Budgets Of The State And Public Entities For The Financial Year 2006 And Multi-Year Financial Statements 2006/2008

Original Language Title: Bilanci di previsione dello Stato e degli Enti Pubblici per l'Esercizio Finanziario 2006 e Bilancio pluriennale 2006/2008

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BUDGET ESTIMATES OF THE STATE AND THE PUBLIC FOR THE FINANCIAL YEAR 2006 AND MULTI-ANNUAL FINANCIAL STATEMENTS December 13, 2005 Law 2006/2008

179 SAN MARINO

BUDGET ESTIMATES OF THE STATE AND PUBLIC
FOR THE FINANCIAL YEAR 2006 AND MULTI-YEAR BUDGET 2006/2008




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



Promulgate and publish the following law approved by the Great and General Council
its meeting on 13 December 2005.





Art.1 (State Budget)

In accordance with Article 18 of Law 30 of February 18, 1998 is approved, in terms of
competence, the State forecast for the financial year 2006 Annual Report (Appendix "A"):


been forecasting an Entrance Title 1- Tax revenues € 480,928,300.00
Title 2- Revenue extratributarie € 67,204,384.59
Title 3- Alienation, amortization of goods
capital and debt repayments of € 2,161,000.00
Title 4- Revenue from power mortgage € 0,00
Title 5- around € 26,298,000.00 games
General Total revenue € 576,591,684.59



forecast for Output State Title 1- Ongoing charges € 519,957,891.72
Title 2- Capital expenditures of € 22,821,200.00
Title 3- Loan repayments € 7,514,592.87
Title 4- around € 26,298,000.00 Games
General Total Expenses € 576,591,684.59






1

Art.2 (Budget estimates dell'AASFN)

A dell'articolo18 pursuant to Law 30 of February 18, 1998 is approved, in terms of
competence, the State Autonomous Company Budget Philatelic Numismatic
for the financial year 2006 (Annex "B"):


been forecasting an Entrance Title 1- Current revenue € 8,460,000.00
Title 2- extraordinary Revenue € 500.00
Title 3- capital movements € 0.00
Title 4- Special Accounting € 24,459,000.00
Title 5- Ride Games € 544,200.00
General Revenue Total € 33,463,700.00 | ||


forecast for Output State Title 1- Current expenditure € 5,709,300.00
Title 2- Outputs capital € 160,000.00
Title 3- capital movements € 2,591,200.00
Title 4- Special Accounting € 24,459,000.00
Title 5- Ride Games € 544,200.00
General Total Expenses € 33,463,700.00




Art.3 (Budget estimates dell'AASP)

In accordance with Article 18 of Law 30 of February 18, 1998 is approved, in terms of
expertise, the Company Budget Autonomous State of Production for 2006 Financial
( Annex "C"):

Forecasting an Entrance State
Title 1- Current revenue € 18,305,000.00
Title 2- assets Revenue € 50,000.00
Title 4- Special Accounts € 0.00
Title 6- Matches around € 9,745,700.00
General Revenue Total € 28,100,700.00 || |

forecast for Output State Title 1- Ongoing charges € 12,010,000.00
Title 2- Extraordinary Expenses € 6,100,000.00
Title 3- Capital expenditures of € 245,000.00
Title 5- Special Accounts € 0.00
Title 6- Matches around € 9,745,700.00
General Total Expenses € 28,100,700.00




2

Art.4 (Budget estimates dell'AASS)

In accordance with Article 18 of Law 30 of February 18, 1998 is approved, in terms of
expertise, the Company Autonomous Budget of State for Public Service for the fiscal year
2006 (Appendix "D"):


been forecasting an Entrance Title 1- Current revenue € 60,730,275.90
Title 2- capital movements € 6,757,000.00
Title 3- Special Accounting € 908,000.00
Title 4- around € 951,356.00 Games
General Revenue Total € 69,346,631.90 | ||

forecast for Output State Title 1- Current expenditure € 51,297,480.00
Title 2- capital movements - Capital Expenditures € 8,801,243.59
Title 3- Special Accounting € 3,767,500.00
Title 4- around € 951,356.00 Games
General Total Expenses € 64,817,579.59




Art.5 (CONS of Budget)

In accordance with Article 18 of Law 30 of February 18, 1998 is approved, in terms of
competence, the Budget of the National Olympic Committee of San Marino
for the financial year 2006 (Appendix "E "):



been forecasting an Entrance Title 1- Ordinary Revenue € 4,550,000.00
Title 2- extraordinary Revenue € 297,000.00
Title 3- different Revenue € 270,168.01
Title 4- around € 124,000.00 Games
General Total Revenue € 5,241,168.01


forecast for Output State Title 1- Ongoing charges € 4,762,668.01
Title 2- Extraordinary Expenses € 137,000.00
Title 3- expenses not allocable € 13,500.00
Title 4- Capital expenditures of € 119,000.00
Title 5- Loan repayments € 85,000.00
Title 6- Matches around € 124,000.00
General Total Expenses € 5,241,168.01



