"as Budgets Forecast Of State And Of Public Bodies To The Financial Year 2004 Financial And Recurring 2004/2006"

Original Language Title: "bilanci Di Previsione Dello Stato E Degli Enti Pubblici Per L'esercizio Finanziario 2004 E Bilanci Pluriennali 2004/2006"

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SAN MARINO
LAW December 18, 2003 165
REPUBLIC OF SAN MARINO

BUDGET ESTIMATES OF THE STATE AND LOCAL
PUBBLI THERE FOR THE FINANCIAL YEAR 2004 AND DEFERRED ACCOUNTS 20 04/2006


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 18 December 2003.


TITLE I PROVISIONS FOR TRAINING AND MANAGEMENT OF FINANCIAL STATEMENTS

section of the approval of the budgets for administrative and accounting requirements


Art.1 (State Budget )
In accordance with Article 18 of Law 18 February 1998 n. 30 is approved, in terms of
competence, the State Budget for the financial year 2004 (Appendix "A"):

been forecasting an Entrance Title 1-Tax revenues € 458,946,800.00
Title 2-Revenue extratributarie € 60,867,565.01
Title 3-Alienation, depreciation of assets 3,500,269.00 €


and debt repayments of Title 4-Revenue from power mortgage € 8,555,609.00
Title 5-Matches around € 25,702,000.00
General Total revenue € 557,572,243.01

forecast for Output State Title 1-Ongoing charges € 505,238,442.01
Title 2-Capital expenditures € 23,348,100.0
Title 3-repayment of loans € 3,283,701.00
Title-4 Matches around € 25,702,000.00
General Total Expenses € 557,572,243.01


Art.2 (Budget estimates dell'AASFN)
According to Article 18 of Law 18 February 1998 n. 30 is approved, in terms of competence,
the Autonomous State Philatelic Numismatics Company Budget for the financial year
2004 (Appendix "B"):

been forecasting an Entrance Title-1 Current revenues € 7,399,500.00
Title 2-extraordinary Revenue € 500.00
Title 3-Capital movements € //
Title 4-Special Accounts € 20,979,000.00
Title 5-Matches
around € 541,100.00 Total € 28,920,100.00 General Revenue || |

forecast for Output State Title 1-current outputs € 4,189,013.00
Title 2-Outputs capital € 180,000.00
Title 3-Capital movements € 3,030,987.00
Title 4-Special Accounts € 20,979,000.00
Title 5-Matches around € 541,100.00
General Total Expenses € 28,920,100.00


Art.3 (Budget estimates AASP)
According to Article 18 of Law 18 February 1998 n. 30 is approved, in terms of expertise, the Company
Budget Autonomous State Production
for the financial year 2004 (Appendix "C"): forecasting State
an Entrance | || Title-1 Current revenues € 19,545,000.00
Title 2 and balance sheet Revenue € 5,000.00
Title 4-Special Accounting 1.000.000,00 €

Title 6-Matches around €

12,702,700.00 Total General Revenue 33,252,700.00 €


forecast for Output State Title 1-Ongoing charges € 13,300,000.00
Title 2-Extraordinary Expenses € 6,100,000.00
Title 3-Capital expenditures € 150,000.00
Title 5-Special Accounts € 1,000,000.00
Title 6-Matches around € 12,702,700.00
General Total Expenses € 33,252,700.00





Art.4 (Budget estimates AASS)
According to Article 18 of Law 18 February 1998 n. 30 is approved, in terms of expertise, the Company
Budget Autonomous State for Public Services for the financial
2004 (Appendix "D"):

been forecasting an Entrance Title-1 Current revenues € 48,184,410.00
Title 2-Capital movements € 5,100,516.00
Title 3-Special Accounts 735,685.00 €

Title 4-games-turn 943,809.00 €

General Total Revenue €

54,964,420.00
forecast for Output State Title 1-current outputs € 33,958,068.00
Title 2-Capital movements-Capital expenditures € 11,369,135.00
Title 3-Special Accounts € 3,622,436.00
Title-4 Matches around € 943,809.00
General Total Expenses € 49,893,448.00


Art.5 (CONS of Budget)
According to Article 18 of Law 18 February 1998 n. 30 is approved, in terms of competence,
the forecast of the National Olympic Committee of San Marino Budget for the financial year
2004 (Appendix "E"):

been forecasting an Entrance Title 1-ordinary Revenue € 4,225,000.00
Title 2-extraordinary Revenue € 215,000.00
Title 3-different Revenue € 203,350.00
Title 4-games-turn 124.000,00 €

General Total Revenue 4,767,350.00 €



forecast for Output State Title 1-Ongoing charges € 4,388,750.00
Title 2-Extraordinary Expenses € 110,000.00
title 3-Charges can not be divided
€ 27,000.00
Title 4-Capital expenditures € 35,600.00
Title 5-repayment of loans € 82,000.00
Title 6-Matches around € 124,000.00
General Total Expenses € 4,767,350.00






Art.6 (ISS Budget)
According to Article 18 of Law 18 February 1998 n. 30 is approved, in terms of competence,
the Institute for Social Security Budget for the financial year 2004
(Appendix "F"): forecasting an Entrance State
|| | Title 1-current revenue € 199,705,500.00
Title 2-capital revenue € 10,000.00
Title 4-Matches around € 13,076,000.00
General Total revenue € 212,791. 500.00

forecast State of Output Title 1-current outputs € 200,768,500.00
Title 2-Outputs capital € 2,606,000.00
Title 3-games-turn € 13,076,000.00
Total General Expenses € 216,450,500.00


Art.7 (Budget Estimate University Studies)
According to Article 18 of Law 18 February 1998 n. 30 is approved, in terms of competence,
the Budget of the University for the financial year 2004 (Appendix "G"):

been forecasting an Entrance Title 1-ordinary entrance € 2,050,000.00
Title 2-extraordinary entrance € 796,200.00
Title 3-Entry into the capital account € 1,348,350.00
Title 4-games-turn 300,000.00 €

General Total Revenue 4,494,550.00 €


forecast for Output State Title 1-Ongoing charges € 4,044,330.00
Title 2-Charges Capital € 150,220.00
Title 3-Matches around € 300,000.00
General Total Expenses € 4,494,550.00


Art.8 (Budget estimates Autonomous State of Centrale del Latte)
According to Article 18 of Law 18 February 1998 n. 30 is approved, in terms of competence,
the Central del Latte di Autonomous State Company Budget for 2004 financial
(Annex "H"):
Total costs € 2,581,211.00
Total Revenues € 2,609,879.00
operating profit expected € 28,668.00

Art.9 (Budget Authority for Civil Aviation)
In accordance with Article 10 of Law 16 January 2001 n. 9 shall be adopted, in terms of
competence, the Budget Authority for Civil Aviation for the financial year
2004 (Appendix "I")

been forecasting an Entrance Title 1 - Revenue Ordinary €. 200,000.00
Title 2 - Extraordinary Revenue €. //
Title 3 - Revenue Several €. 68.000,00
Title 4 - Matches Giro €. //
€ Total General Revenue. 268,000.00

forecast State of Output Title 1- Ongoing charges € 180,500.00
Title 2- expenses not allocable €. 500.00
Title 3- Expenses in Capital Account € 62,000.00
Title 4 - Matches Giro €. //
Total General Expenses € 243,000.00


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 2004/2006 tiennio:
1. Multi-year state budget (Annex "L");
2. Multi-year financial statements of the Company Autonomous State Philatelic-Numismatic (Annex
"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-year budget of the National Olympic Committee of San Marino (Annex "P")
6. Multi-year budget of the Institute for Social Security (Annex "Q");
7. Multi-year budget of the University (Appendix "A");
8) Multi-year Budget Authority for Civil Aviation (Annex
"S").


