1. A via registered mail sent within the second month following the end
indicated below, the Tax Office warns operators - despite having issued the declarations debt
- have not submitted their annual return by the deadline set in sixth paragraph
art. 8. The relevant economic operators can heal the aforesaid non
by the end of February of the second year following the year of reference.
2. The presentation of the late declaration within the month of October
entails a fine of € 1,000.00. 3
. The presentation of the late declaration after the month of October, but no later than the December
pecunaria entails a fine of € 2,000.00.
4. The presentation of the statement after the late December but no later than the following
February entails a fine of € 5,000.00.
5. The deadline of the end of February in the first paragraph is mandatory pursuant to art. 8;
Therefore the failure to file the return within that period implies
definitive renunciation of any claim by the operator, without prejudice to the relevant interventions
Tax Office. ".



11 TITLE III MEASURES IN SUPPORT OF THE ECONOMIC SYSTEM

Art. 24
(Facilitated Credit Extraordinary mentioned in n.109 / 2009 Law)

1. The period referred to in Article 5 first paragraph of the Law 109 of August 3, 2009 and of which
Article 1 first paragraph of the related Regulations of 22 October 2009 n. 2, already modified
with Article 27 paragraph 2 of Law 168 of 21 December 2009, they shall be extended to 31 December 2010.

2. The guidelines of a general nature in the evaluation of requests for access to the benefits of the Law
August 3, 2009 n.109 hired by the Evaluation Committee referred to in Article 2 paragraph 7 of that Act
assume full interpretive effectiveness with taking Authorized by the State of
Congress.
3
. The types of projects eligible for financing referred to in Article 4, as well as the amount of the contribution
for interest related to them by Article 6 of the law, can be varied
by delegated decree, subject to the instances have already been approved and permitted the entry into force of
this decree-law.

Art.
25 (Extension of the deadline for the payment of Tax General on revenues for operators in the financial system
)

1. Banking institutions have the right to defer payment of the first and second
payment General Tax on income they have for fiscal year 2010 up to a maximum
3 months after the deadline for their payment under Law 13 October 1984 n.
91 and subsequent amendments and additions, without the application of default interest or penalties
of the exemption.
2. The extension may take place prior notice, specifying the payment plan,
to be forwarded to the Tax Office by 10 August 2010 in relation to the payment of the first installment
and by 15 November 2010 in relation to the payment of the second down payment. 3
. They are subject to the possibility of the payment of compensation with tax credits
permitted by Article 88 of the Law n.165 / 2003.

TITLE IV FINAL DISPONSIZIONI



Art. 26
(transfer of residence abroad)

1. It allowed the transfer of the registered office of the company referred to the Law
23 February 2006, n. 47 in the territory of another State, and the subjection of the company to its organization on a
a reciprocal basis, without entailing the liquidation of the company; consequently, the
transfers of the registered office in another State are effective only if put in place
accordance with the laws of both States concerned.
2. It is allowed the right of withdrawal, in accordance with Articles 37 and following of the Law
23 February 2006, n. 47, for Members who have not participated in the decision to transfer the registered office of the
in another State Company. 3
. Transfer to another State of the registered office of the company resulting in the loss of
residence for the purposes of income tax is realizable for consideration, at fair market value
, the elements of the company's assets, except the same is not incorporated in a
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stable establishment situated in the territory of the Republic of San Marino;
The same shall apply if, later, the elements incorporated in the permanent establishment in the territory of the Republic of San Marino
will be diverted.
4. The tax is applied separately at the rate of 8% on the tax base so calculated
.
5. The incomes of the elements of the company's assets partially or totally excluded or
exempt for the purposes of income tax in the case of transfer for consideration, also on the basis of
facilitative or optional regimes, they are excluded to the same extent from the formation of the base tax
of substitute tax.
6. The funds and reserves in tax suspension, entered in the last budget approved
of the company before the transfer resolution of the registered office in another State
are subject to taxation at ordinary rates if they have not been reconstituted under equity
accounting of that permanent establishment.
7. The procedure and rules for the application of detail of this standard will form
subject of specific implementing decree.

Art.
27 (Final Provisions)

1. Except in cases already expressly provided for in the preceding articles, by delegated decree will be
:
- established application provisions than those contained in this decree-law;
- Changed the abatement rates of the tax base (tax income) of Article 12
in the amount and in the application case studies;
- Varied the rate referred to in paragraph 4 of Article 26.


Given at Our Residence, this day of 26 October 2010/1710 dFR


THE CAPTAINS REGENT
Giovanni Francesco Ugolini - Andrea crocuses






THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Valeria Ciavatta


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