3





Art.6 (ISS Budget)

In accordance with Article 18 of Law 30 of February 18, 1998 is approved, in terms of
competence, the Institute for Social Security Budget for the financial year
2006 (Annex "F"):


Provisional state of the Entry Title 1- Current revenue € 219,829,200.00
Title 2- Capital revenue € 1,000.00
Title 4- Ride Games € 12.44 million, 00
General Total revenue € 232,270,200.00


Forecast State of Output Title 1- Current expenditure € 222,332,700.00
Title 2- Outputs capital € 1,980,000.00
Title 3- tour Matches € 12,440. 000,00
Total General Expenses € 236,752,700.00





Art.7 (Budget Estimate University Studies)

In accordance with Article 18 of Law 30 of February 18, 1998 is approved, in terms of
competence, the Budget of the University for the financial year 2006
(Appendix "G "):


Forecasting an Entrance State
Title 1- ordinary entrance € 2,050,000 00
Title 2- extraordinary entrance € 1,160,720.00
Title 3- Entry into the capital account € 1,279,280.00
Title 4- Ride Games € 330,000.00
General Total Revenue € 4,820,000.00


forecast for Output State Title 1- Ongoing charges € 4,090,000.00
Title 2- Expenses Capital € 400,000.00
Title 3- Ride Games € 330,000.00
General Total Expenses € 4,820,000.00




4


Art.8 (Budget estimates Autonomous State of Centrale del Latte)

In accordance with Article 18 of Law 30 of February 18, 1998 is approved, in terms of
competence, the Milk
of Central State Autonomous Company's Budget the financial year 2006 (Annex "H"):

Total costs € 2,593,989.00
Total Revenues € 2,620,158.00
operating profit expected € 26,169.00



Art.9 (Budget Authority for Civil Aviation and Maritime Navigation)

In accordance with Article 10 of Law 16 January 2001 9 is approved, in terms of
competence, the Budget Authority for Civil Aviation and Maritime Navigation
for the financial year 2006 (Appendix "I"):


been forecasting an Entrance Title 1- Ordinary Revenue € 190,000.00
Title 2- extraordinary Revenue € 0.00
Title 3- capital movements € 0.00
Title 4- tour Matches € 10,000.00
General Total Revenue € 200,000.00


Forecast State of Output Title 1- Ongoing charges € 160,000.00
Title 2- Capital expenditures € 30,000.00
Title 3- capital movements € 0.00
Title 4- tour Matches € 10,000.00
Total General Expenses € 200,000.00



Art.10 (multi-annual financial reporting)

In accordance with Articles 2 and 34 of Law 30 of 18 February 1998 are approved, in terms of
competence, the following multi-annual budgets for the 2006/2008 triennium:
1) Multi-annual State Budget (Annex "L ");
2) Financial statements of the Company's Multi-year Autonomous State Philatelic Numismatic (Attachment "M");
3) Multi-year financial statements of the Company Autonomous Production State (Annex "N");
4) Multi-year Budget of the Autonomous State Company for Public Services (Annex "O");
5) Multi-annual Financial Statements of the National Olympic Committee of San Marino (Annex "P");
6) Multi-annual Financial Statements of the Institute for Social Security (Annex "Q");
7) Multi-annual Financial Statements of the University (Appendix "A");
8) Multi-year Budget Authority for Civil Aviation and Maritime Navigation (Annex
"S").


5

Art.11 (Commitment, validation and payment of expenditure)


They authorized the commitment, liquidation and payment of the expenses corresponding to each chapter
output of the State Budget.
The deferred charges of continuous or recurring, subject to the annual limit of
appropriations, may also be authorized on future years in accordance with Articles 10:34
Law of 18 February 1998 n.30.
With the approval of the financial statements shall be considered automatically approved and committed the
compulsory expenditure due to the salary costs of personnel, for depreciation of
rate mortgages, interest and related charges, following the execution of contracts or
law, as per Annex "T".



Art.12 (Assessment, collection and payment of the revenue)

They are authorized - with the possibility of adjusting the revenue - the assessment, collection and
payment of taxes in the state treasury, taxes, income, contributions and any other income of the State pertaining
.



Art.13 (reserve funds Breakdown)

The Congress of State is empowered to distribute, through a resolution,
in the relevant chapters and among the funds themselves, the appropriations set out in Chapters 01/03/2470 "
reserve fund for unforeseen expenses", 01/03/2480 "reserve fund compulsory expenditure" and 03.01.2490 "of
Fund intervention" and to engage in subsequent years, subject to their destination, the availability
not used.