Art.11 (Commitment, validation and payment of expenditure)
I authorized the commitment, liquidation and payment of the corresponding expenses of each
Output chapter of the State Budget .
The deferred charges, non-continuous or recurrent, subject to the annual limit of the appropriations,
you may also be authorized on the futur exercises in accordance with Articles 10 and 34 of Law 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 the
mortgage amortization installments, interest and related charges, following the execution of contracts or
law, such as "T" attached. 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 bank tire, through a resolution,
in the relevant chapters, and between the same funds the appropriations set out in chapters 03/01/2470 "
reserve fund for unexpected expenses" 01/03/2480 "mandatory spending reserve Fund" and 03.01.2490 "intervention Fund
" and engage in subsequent years, subject to their destination, the availability
not used, in accordance with Article 24 of the law 18 February 1998 n.30.


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 State of 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 cap.1-4-2590.


Art.16 (Transfers all'AASFN)
The Congress of State is authorized to provide all'AASFN advances also periodic
to account on the basis of an appropriate agreement ual, which is to be defined
program of philatelic and numismatic for 2004, the relative cost budgeted, as well as the premium collection
agreed for the sale and philatelic and numismatic values.
The AASFN is authorized to collect on behalf of the Treasury Department and the State Administration of Post
proceeds from the sale of circulating coins and
stamps for postal use at face value conl 'bbligo to provide at least quarterly to
payment to the Treasury of the sums collected, to be charged on sections 940 and 950 of the
State Budget.
It remains responsible for the financial year 2004 all'AASFN the management of telephone cards
emissions, including all the related loading and accounting.

Art.17 (the CONS Transfers)
The Congress of State is authorized to provide for advances, the annual contribution to the CONS of
Article 8 of Law 13 March 1997 n.32.


Art.18 (subsidized Convenzionamenti for agriculture)
The Congress of State is authorized to have an agreement for 2004, with the Credit Institutions
available for the provision of soft loans referred to Read March 11, 1981 n. 22:20
September 1989 n. 96 up to the total amount of € 1,550,000.00 with
reserving the expenses will be borne by the state, even for previous loans, on pertinen
expenditure items.


Art.19 (subsidized Convenzionamenti for businesses)
Pursuant to Article 6 of the Law 29 September 1987 n. 118 and the Law 28 January 1993 n
. 13 and subsequent amendments and additions, the Congress of State is authorized to
convenzionarsi for 2004, with the Credit Institutions available for granting subsidized loans to companies
up to the total amount of € 11,000 .000,00 with
charged to the State interests, even for previous loans, chapter 2-5-7220.


Art.20 (subsidized Convenzionamenti for students)
The Congress of State, pursuant to Decree 11 February 1988 n. 8, is authorized to
convenzionarsi for 2004, with the Credit Institutions available for lending on
confidence up to the total amount of € 155,000.00 with the payment of an || | subsidy borne by the government interests, ven for previous loans, to be charged on the cap. 1-10-5130
.


Art.21 (subsidized Convenzionamenti for building subsidized ata)
The Congress of State is authorized, in accordance with Law 110 of December 15, 1994, in
convenzionarsi for 2004, with the Credit Institutions available to the purpose of granting the
funding foreseen by this law until with rrenza maximum amount of € 12,000,000.00
with the payment of a subsidy from the State interests, even for loans

past, to be charged on cap.2-8-7450.





Art.22 (subsidized Convenzionamenti for eliminating barriers to chitectural)
The Congress of State is authorized to have an agreement for 2004, with the Credit Institutions
available for the provision of loans to reduced rates provided for in Article 154 of Law 19 July 1995
n. 87, up to the total amount of € 250,000.00 with the payment of
a subsidy from the State interests, ven for previous loans, to be charged on
cap. 1-8-7465.


Art.23 (spending funds Breakdown)
The Congress of State is authorized to proceed, at year end and on a reasoned proposal from the Office
of the Great and General Council Secretariat, the division of funds between the chapters 01/01/1470
"Autonomous Fund for the Regency" 01/01/1480 "Autonomous Fund for the Great and General Council
" and 2-1-6100 "Individual Fund of the Regency the Great and General Council
for the purchase of assets. "


Art.24 (Contributions to the group board)
According to Article 5 of Law 20 May 1985 n. 9, as amended by Act 29 January 1987
14, for the financial year 2004, the contribution to be paid to the Council Groups, including allowance
seat is set at € 858,242.00 and entered on the chapters 01.01.1450 and 01.01.1460.


Art.25 (Allocation of funds for the Township Councils)
The State Congress has reserved the right to proceed, at year-end and at the proposal of the Juntas
di Castello, the allocation of funds between chapters 1-6-3810 "Checks to Township Councils"
and 2- 6-7280 "Quote Juntas contribution Castle intended for the purchase of assets".


Art.26 (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.27 (Transfers ISS)
Pursuant to and the effects of Article 26, the third CMMA of Law 20 December 2002 n. 112
the Congress of State is authorized, in the context of a policy aimed at eliminating waste management
but in the continuity of the services offered and their quality standards, to provide the Institute for Security
share, for the year 2004, an endowment fund for health care, as
blame on cap.1-9-4590, in the amount of € 49,000. , 00, as well as a fund for the health and care
service, to be charged on cap.1-9-4610, in the amount of € 11,000,000.00.


Art.28 (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 referred to in Sec. 1080 is established at 10%
amount recognized on the cap. 03.01.2670 of the general accounts of the State for the financial year preceding
.


Art.29 (extraordinary health interventions)
Any charges referred to Decrees 20 May 1996 numbers 48 and 49 for the 2004 financial
are counted against the cap. 01.03.2490 or on 01.03.2470 and 01.03.2480 chapters.


Art.30 (Chapter Breakdown 01/03/2650)
The State Congress is given the power, conpropria resolution, to be distributed among the relevant chapters
the allocation referred to cap.1-3-2650 "wage expenses and the total renovation
and economic improvements to employees and pensioners of the State "and to bind
in subsequent years, subject to their destination, the availability unused.
The State Congress has also the right to have transfers of funds between the chapters on
employee compensation if during the year to be or constitute associated conditions administrative
.


Art.31 (AASS - Use of reserves)
The Autonomous State Agency for Public Services is authorized for 2004 to use
its reserves up to € 5,164,569.00 be allocated to funding of the planned investment
costs, including those related to investments on behalf of the State.
As part of these measures it will also begin intervention for burial of power lines
of dell'AASS Central.


Art.32 (ISS - Use of resources)
The use of the resources provided by the Budget of the Institute for Social Security in n
chapters. 1490, 1590 and 1690 "Reserve for business development", will be prepared by resolution of the Congress of State
by transfer in pertinen chapters.

At least half of the money provided to the chapters referred to in the preceding paragraph is intended to
upgrading and expansion of home care services.


Art.33 (promotion and development of cooperative enterprises)
On 1-8-4350 chapter of section 8, SECTION 211, Category 5, "Fund for the development of cooperation
", is prepared a budget of € 50,000.00. The Fund for the development of cooperation
will disburse funds to facilitate the establishment of new cooperatives or organisms
nonprofit typically whose goal will be the search for job opportunities for members and l
' provision of public services.


Art.34 (Mortgage tie)
It 'authorized the ignition of a mortgage in the 2004 budget deficit draw up to €
8,555,609.00.

SECTION II MEASURES FOR THE MANAGEMENT OF THE BUDGET

Art.
35 (Rationalization of documents and accounting deadlines)
It mandated the State Congress to make n'organica reformulation of accounting documents
of the State and public bodies in order to standardize the principles and methods of | || accounting, to streamline administrative deadlines and its formulation.
In such a place it shall be deemed the hypothesis that in annexes to the Final Balance Budget there is the summary analysis
of receivables and payables that assessment is carried out according to the principle of prudence.
In application of the combined provisions of Articles 8 and 60 of the law 18 February 1998 n.30,
in 2004 by decree, will have to be amended Article 4 of the
Accounting Regulations, which It must provide to set the deadline of December 31, beyond which
will be inadmissible for the expenditure commitment acts, and identify the peremptory deadline for the liquidation of the same
to the effects of the new accounting deadlines.
Such provisions will become executive for the Bodies of the enlarged public sector.
The bodies of the enlarged public sector are allowed to issue payments
spending in the following year within the limits of the multi-annual budget by 15 December of the year in the course
.
For infringements relating to disposed preceding the penalties provided for by the laws
.


Art.36 (extraordinary appropriation tourism and trade initiatives)
For the purposes of Article 32 of Law 122 of 20 December 2002, it is placed on the allocation of EUR 400,000.00 divided into two appropriations
of equal size, one charged to chapter 1-7-3953
which is thus called "the endowment fund for a plan of promotion and development of
tourism and trade and the related implementation of experimental initiatives" , the other to be entered
on 03/01/2407 chapter of new institution called "financial measures in support of
promotion of tourism and trade" whose management is assigned respectively to the Department
Tourism, Trade and Sport and the Department of Finance and Budget.
By 28 February, the Congress of State shall inform the Great and General Council
use of that AIF for the year 2003 and to communicate the forecasts for the year 2004.


Art.37 (extraordinary appropriation economic reforms)
It 'empowered the Congress of State to develop the study of tax reform, the editorial staff of banking and financial
unique texts and policy initiatives economic.
The structural reform of the banking and financial legislation must preserve the peculiarities
San Marino taking into account the Community willing.
The reform must also identify the conditions and criteria to create harmonious
harmonious development of the sector, regulated and integrated into the international context.
The tax reform will have to develop for it turn to a more comprehensive regulation that
pursues the goal of fair taxation, also redefining the matter detection and
litigation, and simultaneously allows to reposition the competitiveness of the tax system
terms of not harmful taxation.
In the course of implementation of structural reforms is given sent to the Congress of State
enable all necessary steps to achieving the economic policy objectives
also through the involvement of the Central Bank of the Republic of San Marino and | || organizations.
To this end, set up under the Department of Finance and Budget own budget
with a budget of 500,000.00 euro, the use of which the Congress of State shall submit such reports to the
Great and General Council.

Art. 38
(for hygiene and safety interventions in the workplace)

For the year 2004 in the chapter of expenditure 2.3.2403 "Measures in the area of ​​safety and health in places of work
(Law 31 of February 18, 1998)" it is arranged a € 250,000 allocation, 00
allocated to the relevant Fund established with provisions of previous years.


Art.39 (cores or Disposal of land wrecks)
It 'mandated Congress to regulate by decree State, by 30 June 2004, the procedures useful
would lead to the sale in market prices for cores or wrecks of land, which does not have any
public interest, suitability and builders are not strategic for the realization of works and public infrastructure
.




Art.40 (Transfer immobile ex-Office of Cadastre Technician)
It 'authorized the sale of the former Technical Office of Land Registry in favor of the Central
of the Republic of San Marino Bank after determining the market value through joint expertise
Technical Office of Land Registry, the Office Planning and Urban Planning Bureau, and
however, for a value not less than the entry section n.1135 of the Budget | || forward.
In the event of a subsequent sale of the property by the Central Bank of the Republic of San Marino
, the Most Excellent Chamber shall have the right of first refusal.


Art.41 (Repayments ISS)
Travel expenses related to the execution of thermal treatments, provided for in Article 6 of Law 22 December 1955 n
. 42 and regulated by Articles 5 and 6 of the Decree of 26 March 1996 n. 37
with effect from 1 January 2004 are no longer subject to refund.


Art.42 (Extraordinary Provision for write-off procedures Hand Regia)
All debtors of the State with Hand Directed procedures in effect at the date of entry into force of this Act
, raised against the failure to pay tax recognized in the role and / or notices of payment
related to taxes and duties may, after the entry into force of this Act, the
curtail their debt to the only part of the interest accrued since after the deadline for the payment of
role or the view in a unique Sodium permanganate solution will, as follows:
or payment before January 31, 2004, decreased 70% interest;
Or payment before March 31, 2004, interest reduction of 50%;
Or payment before May 31, 2004, interest reduction of 30%;
Or payment before October 31, 2004, interest reduction of 10%.
The payments referred to in the preceding paragraphs shall be made at the competent offices, the
which, once received regular payment to the previous conditions, will undertake to submit
Attorney storage instance of the procedure State Regia Hand.
Vain expiry of the deadline of October 31, 2004 without the payment of the full intervened
of the tax debt, income referred to in paragraph 1 shall be payable as part of
Mano procedure Regia course, for the full amount of true destiny, interest and penalties, with the consequent loss of benefits
first expected.
From the activation of tax collection service only long payment terms in force, agreed to the
rescheduling of tax debt, are managed dall'Esattoria.