Art.14 (Change Matches Giro)

The Congress of State is authorized to issue, by its deliberations, the necessary
changes to expenditure items in the tour matches, in close correlation with the findings on the corresponding chapters
of entry and within the mandatory limits of the investigation themselves .



Art.15 (AASP works Programs)

And 'the exclusive competence of the State Congress to define the maintenance extraordinary
and execution of public works which must provide - directly or indirectly
- the Autonomous University of the State Production Company.
The Congress of State also has the provision of monthly dues of the
endowment fund allocation for manpower due to the aforesaid Company, referred to in Chapter 04.01.2590.



6


Art.16 (Transfers all'AASFN)

The Congress of State is authorized to provide all'AASFN advances also periodic
to account on the basis of annual special agreement, which must be defined
program of philatelic and numismatic for 2006, its estimated cost
well as the collection premium agreed for the sale of philatelic and numismatic values.
The AASFN is authorized to collect, on behalf of the State Treasury Service and Administration
Post Office, proceeds from the sale of circulating coins and
stamps for postal use at face value, with the ' obligation to provide, at least quarterly,
to the payment to the Treasury of the sums collected, to be charged on sections 940 and 950 of the
State Budget.
Remains entrusted, for the financial year 2006, all'AASFN the management of emissions of phone cards
, including all related loading and accounting.



Art.17 (the CONS Transfers)

The Congress of State is authorized to provide for advances, the annual contribution of
€ 4.550.000,00 to CONS for in Article 8 of Law 13 March 1997 n.32.



Art.18 (subsidized Convenzionamenti)

The Congress of State is authorized to have an agreement for 2006 with the lenders
available for the provision of loans for agriculture at a subsidized rate of which the Laws
11 March 1981 22 and 20 96 September 1989 up to the total amount of € 1,550,000.00
with allocation of the costs resulting from the State, even for previous loans, concerning the relevant
expenditure items.
The Congress of State, pursuant to Law 21 January 2004, and # 5 of the Decree 19 September 2005
124, is allowed to have an agreement for 2006, with the institutions providing the delivery
loans on trust for students up to the total amount of
€ 155.000,00 with the payment of a subsidy from the State interests, even
for previous loans, to be charged on chapter 1 -1-5130.
The Congress of State is authorized to have an agreement for 2006 with the lenders
available for the provision of loans for the elimination of architectural barriers to rate

Facilitated in Article 154 of Law 87 of July 19, 1995, up to the amount
total of € 250,000.00 with the payment of a contribution into account by the State
interests , also for the previous loans, to be recorded on the chapter 2-7-7465.



Art.19 (Breakdown of spending funds)

The Congress of State is authorized to proceed, at year end and on proposal
Office of the Secretariat of the Great and General Council, the distribution of funds between the chapters
01/01/1470 "Fund independent for the Regency "01/01/1480" Fund for the autonomous Council Great and General

7 "and 2-1-6100" Individual Fund of the Regency and the Great and General Council intended to
'purchase of assets ".




Art.20 (Contributions to the Group Board's)

According to Article 5 of Law 59 of May 20, 1985, as amended by Act 29 January 1987
14, for the financial year 2006, the contribution to be paid to the Council Groups, inclusive of
'entry payments, in accordance with Law 80 of July 28, 1989 is established in
€ 1.724.521,05 with allocation on 01.01.1450 and 01.01.1460 chapters.




Art.21 (Allocation of funds for the Township Councils)

The State Congress has reserved the right to proceed, at the proposal of the Juntas
Castle, the allocation of funds between chapters 1-10-3810 "Checks to Township Councils" and
2-10-7280 " Quote Juntas contribution Castle intended for the purchase of assets ".




Art.22 (Destination of resources to Township Councils)

For the purposes of Article 29 of Law 22 of 24 February 1994, the AASP
is authorized to make available to the Township Councils the sum of € 460,000.00 to be charged on the relevant chapters of the Budget
Company same.




Art.23 (Transfers ISS)

Pursuant to and the effects of Article 26, third paragraph, of Law December 20, 2002 No. 112, the
Congress of State is authorized to provide the Institute for Social Security, for the year
2006 an endowment fund for health care, to be recorded on the chapter 1-9-4590, in the measure of € 49,500,000.00
well as a fund for the social and health services, to be charged on chapter 1
-9-4610, in the amount of € 9,500,000.00.