Art.43 (Provision for seized assets zero value)
In order to ensure a smooth coordination between the rules that will govern the future
system of collection of taxes of the Republic of San Marino and existing procedures regarding
enforcement, treatment of all seized assets in relation to payables for
procedures Hand Directed unpaid, for which the estimated value which is the basic sales price of || | auction goods is equal to zero, it will be governed by a subsequent legal measure.

Art. 44
(installment payment of tax debts)
By the deadline provided for in the third paragraph of Article 40, the debtors for Hand procedures Directed
activated in any capacity may require the rescheduling of their debt to the Bank central
of the Republic of San Marino.
The Central Bank grants and manages installments in sservanza the provisions concerning
deferral of payment of state taxes, to be issued within the deadline of 30 June 2004.
The granting of deferral does not suspend the maturation of default interest due for
failure to pay tax in the original terms.


Article 45 (Mutual Fund Risk Reserve)
In partial modification of the last paragraph of Article 16 of Law 11 February 1983 n. 15
at the request of the worker, and in the presence of a final judgment which ascertains

Impossible for levying charges against the employer, is carried
accreditation of statutory contributions not paid in the aforesaid worker
by transfer position in the Employees Pension Fund of the corresponding amount || | taken from the Common Fund of Risk Reserve.
The option referred to above shall be recognized only in the event that the employment relationship was
established in compliance with the regulations on employment.


Article 46 (Minimum pension)
The minimum income of the persons referred to in paragraphs d) and d) of Article 1 of Law 11 February 1983 n.
15, effective January 1, 2004, is established in the amount of € 8,000.00 per year.
In accordance with article 18 of Law 20 December 1990 n. 156
they fall into the category referred to in subparagraph e) of Article 1 of Law 11 February 1983 n. 15, the
agents, representatives, brokers and other self lavoratoi not included in other categories
statutory least mentioned.


Article 47 (Additions to pension minimum)
The integration to a minimum of the ordinary old-age treatment, disability and survivors
referred to in Article 52 of Law 11 February 1983 n. 15, with effect from 1 January 2004,
not for those who have accrued pension in application of international conventions or agreements
if the beneficiary is not resident in the Republic and the foreign institution has not
entitled to a pension.
As from 1 January 2004, pensioners who already are in the conditions referred to in the preceding paragraph
and to which the Institute for Social Security provides integration to the treatment
minimum, retain the right to receipt of the amount paid at 31 December 2003 up to
when the annual revaluation of the amount in the pension calculation, carried out in accordance with the provisions of the Law
25 February 1998 n. 38, not exceeded the amount itself.


Art.48 (Taxation AASS)
Notwithstanding paragraph b) of the second paragraph of Article 2 of Law 22 December 1972 40,
the exemption provided for Government Offices, with effect from January 1, 2004, shall cease to be operative for the
AASS, in virtue of his peculiar activities.
The tax charged on the imports thus should not have to be reflected on service rates
provided by the company itself.
They are subject to the rights of suppliers in the area of ​​tax rebate on imports
arising from the contractual relationships entered into with the AASS by 31 December 2003.


TITLE II MEASURES FOR THE RATIONALIZATION AND DEVELOPMENT
SECTION I

RATIONALIZATION MEASURES OF RESOURCES PUBLIC


Art.49 (Public Debt Consolidation)
It approves the establishment of a special program aimed at raising funds on the domestic financial market and international
also through the issuance of bonds up to | || an amount not exceeding 120 million euro for the restructuring of public debt in
maturity not exceeding 10 years, with repayment of principal at maturity with an internal depreciation
plan to be approved the Great and General Council.
The resources freed up with the overall debt restructuring operation must be
used for structural investments in accordance with Article 90 and approved by
Great and General Council.
It also empowers the hedging interest rate risk on the funds raised by
operations in derivative instruments to be drawn up on the basis of the ISDA rules.
The placement and distribution in the financial markets will also be carried out with the help of
San Marino banks.
Terms and technical characteristics as well as the measures required to sottocrizione
refinement of operations and instruments of the preceding paragraphs, are delegated to Congress
State prior consultation of the Central Bank of the Republic of San Marino also according
the provisions of Law 86 of June 27, 2003.
The program for the collection of the first paragraph with the terms and specifications of the operation
and destination of the funds will be submitted to the Great and General Council
before the final signing of the improvement actions.


Art.50 (computerization process)
It mandates the State Congress to establish a commission to develop the process of
for government agencies, for the purpose of its integration with the
private sector for the provision of public services.


Art.51 (Rationalization of cost and profit centers)

It mandates the State Congress to prepare a study to identify ways
indispensable for the achievement of management economies based on cost centers
impacting negatively on the State Budget, identifying the mode proper sanitation also
through the sharing of private and / or outsourcing.
This mandate, to reposition the state's economic role, should extend to institutions linked
, in consultation with legal representatives and the interested parties.
With a view to rationalizing resources for the wider public sector is
mandates the State Congress to formulate a concert at the AAS FN a proposal to reach a
managerial management of the company.


ART.52 (notices of public competition)
Article 10 of the law 25 November 1980 n. 86 is so integrated:
"In implementation of commitments to ensure the mechanisms of access to public administration,
in the agreement signed with the trade unions on 18 February 2003, authorized the State Congress of
define the procedures, criteria and limits of application of the provision in the
second paragraph of this article, with particular reference to the qualifications of
business unit Manager and Expert in professional activities.
in relation to the upper paragraph , in conjunction with the provisions of Law 107 of 19 September 1990
, has instructed the State Congress pre STurn, following the staff
reconnaissance service, activation of notices with bear for strategic functions considered for the professionalization of the Public Administration
.
to promote horizontal mobility within the management of the Public
Administration, it is also mandated to propose to the Congress of State, by 30 June 2004
a bill for changing the qualifications and requirements for access to managerial roles
Public Administration and for the revision of law n. 118/1990 on the legal status of the management
.. "


Art.53 (equipment installation amusement and entertainment)
In order to complete the legal framework in the field, with Regency decree will provide for
terms of consent to the installation of automatic app apparatus as fun and entertainment
not have granted awards, as well as disposizi ni regarding their installation, identification and control
.

art.54
(interventions and operating expenses for the expansion of services for young children)
in section 3, 79, category 5 is' established the chapter 03/01/2408 "interventions and operating expenses
for the expansion of childcare services "with a € 200,000 spending forecast.


Art.55 (Cataloging historic monuments and historical interest)
'established capitolo1-4-3135 "expenses for the catalog tion of goods of historical interest",
in section 4, 127, category 4 with a forecast of € 30,000.00 expense.
The sum will be used for cataloging and classification and
for all matters relating to the goods referred to in Article 197, 198, 199 and 214 of Law 87 of July 19, 1995.


SECTION II MEASURES FOR SIMPLIFICATION OF PROCEDURES


Art.56 (administrative formalities Simplification ISS)
The registration book, the book of pay and payslips must be numbered with progressive numbering
in every edited page and under the employer's responsibility work.
In the footnotes to periodic reports, the employer will have to indicate the page numbers of the period.
Multiple copies of the same page must carry the stsso number and carry the same data.
As from 1 January 2004, the Institute for Social Security transmission of complaints periodic
relating to social security contributions, insurance and social aspects in general and data to that reported
can also occur through instruments and information and computer systems provided that
contain all the data and information referred to in the records, from books and forms provided by the Institute for Social Security
.
Those who use the procedures described in the preceding paragraph must still recording data
on paper.
The Institute for Social Security may at any time require the submission or delivery of
registered documents on paper.
The adoption of the procedures provided for in this Article does not alter the obligations and responsibilities of
document retention.
The Board of Directors of the Institute for Social Security will prepare with
specific Rules for the implementation of this Article.

They have repealed the first and second paragraph of Article 7 of the Law 7 February 1939 2.





Art.57 (Obligations of employers)
From 1 January 2004, the second paragraph of Article 3 of Law 19 September 1989 n. 95 and 'repealed
.
Employers are required to report any changes in duties,
category and salary level of the employee only if these elements results in other
or have been modified compared to the work permits issued by the Placement.

Art. 58
(frontier Staff)
The borrowing requirements of border staff are addressed to the Office of Labour, which
carried out investigations concerning the non-availability of staff in the employment lists for the job
and / or the required function, itself ensure the granting of authorization under
a Regulation containing the criteria for the authorization to be issued after consultation with the
Employment Commission, by 30 June 2004 by decree reggenziale.
Against the negative measures taken by the Office of Labor concerning clearance for
intake of border staff, applicants can appeal to the Commission to
Placing under F point, Article 24 of the Law September 19, 1989 n.95.


Articles 59 (licensing procedures Simplification)
The license or operating license for the start of service production and business activities both
favor of natural persons is in favor of people legal is issued by Industry,
Craft and Commerce, upon presentation of the following documents:
- proof of payment of the license or operating license issue fee;
- Exact details of the premises where the activity will be carried out with determination the path, the
number and accompanied by a plan highlighting the locals who intend to occupy
and their size;
- Certification, also through self-certification by the applicant ownership enterprise
that demonstrates the date and place of birth, residence in the territory of the Republic
, civil capacity, never happened failure, the absence of criminal proceedings and
pending charges, non-employment, the legitimate availability of suitable premises at
carry out the activity, an indication that they are not home to
other activities as well the declaration, if required by the regulations, not to be the holder of
other licenses or operating licenses;
- Professional certification and / or license, if required by the regulations, the applicant
;
- Precise and unambiguous definition of the object of the activities to be undertaken;
- Presentation, if required, authorization and / or grant of the license.
The false statement referred to in the previous paragraph leads to the nullity or cancellation of the
issuing license or operating license to be declared by the Office for Industry and Commerce, as well as the
' the penalties provided for in Article 297 of the Criminal Code.
Before starting the task independently obtaining the relevant certificates,
the economic operator must have fulfilled all requirements regarding the suitability of the premises, hygiene, safety and
quant ' another envisaged by applicable legislation, in reference to the specific exercise that
going to start.
The applicant must also present the Office Industry and Commerce
all other documents required by law, within 6 months from the date of issue of the license or operating license.
The failure to obtain the attestation of the possession of all the requirements envisaged by law for the exercise of
entails the annulment of the licensing or license operating
on the part of 'Industry Office, Crafts and Commerce.
The late or non-disclosure of the documents referred to above within a period of six months fixed above
involves the application of a pecuniary amministratva fine of € 1,000.00.
The offices of Public Administration responsible for the control and supervision of
economic activities, they are required to carry out inspections and also the period of 6 months following the release of
license; if they reveal infringements or if the conditions provided for by law in
about the requirements concerning the suitability of the premises, the 'HYGIENE, security needed to start
activity, the competent offices of the Public Administration impartiranno
enforceable provisions that may entail, in the event of non-existence of minimum requirements
required by law, even a temporary delay.
Art.60


(Simplification for starting economic activities)
The residents in the territory of San Marino have free access to economic activities organized both in
personal form is in corporate form with the exception of limited companies.
To do so is delegated to the Congress of State have in place by March 31, 2004 an amendment to the Law
April 28, 1999 53, which limits the ricors when the concession, subject to derogations justified
protection and without prejudice to the possibility to provide for specific restrictions for certain types of activities
if their exercise would result in distorting the free market
collective interest expense.


Art.61 (Simplification in the filing of the company officers certificates)
The paragraph 7 of article 19 of Law 53 of 28 April 1999 is replaced as of 1 January
2004:
"19.7 Concurrently with the application for entry in the Register of companies, the notary must
deposit certificates of the persons holding the positions of director or social component
of the internal auditors of the company prescribed by law. the organs administrative and trade union, in
attached to the annual report of their respective competence relating to the financial statements, declare
under their personal responsibility to remain in the subjective and objective conditions laid down by law
.
the deposit certificates will take place, also in the cases of the aforementioned charges renewal.
the provisions in this Article provisions are mdificabili with Regency decree. ".


Art.62 (Simplification in corporate matters)
With the provisions of this Article shall modify some provisions of Section II "Del
legal recognition of companies" of Legg June 13, 1990 n. 68.
Article 14 of Law 13 June 1990 n. 68 is fully repealed and replaced with the following:
"Art.14
(Resolutions costituvo Amending the Act and the Statute)
The minutes of the resolutions which amend the memorandum and / or articles of association are taken by notary, and the notary attesting
, within thirty days from the date of adoption of the resolution when the payment
the conditions established by law, it requires registration in the Register
Company simultaneously filed and attaches atorizzazioni any requests. the Office of the Company
Register, verified the formal validity of the documentation enrolls the resolution in the Register.
If the notary believes not fulfilled the conditions set by law, it shall notify promptly, and
however, no later than the said period to the directors. the directors within thirty days
and, failing that, each shareholder at the company's expense, may resort to
Single Court for the measures set out in paragraphs three and four .
The Single Court, verified and found that the conditions required by law,
provides for the approval of resolutions and orders registration in the Registrar of Companies.
The decree of the Single Court, is subject to appeal before the Judge of Appeal within thirty days following the notification
in the manner provided for in Article 96.
The resolution can not be performed until after the 'entry.
They remain in any case subject to the homologous Amending the Single Court deliberations
memorandum and articles of association with the subject transformation, merger, demerger, liquidation of
, as well as those concerning the reduction for excess of the share capital.
At the Notary, who fails to fulfill their obligations under the above provisions, namely presents
acts conflicting with the mandatory rules of the law or contrary to public policy, the penalty is applied administrative
of € 1.000,00. The Office of Industry, Commerce and Handicrafts imposing the sanction
following special notice of Chancellor Frame rate the manner established by the Law 28 June 1989.
"
Article 15 of the Law of 13 June 1990 68 it is entirely replaced by the following:
"Art. 15
(pronunciation and advertising recognition)
1. The Court verified that the conditions laid down by law for the establishment of the company
, decreed the legal recognition and orders their publication in the Official Bulletin of the Republic
and the register of the Single Court.
2. In the case of public limited companies or anonymous by shares or companies incorporated under the second paragraph of the previous article
7, the decree is accompanied by full disclosure of
bylaws. 3
. The legal recognition decree must be issued no later than thirty days from
of such receipt.