Art.24 (flat-rate quotas Recovery pensions borne ISS)

The flat-rate recovery borne ISS related to pensions paid in shares
correlation to the Law March 23, 1927 # 3 of Chapter 1080 is established at 10%
amount recognized on Chapter 1-3 -2670 of the State General Flow Statement for the year previous financial
.
8



Art.25 (extraordinary health interventions)

Any charges referred to Decrees 20 May 1996 numbers 48 and 49, for the financial
2006 are posted on the chapter on 01/03/2490 or 01/03/2470 and 01/03/2480 chapters.



Art.26 (Chapter Breakdown 01/03/2650)

The State Congress is given the power, through a resolution, to allocate between
relevant chapters the allocation of Chapter 01/03/2650 "salary expenses and for
restructuring and economic improvements to employees and to "
and pensioners of the State to engage in subsequent years, subject to their destination, the availability unused.




Art.27 (AASS - Use of reserves)

The Autonomous State Agency for Public Service is authorized for 2006 to use
its reserves up to € 6,755,000.00 be allocated to funding of the planned investment
costs, including those related to investments on behalf of the State whose expenses shall be charged dell'AASS




Art.28 (AASS - Sector Sewer)

In compliance with Law 147 of 30 October 2003, as part of all'AASS
transfers for 2006, are established chapters 01/03/2501 "Charges AASS for Sewer Service" for €
1,040,000 , 00 and 2-10-6431 "of AASS endowment Fund for investments Sewer Service" for €
600,000.00 that the Congress of State is authorized to provide to the Company itself.



Art.29 (mutual Switching)

The Congress of State is authorized to conclude with the Cassa di Risparmio, as a frontrunner
Bank of the syndicated loan, the necessary subsequent loan agreement to finance
obtained for the construction of sports facilities amounting to € 2,926,734, 66.



Art.30 (Housing Policy and subsidized housing)

The Congress of State is authorized, in accordance with Law 110 of December 15, 1994 and

subsequent amendments and additions, to have an agreement for 2006 with the lenders available
the purpose of granting loans foreseen by this law up to
9
maximum amount of € 25,000,000.00 with the payment of interest subsidy to
by the state, even for previous loans, to be charged on 2-7-7450 and 2- chapters 7-7452.
The law and the above-cited Decree 56 of May 13, 2003 will have to be modified,
by Regency Decree to be issued within thirty days of the entry into force of this
law, in order to:
a) put in place interventions useful to ensure the utmost speed to lying requests awaiting delivery
in order to offer immediate solutions to the real needs expressed by the subjects
applicants;
B) identify the regulatory instruments aimed at extending the pre-financing granted by credit institutions
the same interest rate set annually in the concession agreements signed with
Ecc.ma the Chamber;
C) identify the forms of guarantee to the lenders granted the financing to
conductors of real estate leasing contracts which, subject to the exclusion of warranty
state, recognize in favor of the same institutions a special lien on the property
subject to financing.
Nell'emanando related regulations must also be accomplished governs the effects of the institute
the early surrender of the lease contract expected to twelfth
paragraph of Article 2 of Decree 56 of May 13, 2003 and the hiring of
guarantees related to the state.




Art.31 (cooperative Construction)

Article 36 of 110/1994 Law, the following paragraphs are added:

"In the case of cooperative housing loan, if the Commission for the Management of Housing Subsidized
resolve to decline the loan for one of the grounds specified in Article 32
, the obligor is identified in the person the assignee shareholder
beneficiary and guarantor of the subsidized loan.
The housing cooperative is called to respond to the failure of the socio
only after they have been cleared through enforcement actions under the Act on the same goods,
included the examination of the privilege of the state, and only for the part of unrecovered credit.
This rule also applies to loans granted and / or issued before the entry into force of this Act
. ".




Art.32 (Promotion and incentives for the tourism sector)

In support of the entire tourism industry redevelopment, which will be made
also according to industry specific regulations being drawn up and in accordance with
associations, incentives are established, contributions or the tax concessions
in the allocation set forth in Article 34.
State intervention in the funding of the interest on capital
funding, tax incentives on business income, as fiscal measures to indirect nature
concerning sectors, activities or important projects will be governed by special decree, by
issued within thirty days from the approval of this law.
The measure referred to in the previous paragraph will set the grounds for loss of the benefits
10
established, of penalties as well as the authorization procedures.



Art.33 (Promotion and incentives for the commercial sector)

In support of the redevelopment of the trade sector, which will be
made on the basis of what is contained in the Plan of Promotion of Commerce next
implementation, and in any case in favor of projects aimed at enhancing and competitive capacity of
commercial sector, identified by special decree to be issued within thirty days
adoption of this law, are provided the funding referred to in article 34
.
And 'authorized the State Congress to immediately start, and in accordance with
economic categories, a study phase, processing and evaluation would lead to the phase
the rate tax of the tourism and trade, in order
to encourage the final consumer, provide the revenue to the exchequer and it is competitive
San Marino trading system. The results of the evaluation will become operational within
the Valorisation Plan referred to in Article 1 of Law 68 of November 22, 2005.