4. Legal recognition is to take effect from the day following that of its publication in the albo of the Single Court
.. "

Art. 63
(Computerization Registrar of Companies)
Completing and partial amendment of Article 20 of the Law of 13 June 1990 n. 68 you have:
"4. The Registrar of Companies may also be required by computer, according to
procedures to be defined by regulations.
5. The Registrar of Companies is public and anyone p ò take clear vision.. "


Art.64 (Fulfilment registration tax on opera performance)
The subjects that match fees of any description for agency performance,
representation, trade and similar must shed the registration tax foreseen under item 23 of Table a
by Law 85 of October 29, 1981 and subsequent amendments, the tax Office | || together with the retention provided for in the seventh paragraph of Article 39 of Law 13 October 1984
91 and subsequent amendments and additions.


SECTION III MEASURES FOR tHE ECONOMIC SECTOR
|
|| art.65 (programmatic legislative intervention Objectives)
It mandates the State Congress to present a draft law on the insurance industry
and to prepare the health plan and a traffic plan as
economic program envisaged by 2004. by June 2004
will also predispose a study to define the most appropriate interventions to support
first home policy.


Art.66 (Obligation to transmit land rents)
To supplement the willing contained in Article 53 of Law 112 of 20 December 2002, it is made
obligation to finance companies the operators' attivià leasing to inform
conductors by registered mail with return receipt the cadastral income of the properties leasing
; as well as to participate in the Office Register and Mortgages
the updated list of users and / or conductors with cadastral data of the aforementioned properties.


Art.67 (Adhesion to European financing projects)
It mandates the State Congress to review and implement all necessary measures to participate in
Community programs to support and benefit of the San Marino companies | ||

Art.68 (budget certification Obligation)
The first paragraph of Article 83 of Law 68 of June 13, 1990 is amended and replaced by the following
:
"In banks, in financial companies, in joint-stock companies that issue bonds
the Assembly should decide that the control functions of the regular bookkeeping social
and budgetary correspondence as a whole is attributed to a company
revision authorized within the meaning of Article 87 and registered in a special register established at the Secretariat of Industry
State, without prejudice to the powers assigned to the Board of Auditors.
from next renewal of the Board, members of the Statutory Auditors of institutions
banking, financial and leasing companies and joint stock companies which have issued or emit
bonds, must be chosen from among those enrolled in the professions of Accountants
Public Accountants, the Chartered Accountants, of Lawyers and Notaries. ".

Art. 69
(Agency of Development and Economic Promotion)
While awaiting the new regulation concerning the activities of the Agency of Development and Economic Promotion
in favor of the same is willing er 2004 a contribution to the fund
budget of € 160,000.00.


TITLE III FISCAL MEASURES FOR THE ECONOMIC SECTOR


Art.70 (withholdings as a tax)
From 1 January 2004 the withholding tax as a tax on interest paid by credit institutions
referred to in paragraph 10 of Article 39 of Law 91 of October 13, 1984 and subsequent amendments and additions
is reduced to 11%; this rit Nuta is charged at the rate of 8% if it concerns
interest expense arising from deposit certificates and similar securities issued by San Marino law
having a duration of not less than 18 months; the withholding tax on interest expense of bonds issued by
San Marino banks is fixed at 4%.


Art.71 (Registration tax on bond issues)
The bond issues made by the Sammarinese banks are subject to
single fixed registration fee of € 1,000.00.

Art. 72
(Tax breaks for first home)
The purchase of so-called "first home" within the meaning of tables attached to Law 25 July 2003 No.
. 99 are applied to registration fees and transcription provided for granting
to members of housing cooperatives.




Art.73 (Standards for currency revaluation)
Based on the results of the financial statements at 31 December 2003, companies of all kinds and
entities engaged in a business activity required to issue the budget may reevaluate material goods,
excluding those whose production or exchange of which is direct the business entity, by
carried out by 31 December 2004. the revaluation
must cover all assets belonging to the same homogeneous category.
The amounts recognized in the financial statements as a result of the revaluation can not in any case exceed the values ​​
actually attributable to the goods with regard to their consistency to their production capacity, the actual useful life of
economic ell ' enterprise and to current values.
The Directors and the Board of Auditors, when it is expected or has been appointed, they must indicate and motivate
in their relationships to the financial statements in which it is revalued the crite
followed in the re-evaluation of the various categories of goods and certify under their own responsibility, unless they have been
suitable sworn expert estimation, the same revaluation
does not exceed the value limit of the previous paragraph.
The balances corresponding to the revalued assets must be set aside in a special reserve
designated by reference to the present article, to be used exclusively for the
cover future losses or to increase share capital. If the reserve was used to cover losses
, you can not make room for one distribuz earnings until the reserve is not
reintegrated, in which case it is mandatory to register the amount of the reserve used in a
special memorandum account. If the reserve has been used to increase the share capital, it can not be
decreased earlier than five years from that of the revaluation;
if not, the total amount of revaluation balances will be recovered fiscally
the rate for payment provided for in Article 12 letter b) of Law 91 of October 13, 1984 and subsequent amendments and additions
.
The real estate can not be sold before the expiration of five years from that of their
revaluation.
The revaluation surplus is subject to taxation on income with the tax system separate
in the extent of 6% for goods ammortizzabli of 4% for non-depreciable, the
10% for real estate object of real estate leasing redeemed until 31 October 2004.
the tax referred to in the preceding paragraph is not deductible from income and is also payable by persons
which benefit from exemptions or general tax reductions on income.
Tax payment must be made within the third month following the month in which was completed
revaluation using the forms provided for that purpose.
The tax paid must be contabilizz ta as a reduction of the revaluation reserve
budgeted.
The revaluation resolution and attached reports are to be delivered together with a copy of
budget concerning the financial year under which the Reval tion - to be deposited with the Clerk of the Court under Article 71
Law of 13 June 1990 68 - it is the declaration of
reported income for that particular year.
Notwithstanding the first paragraph, can access this provision dl benefits all economic operators
, provided that the credit balances of Reval tion are entered in the register of depreciable assets
and / or inventories and attached to tax income of the reference year.





Art.74 (Set special stamp duty on services)
The established traders in the State receivi Vono foreign bills, notes and / or documents
effects equivalent regarding the provision of services that not be subject to tax on imports or
to withholding at source by way of general income tax, must fulfill
stamp duty virtually and in the proportion of 0.20% of the amount | || taxable.
Excluded are services involving the processing and manufacturing of goods.
Economic operators shall engage autoliquidare the tax within the month following the quarter under review
performing the Office Tax payments through appropriate forms.
For the purposes of tax for the discharge evidence shall be the dta of document transmission;
payment with less than 30 days delay gives rise to the application of a penalty equal to 10% of the tax due
for delays exceeding 30 days sanzioe is raised to 30% of tax due; on

Failure or insufficient payment determined by Tax the penalty is applied by a
three times the tax due. Late payments shall commence, according to law, interest at the legal rate plus two percentage points
.
The total amount of the invoices referred to in the preceding paragraphs must be entered in a mandatory
attached to the tax return, duly accompanied by receipts
receipt of the same tax payments.
From this provision are excluded economic operators in the banking and financial sector.
The rule applies on the bills, notes or / and records to date after 1 January 2004.


Art.75 (rate on corporate income and higher legal persons)
A complete reform of the organs that regulate the tax disputes will provide for the progressive reduction
referred to in Article 12, first paragraph, letter b) of Law 13 October 1984
91 and subsequent amendments and additions.


Art.76 (Taxation of income earned abroad)
In the perspective of the tax reform, without prejudice and conventional norms
against double taxation on income, has authorized the State Congress present a legislative proposal,
by January 30, 2004, to amend the current rules on the taxation of income
products abroad.
In such a place should identify appropriate measures for a fair levels connected to
tax credit.
The new rules will take effect as from tax year 2004.






Art.77 (subsidized rate tax on imports)
It 'gave mandate to the Congress of State to proceed in' stensione The treatment referred to in Article 6 of the Decree
27 October 2003 n. 135 for property directly instrumental to business,
on cases of building, restructuring and completion of buildings that are or
should become the headquarters of the same.
The benefit should be granted on real estate projects falling within development projects and
business investment.
The decree must provide that in the case of new construction and / or expansion, the property must be used as a headquarters
within 6 months of completion; need not be recognized
rate less than that provided for in Article 6 of that decree; the benefit should be subject to the consumption
full and complete property for at least five years following completion
, worth paying the phase difference from the ordinary.


Art.78 (culls tax)
It 'repealed Legge18 44 March 1993, subject to the tax relations in progress.
It mandates the State Congress to draw up a specific legislation that recognizes
knockdowns on the rate of tax referred to in Article 12 of Law 91 of October 13, 1984 in order to encourage investment
, promote jobs and support the consolidation of companies.
The aforesaid legislation should provide for alternative reliefs and proportional to the value of the project
50% to 80%, for a period from 5 to 8 years old when they were entered into the annual or multi-annual investment projects
targeted at achieving development objectives, employment and consolidation
and a proportional reduction of up to 50% of the annual budget useful when committed
outstanding reinvestment projects within the same undertaking.
The rules above must also provide for the non-cumulation of killing with
benefits resulting from access to subsidized credit.


Art.79 (individual tax exemptions)
The income accruing from new industrial or commercial enterprise set up as individual
, and cooperatives, as well as those caused by sv lgimento of activity | professional and assimilated || general are exempt from income tax for the first two years of
activities to make progress on 1 January 2004, provided that the volume of revenues does not exceed 30,000 Euros and that
the compensation does not exceed € 20,000
the industrial entrepreneur business owner who receives or has previously received the
tax exemption referred to in the preceding paragraph may not get the same benefit in favor of a new enterprise
or other activity even when it is acting in different fields.

Art. 80
(Reform of benefits to businesses)
In order to broaden the tax base on a fair and transparent process
the Government is obliged to report to the Great and General Council by 31 May 2004 regarding

Forms of tax relief in place for enterprises and about the reform addresses the
relief to businesses.
TITLE IV


OTHER TAX MEASURES

PURSUANT TO ART.81 (Revaluation of land rents)
With effect from 1 January 2004 should be activated at the start of the relevant procedures
Land Registry which reform must be completed by the end peremptorily the same year. Pending the complete reform
for the year 2004, they will dictate the ew revaluation coefficients of d
manufactured incomes, dominical and landowners.
Income premises referred to in paragraph a) of Law 20 December 2002 n. 112 are revalued
multiplying by sixty (60) adopted by the cadastral income Reggenziale Decree 24 August 1953
n. 31. The revaluation strikes a quarter when the property is used for use by the registrant
home and is the seat of the actual residence of the same.
The incomes of the buildings referred to in point b) of the Law 20 December 2002 n. 112 are revalued
multiplying by thirty-five (35) adopted by the cadastral income Reggenziale Decree 24 August 1953
n. 31
The land tax shall be reassessed by multiplying by ten (10) adopted by the cadastral income
Regency Decree 27 November 1952 n.
30. In relation to products for which it has been skiing ril the declaration of completion of work under
Article 87 of Law 87 of July 19, 1995 or that are still usable, but which is not | || registered cadastral allibramento, for the sole purposes of Legge13
91 November 1984 and subsequent amendments and additions, the cadastral income referred to in the preceding paragraphs will be
by a substitute declaration of 'cadastral certificate, drawn up by a technical
authorized under Article 162, fourth paragraph, of Law 87 of July 19, 1995 which will provide for
calculation based on the criteria of Law 16 July 1951 n. 10. The same statement, in case
be attached to the tax return must be filed at the same Office of Cadastre Technical
. The provisions of Article 66 shall also apply to replacement
statements referred to in this article.
Dedicated Regency Decree will regulate the procedures and criteria for compiling the statement
replaced.

Art. 82
(free loan contracts)
From 1 January 2004 the loan contracts or grant free use of tangible and intangible
are subject to tax according to parameters to be defined by special decree
reggenziale to be issued by 28 February 2004.
these provisions shall not apply where the acts referred to above shall be concluded between
subjects with first degree of kinship.




Art. 83
(Tax breaks for humanitarian organizations, solidarity and voluntary)
The tax benefits provided in favor of cooperative societies are extended, as
mutandis to legally recognized associations and organizations, with the exception of foundations, which have
humanitarian purpose, solidarity or voluntary.