Art.34 (Financing of the promotion measures and incentive)

The financing of the facilities, incentives and contributions for actions referred to in

Articles 32 and 33 are for a total of € 1,500,000.00.
The Congress of State is authorized to have an agreement with the lenders
available for the provision of soft loans in the entity that will be established by special decree
whose charges are due on Chapter 2 -5-7225 "interventions Financing segment tourist-commercial
".
On 01/03/2396 Chapter "Fund for the promotion and incentives for the tourism sector - commercial
" are due the actions of a fiscal nature other than those identified in the preceding paragraph
.
The access to the resources allocated to the preceding paragraphs can not be combined for projects with two tourist value
- commercial; in the decree mentioned in the second paragraph will be established
criterion of relevance to the form of payment of subsidies, incentives and contributions.




Art.35 (Support measures for individual businesses)

In support of individual companies newly established and in consideration of
Individual tax exemptions provided for in Article 79 of Law 165 of December 18, 2003, for
traders and craftsmen who start their activities after 1 ° January 2006 is recognized
for the first three years of activity, the reduction of conventional minimum income in
rate of 20% in the ceiling fixed by specific decree, the only contribution purposes.
In application of Law 13 of January 28, 1993 and subsequent amendments and additions and
with access criteria laid down in Article 60 of Law 172 of 16 December 2004, the State Congress is authorized
to have an agreement for 2006, with the Credit institutions
available for the granting of soft loans to enterprises up to the total amount of
11
€ 4.000.000,00 charged to the State interests, even for previous loans,
chapter on 2-5-7220.





Art.36 (Support measures for entrepreneurship)

As part of the existing regulatory instruments
new administrative procedures have to be developed to support and develop the activities of the cooperatives consist of
economic operators whose purpose lies mainly in allowing, to the same members, a | || access to credit financing more facilitated.
For the purpose of entrepreneurship youth and women the first paragraph of Article 4 of Law 24 November 1997
134 is amended as follows:
"The companies referred to in Articles 2 and 3 are admitted to facilities provided on the basis of projects
with innovative features in the areas of production of goods, the supply of
services and trade. ".
The point "h)" of the second paragraph of Article 7 of the Law 134 of 24 November 1997 is amended
:
"h) lease payments (not allowed for projects concerning the provision of
services and trade). ".
The first paragraph of Article 10 of Law 134 of 24 November 1997 is amended as follows:
"The facilities referred to in this law shall be authorized by the Commission for entrepreneurship and female youth
composed of:
- Secretary of State for Industry (Chairman);
- Secretary of State for Trade;
- Secretary of State for Work and Cooperation;
- Director of the Department of Technological Studies and Economics from the University of San Marino;
- President (Secretary General) ANIS;
- President (Secretary General) OSLA;
- President (Secretary General) UNAS;
- President (General Secretary) USC;
- President (Secretary General) USOT;
- Representative of the affiliated credit institutions;
- Two representatives of the Chamber of Commerce, Industry, Handicraft and Agriculture of
Republic of San Marino. ".




Art.37 (Incentives for Scientific Research)

With effect from 1 January 2006 the economic operators in the form of company in order
to support research, innovation and technology transfer in industry,
they can access, in the forms identified by the specific legislation, the resources allocated
with special chapter of balance.
The Congress of State is authorized to have an agreement with the lenders
available for the provision of low-interest loans up to the total amount of € 4,000,000.00
with the payment of a contribution on account of interest payable by the State
12
blame on 2-3-7221 chapter "Grants for / interest subsidized loans to enterprises aimed
looking".




Art.38 (Set special stamp duty on services)


It is due to the payment referred to in Article 74 of Law 165 of 18 December 2003
when its amount is less than € 30.00 per year. The self-assessment tax
must take place by the end of the second month following the calendar year of reference.
The tax is not due if the above bills, notes and / or documents received from abroad
are subject to tax as per Article 39.
The Tax Office is responsible for the recovery, controls and assessments of
aforementioned tax.




Art.39 (special stamp tax on agency services, entertainment, commerce and similar)

Persons performing 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 that receive || | by residents abroad documents for the provision of compensation, however described, for
agency performance, entertainment, commerce and similar must be paid, to be passed
, by the end of the next two months upon receipt of the note or invoice, the tax special stamp
rate of 6%. Tax purposes, the relevant date for the discharge of
document.
Failure or omitted payment of the tax referred to in the previous paragraph, and / or failure
documentation relative cost imposes tax recovery of costs incurred in respect of
tax return. The late payment of the same is subject to the provisions of
fourth paragraph of Article 74 of Law 165 of December 18, 2003.
It 'repealed the sixth paragraph of Article 39 of Law 91 of October 13, 1984, as well as modified
Article 39 of Law 172 of December 16, 2004.
The Tax Office is responsible for the recovery, checks and assessments of
aforementioned tax, with special circular will be issued the new model to be attached to
tax return for the years of expertise.
The provisions of this Article shall apply from 1 January 2006.
The special stamp tax on services shall also apply, instead of withholding tax not paid
, the remuneration received and not paid in the current year; However, in derogation to
the first subparagraph, the deadline for payment of the tax on such compensation is set at 31 December 2006.

On compensation paid under this article for any name
agency performance, entertainment, commerce and the like, the registration tax, referred to
Item 23 of Table a of the Law 85 of October 29, 1981, as amended, it is due in
only a fixed amount of € 50.00.




13

Art.40 (Public contracts: obligations for the non resident)

Article 11 of Law 96 of September 17, 1999 is added the following paragraph:
"The non resident successful tenderer for a public contract must be elected in the territory of San Marino
a resident for tax purposes for the year of industrial license
period referred to in Article 52 of Law 7 of 17 February 1961 and subsequent amendments and additions, in order
for the discharge of tax obligations relating to direct taxes and the tax on imports in
'contract area. ".


Art.41


Article 17 of Law 96 of June 29, 2005 is replaced as follows:


"Art.17
(Incompatibility and conflict of interest)

1. The office of member of the Executive Council, the Director General or Inspector of the Central Bank is incompatible with
:
a) as a member of the Great and General Council and the Congress of State;
B) the capacity of judge;
C) the position of director, auditor, officer or employee of a bank or lending institutions
operators, financial or insurance in the territory of the Republic of San Marino
or other countries.
2. The Auditor of the Central Bank is incompatible with:
a) as a member of the Great and General Council and the Congress of State;
B) the capacity of judge;
C) the position of director, officer or employee of banks or institutions that carry out activities
credit, financial or insurance in the territory of the Republic of San Marino. 3
. They can not be elected as member of the Board, Director General
, the mayor or inspector and, if elected, fall from office those who do not possess the
requirements of Article 55a of the Law November 19, 2004 n.162.
4. The office of member of the Executive Council, the Director General or Inspector
Central Bank is incompatible with being owner of stakes in banks and companies

Supervised by the Central Bank.
5. They can not hold the office of member of the Board, Director General, the Mayor
or the Central Bank Inspector those which perform professional activities
can directly interfere with their independence and do not offer sufficient guarantees of
can play freely and autonomously the responsibilities entrusted to them in accordance with the laws of
Republic and solely in the interest of the same.
6. The members of the Executive and the Board of Auditors, on the proposal of the Committee for Credit and Savings
, can be removed from his office by the Great and General Council
if they no longer meet the conditions set out in the preceding paragraphs of this
article or in the event that they are no longer able to perform their activities.
7. If during the deliberations is detected a conflict of interest position by
a member of the Board in relation to the object of the resolution, these
is required to abstain from voting.
8. The abstention of member of the Executive Council from the vote will be ruled by President
at the request of other Board members.
14
9. When the conflict of interest relates to the President, the abstention from voting is willing
Vice President following the request made by the majority of the members present at the meeting
. ".





Art.42 (Integrations and simplifications relating to the collection of state taxes)

With the provisions of this Article shall modify certain existing rules in the Law
May 25, 2004 # 70 "Esattoria Service Unica".
The first paragraph of Article 25 of Law 70/2004 is amended as follows: "If the tax-collection
Folder has returned to the debt for wrong indication of the address of the taxpayer or other
motivation, Esattoria of service shall give the notification by delivery of the tax-collection Folder
to the recipient's own hands, wherever it is within the territory of the Republic
. ".
The first paragraph of Article 26 of Law 70/2004 is amended as follows: "If you can not run
delivery for unavailability or absence of the debtor, the notifier shall deposit a copy of the tax-collection
Folder at the Casa del Castello where the notification should be carried out and copy at the
Civil Clerk of Court Act for notification to valvas. The Esattoria Service
this case will precede the initiation of executive action by the expedition of a notice of default pursuant to the following article 44.
".
The third paragraph of Article 26 of Law 70/2004 is hereby repealed.
The second paragraph of Article 34 of Law 70/2004 is amended as follows: "The demand for
deferral must be submitted by the debtor by written request limited to taxes recorded
Role in total not less to € 2,000.00. The extent of the charges for which it is allowable
the possibility to request the deferral can be changed by decree. ".
The fifth paragraph of Article 34 of Law 70/2004 is amended as follows: "The deadline
the rate is fixed on the last day of each month, except as provided in Article 31. If | || public holiday, payment must be made within the next working day. ".
In Article 34 of the Law n.70 / 2004 has also added the following paragraph: "The request for deferral
does not suspend the enforcement action, which is only interrupted by signing the agreement
deferral. Expenses related to the execution in progress are to be borne by the debtor
garnishee. ".
The third paragraph of Article 40 of Law 70/2004 is hereby repealed.