Art.84 (Subjective Deductions of tax)
The subjective deduction referred to in the first paragraph of Article 9 of the Law 91 of October 13, 1984 and subsequent amendments and additions
is high € 100.00 with effect in the fiscal year 2004.


Art.85 (Deductible liabilities)
A runs from the 2004 tax year, the first paragraph of Article 6 of the Law of 13 October 1984
91 is amended and supplemented as follows:
a) funeral expenses for an amount not exceeding € 3,000.00,
d) the premiums paid for insurance vitae those of accident insurance
signed with longer duration policies up to 5 years the overall amount of 2,000 Euros,
g) the sum of 5,000.00 EUR for the assistance to people in the family permanently
infirm;
N) of the Social Security Institute paid voluntary pension contributions and premiums paid to
purposes of supplementary pension on the basis of contracts of not less than 10 years until 2500
euro;
O) expenses in the territory related to medical care provided by qualified parties not borrowed,
in an amount not exceeding € 1,500;
P) charges relating to the use of baby-sitter to an extent no greater than € 2,000.00 if the following conditions
: regular intake due to the unavailability of places in day-care centers and
until completion the third year of the child's age.


Art.86 (Amendment to Table A tax on imports)
The item 21 of Table A attached to the Decree of 2 October 1997 108 is so replaced, "21)

armchairs, similar vehicles for disabled persons, whether or not motorized or otherwise mechanically propelled including
elevators, stair lifts and other similar means to overcome architectural barriers
for people with reduced or impaired ability motor; vehicles of engine capacity up to 2000 cc, though with a petrol engine
, and 2,500 cc, if the engine dies, suitable for disabled with reduced or impaired motor skills also
no holders of driving licenses issued pursuant to 'Article 11 of the Law
20 September 1985 n.106. "






Art.87 (tax rates progressive)
it mandates the State Congress to present a legislative proposal to ridefinir, by
June 30, 2004, the table of progressive tax rates set out in Article 2 of the Law of 22 January 1993 9
with effect from the tax year 2004.


Article 88 (tax credit IGR)
receivables related general profit tax which the law 13 October 1984 n. 91 and
subsequent amendments and supplements can be compensated, if attributable
economic operators, with the amounts due for the same tax type.
the aforesaid compensation can be implemented as d t the tax return of the
2003 tax period and must be made as from 1 June of the year following that of
presentation of the tax return.
Economic operators wishing to make use of the aforementioned faculties must notify the Tax Office
with an appropriate declaration to be attached to the tax return.


Article 89 (Concordats phase)
Who has presented the annual declaration for the refund of import
relating to goods exported under Articles 1, 9 and 14 of Law 22 December 1972 n. 40 and subsequent amendments and additions
, and has agreed the measure of the same will be forwarded
application for admission to liquidation by way of summary procedure of forfeiting according
parameters, procedures, timing and procedures that will be established by special decree reggenziale be issued within

30 June 2004. the provision in the preceding paragraph can be applied to statements relating to
tax period up to 2001.
from the amounts recognized as liquidated, the tax Office will retain the amounts established
taxpayer liability for direct and indirect taxes, penalties and interest.
The adoption of the summary procedure provided for in this Article shall preclude verifications or investigations
for the tax period covered by the above mentioned procedure; however, does not affect the further
assessment provided for in Regulation of the tax rebate on imports within the period prescribed for that purpose
.
Not allowed to summary procedure mentioned in the first paragraph of this article the
taxpayers who have been subject to examination by the competent Commission or the Board of Estimate
for additional income not less than EUR 120,000 , 00, or who have
made the declaration referred to in the first paragraph tainted by fraudulent conduct
ascertained by Tax.
There are, however, allowed the summary procedure provided for in this Article:
• the subjects for which it was decreed the liquidaz one compulsory or ex officio or the
competition procedure between creditors, || | • those who suffered in the previous two years opri what are lawsuits pending
of the penalties of the law applying to infidelity in the statements, due to violation of
obligations relating to accounts or convictions or criminal proceedings relating to the exercise || | business activities.
• individuals who have suffered the withdrawal of nowhere ost to the business. TITLE V INVESTMENTS






Art.90 (Investment Plans)
It 'instructed the State Congress to present a plan for the management of the road network and for
investments related to school infrastructure, considered as a priority objective
of public investment.
It will also propose an articulation of multi-year investments for the modernization and technological
for interactive services between public authorities and businesses and citizens.
It 'also a priority to proceed to the modernization of the property of the Hospital and its structure technological
.
They would need to be articulated over three years indicating the timing and costs of
indicated interventions.


Article 91 (Neighbourhood Consortiums)
Natural and legal persons may form themselves into co Consortium pursuant to Law 22 July 1977
42
for the implementation and conduct in use of neighborhood public interest
infrastructure provided by the planning instruments.
On the basis of a concession contract with the Public Administration and with the assent of the Board
competent Castle, the consortium undertakes to carry out at its own expense
neighborhood infrastructure and in its favor it is the exclusive rights and township
themselves for a fixed period, after which the works are transferred to public use.
Dedicated Regency Decree, to be issued by December 31, 2004, will have a diagram of
concession contract, the list of eligible works, as well as simplified procedures for the
creation, operation and dissolution of consortium.


Art.92 (Management Control)
It 'mandated at each Secretariat of State to prepare, within individual departments and
with the help of professionally qualified entities, procedures for management control of all
public administration offices. The implementation of individual projects must be approved
by the State Congress. In the event that there is found the need of the assistance of outside professionals
the Congress will have to verify that the third party involved and they have the necessary qualifications are among them
different subjects.
TITLE VI PROVISIONS RESIDUAL



Art.
93 (Final Provisions)
They confirmed the commitments made by Law December 22, 2002 No. 112, with particular
about the conclusion of the pension reform, the reform of Law 68 of June 13, 1990 and subsequent amendments and additions
"the Companies Act" the conclusion of the reform of
Collegial bodies in relation to the tax dispute, the updating of the Law 115 of 19 November 2001
"Law on Finance Lease", the identification of new preference
criteria for access facilitated credit, as well as the preparation of the draft law in the
labor market reform project, the definition of the legislative provision for the unification Office
Register and Mortgages Technical Office and the Land registry through reform of the latter.


Art.94 (Social Policy)
It mandates the State Congress to enable the comparison, through the method of
consultation with the social and economic realities on the relevant social value policies,
including pricing policies, the definition of property amenities include king for the canteen service and the possibility of verification in order to
increases introduced family allowances


Art.95 (statutory rate)
From 1 January 2004, the official rate is fixed at 3.5%.


Art.96 (Entry into force)
This Law shall enter into force on the fifth day following that of its legal publication.

Our Residence, this day of 23 December 2003/1703 dFR



The Captains Regent Giovanni Lonfernini - Valeria Ciavatta

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