Art.43 (Goods seized zero value)

With reference to Article 43 of Law 165 of 17 December 2003 the debtors procedures for hand
directed under which it was carried out a seizure of goods with a value equal to the current estimate
zero, are freed of its debt to the extent of the value of the property foreclosed
upon foreclosure.






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Art.44 (Missed and delayed payments of social security contributions)

Article 38 of Law 42/1955, now replaced by Article 59 of the
Law n.112 / 2002 and Article 48 of Law 172/2004, it is fully replaced by the following:
"If the compulsory recovery procedure prescribed by law had not been opened, the
contributions shall be barred after five years from the day in which had to be paid.
The non-payment of contributions within the terms of the law involves applying, to
paid by the debtor, to a penalty equal to one twentieth of the payment due and

Interest for late payment to the extent of the legal interest rate plus two percentage points, calculated on the unpaid contributions
from the first day following the due date for payment until
to the day of payment. Default interest and penalties are not due if their
amount is less than € 10.00.
If, within the four months following the expiry of the legal deadline scheduled for
payment of contributions, the debtor has not paid the amount due,
the Institute for Social Security shall register to the role of the uncollected amounts to
under Law 70 of May 25, 2004, as amended.
Once the deadline referred to in the previous paragraph of the penalty provided for in the preceding paragraph in relation
according to their unpaid contributions has doubled.
The provisions of this Article shall also apply to contributions for the year 2005 and
to pending positions for which the registration has taken place in the role. ".




Art.45 (Tax credits for employees' recruitment)

Economic operators who hire employees who are in a state of unemployment
due to full-blown crisis of companies in which they were previously employed is granted, by
1 January 2006, a tax credit for the same amount in € 3,000.00 for the first three employees
and € 250.00 for each of the next. The tax credit can not exceed
the total amount of € 5,000.00 per year in each of the three subsequent tax periods to
first intake.
The tax credit is carried forward to subsequent tax years, can be relied upon even
in compensation for the general payment of the tax on income for individuals in respect of whom
apply the first paragraph.
The tax credit is not refundable; However, this does not restrict the right to reimbursement of
to another title due taxes.
The facilities provided by the first paragraph shall apply provided that:
a) the undertaking in the first paragraph, also newly formed, realized an increase of
number of full-time employees and indeterminate. For established businesses to
31 December 2005 the increase is commensurate with the number of employees on that date;
B) the level of employment reached as a result of new hires no decline in the course of
facilitated three years;
C) employees are registered as unemployed or mobility or are afforded the cash
income assistance;
D) employment contracts are open-ended;
S) are observed collective agreements for employed persons;
F) that the requirements concerning the health and safety of workers and are respected
parameters of environmental performance.
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If they are definitively ascertained violations - and for which the penalties are for amounts
exceeding € 1,000.00 - the tax laws and social security contributions on labor
dependent or violations of the health legislation and worker safety,
committed in the period in which the provisions of this Article, the tax credit
is revoked, it is' in the recovery of taxes paid minor or major credit
reported and related penalties apply.
For recruitment of employees working part-time contracts and permanent
the tax credits mentioned in the first paragraph is entitled in proportion to the hours worked
than those of the contract and they can be given for a up to five employees.
The tax credit in this case governed by this Article is not recognized
economic operators who benefit, according to the recruitment of workers in question, additional and / or different forms of support
governed by other regulations.
With special circular laying down the implementation procedures and the preliminary procedure.




Art.46 (Fund for interventions in favor of families to support policies and social security equalization
)

It mandates the State Congress, after hearing the trade unions and associations of
category, regulate, with the special decree issue, the ways in which
use the financial resources of € 1,500,000.00 in favor of families and
components that are entitled, allocated chapter on 03/01/2404 "Fund for equalization social security
interventions and policies in support of families."
These resources should be allocated:
a) support the newly-formed complementary pensions, in accordance with the principles contained in Article 9 of the Law
8 November 2005 n.157;

B) the strengthening of existing fiscal instruments, within the Law October 13, 1984 # 91
as amended, with particular regard to the deduction from gross
regarding the composition and abundance the household and the implant of
deductions from taxable income even in the case of deductible liabilities.
In the structuring of operations, established the alternative nature of deduction or credit, to be paid particular attention
:
i) the cost of elderly care services whose household only enjoy
social pensions or pensions to the minimum required by law;
Ii) the cost of dentures, eye and acoustic for holders of
social pensions or pensions to the minimum required by law;
Iii) the rate supported by the family for social assistance and educational support
in case of children with disabilities in Article 76 of Law 172 of December 16, 2004.
As part of the strengthening of tax instruments will be also identified the extent and mode of
tax measure to be implemented, while respecting the principle of separate taxation, the
gross annual income from retirement where one has less than the minimum retirement ordinary
employees or above the salary ceiling provided for in Article 32 of the Law
February 11, 1983 n.15 and subsequent adjustments. The imposition
entities should aim to reduce the tax burden on minimum incomes above and the increase marginal taxation
for exceeding above the roof incomes. The most that can take
arise as a general income tax will be allocated to the equalization fund social security
.


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Art.47 (Supplementary benefits)

In connection with the principles contained in the pension reform law, up to
when the supplementary pensions will not be governed by special legislation, to be
deductible under Article 6, letter n) of law 91 of October 13, 1984 and subsequent amendments and additions
, the sums to agencies or companies for the purpose of supplementary pensions
must be paid to banking and insurance entities licensed and supervised in accordance with law, on
the basis of a contract subject to authorization of the supervisory, duration
not less than five years, which provides for the payment of supplementary benefit to the completion
retirement age prescribed by law on compulsory retirement in force and, where
modes of delivery, the annuity or surrender of paid-up capital.





Art.48 (Structural interventions State Hospital)

As part of the specific and priority actions on the hospital of State
Congress is authorized to allocate the resources allocated on 2-3-6359 chapter for the realization of
restructuring and expansion of the sector operative and structural adjustment
for the acquisition of new technology whose total cost will be spread over several financial years
.





Art.49 (Structural interventions for cafeteria services and services for young children)

The Congress of State is authorized to enter into a special agreement with the Fund
Social Services for the development and rationalization of the canteen service on the territory realizing where possible
new forms of public involvement - private.
Within the limits of the budget appropriations for the year 2006, the Congress of State is authorized
to develop the necessary operational tools for adaptation in the area of ​​services to
early childhood.





Art.50 (extraordinary appropriation for the promotion of the economic system)

And 'it authorized the State Congress to prepare a communication plan and
promotion of San Marino economic system, in relation to specific regulatory introduced
due to the economic specialization in niche sectors deemed strategic for
economic development of the Republic.
This plan will be built through the identification of appropriate forms of communication to promote
supranational economic system by means of international agencies specialized communication
in the areas mentioned in the first paragraph.
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To this end it is expected within the Finance Department section 01/03/2305 "Initiatives
and promotion of the economic system charges" with a budget of € 100,000.00, whose plan
usage will be prepared by the Congress of State, on a proposal of the Secretariat of

Competent State, in agreement with the trade associations for the interest of relevance.





Art.51 (Exchanges of state land)

Article 27 of Law 30 of February 18, 1998 can also be applied to acts of exchange
involving public lands referred to in Article 6 of the Law of 21 January 2004 6
involving the adjustment of appropriations in and out in respect for the balance of the budget
.




ART.52 (cadastral Annuities)

During the transition phase necessary to balance the cadastral income and
structuring the cadastral system formulated according to the values ​​and rental income, the threshold
set by Article 45 of Law 172 of 16 December 2004, relative to income attributed to
usual residence and the related appurtenances, is high at € 1,300.00.




Art.53 (Project "Safe Streets")

In order to coordinate and activate permanently synergies between the sectors concerned
Administration to implement systematically and continuously a project that
road safety increases, will be launched in the current financial year, the
project called "safe Streets".
The project will aim to:
a) carry out a systematic survey of road accidents for statistical purposes;
B) devise a plan of education and awareness to the issue of traffic education;
C) put all the sectors of the Administration involved in contact, on an accrual basis, on the subject of road safety
;
D) submitted to the relevant technical sectors of the Administration and of the Autonomous State Companies
any urban interventions for risk reduction in vehicular and pedestrian circulation
.
In order to achieve the objectives referred to above may be allocated an amount
percentage of fines levied as a result of infringements of the rules of conduct of
traffic.




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Art.54 (Synergy between public and private)

In dell'avviato integration process with the private sector for the provision of
public services, according to the principle of subsidiarity and in view of important public
managerial economies, it mandates the Congress State to submit to the Great and General Council
a report identifying the areas in which they can be launched and more diversified
synergy between public and private.




Art.55 (Entry into force)

This Law shall enter into force on the fifth day following that of its legal publication
.



Our Residence, 14 December 2005/1705 dFR




THE CAPTAINS REGENT
Claudio Muccioli - Antonello Bacciocchi







THE SECRETARY OF STATE FOR INTERNAL AFFAIRS

Pink crocuses

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