Law 166 Of December 16, 2013 - Set General Income Tax

Original Language Title: Legge 16 dicembre 2013 n.166 - Imposta Generale sui Redditi

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GENERAL PROVISIONS OF TAX INCOME

SAN MARINO


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

In view of article 4 of the Constitutional Law no.185 / 2005 and Article 6 of Qualified Law
186/2005;
We promulgate and send for publishing the following ordinary law approved by the Great and General Council
its meeting on 14 December 2013:


LAW December 16, 2013 166

GENERAL INCOME TAX



TITLE I REGULATIONS AND GENERAL

Art. 1
(Assumption)

1. All income, wherever produced, by resident individuals set forth in Titles II and III in
cash or in kind, continuous or occasional, from any source, are subject
general profit tax under this law.
2. The non-residents are taxable entities limited to income earned in
territory under the conditions provided in article 5.

Art.
2 (Definitions)

1. For the purposes of this Act shall be construed to:
a) Set: the general tax on income covered by this law.
B) Taxpayer: the taxpayer of tax obligations determined by this law,
ie, the person who in the face of a fact or a legal act reflect its true capacity
contribution, that this law leads to assumed tax, is required to pay
latter. The taxpayer assumes the position of withholding when, according to law is
required to collect tax due from another taxpayer and tax administration to pour
interposing in relations between it and the subjects .
C) Tax Administration means all offices, bodies and authorities
implementation of tax provisions, including those of this law.

D) Tax Office: the Office of the Public Administration deputy to the activities of collection, monitoring and assessment
general income taxation.
E) Natural person: the individual owner of income. Included in this definition also
self-employed and owners of economic activities exercised in the individual company
shape, of people and of the association holding company.
F) cross-border worker: any worker, employed in the territory of the State,
it resides in the territory of another state which is part of the maximum daily or at least once a week
.
G) Legal person: the legal entity constituted by the organized grouping of persons and goods, to
which the law confers legal capacity.
H) Economic Operator: a person who, irrespective of their legal form, is licensed or
similar authorization tense exercise of an economic activity.
I) property: the place within the territory of the State in which a person performs acts of privacy
, regardless of whether this constitutes the place of his registered residence
in the State or his domicile .
J) center of vital interests: the concentration in the State of the prevalence of
economic interests territory, wealth, social and family of a subject.
K) Main house: the house where the taxpayer has his legal residence, or,
in the absence of legal residence, their actual residence.
L) Owner: the owner of the property or the holder of other real rights on the same or conductor
a leasing contract.
M) enterprise grouping all the companies, residents and non-residents in the territory of the Republic of San Marino
, consisting of the parent company, or otherwise able to exercise significant influence
, and by (or from) companies directly or indirectly controlled by (a) or
presented for (a) to significant influence.
N) Subsidiaries:
- those in which another company holds, directly or indirectly, the majority of the voting power
for the appointment of members of the administrative body;
- Those in which another company, also under agreements with other shareholders, directly or indirectly
, sufficient votes to exercise a dominant influence in the selection of the components
'governing body;
- Those in which another company has the right, by virtue of a law, other legal or regulatory provision
, a contract or a statute, to exercise a dominant influence to
for the appointment of members of the administrative body.
O) Companies subject to significant influence: those in which another company holds, directly or

Indirectly, at least 20% of the voting rights exercisable in the selection of components
the administrative body, provided that there is no other shareholder unrelated to the ''
Group of companies' ', which has the absolute majority of voting rights for the same purpose.
P) Related parties to the natural person: controlled by the individual companies as well as family members
which the spouse, relatives within the second degree and relatives up to the second degree.
Q) Computer Application: (hereinafter application) it is the data processing system to which access is made possible
electronically to the taxpayer, or the person delegated by him, allowing you to enter and transmit
tax returns and manage debit balances and to tax credit.
R) Electronic signature: is the process by the application circuit, with which the user
duly registered and identified, upon accreditation, validating the information.
S) User: is the person who logs on to the application, after identification, enters information
requests and validates the content. You may be required to pay to the taxpayer
reporting obligations, the employer, for the fulfillment of the obligations referred to in Article 85, one of the delegates
or persons referred to in Article 88 .


Art. 3
(tax period)

1. The tax is payable for calendar years, each of which corresponds to a bond tax autonomous
.
2. The imputation of income to the tax period shall be governed by rules relating to the category in which
fall.

Art. 4
(Permanent establishment)

1. It's called "permanent establishment" the fixed place of business through which the business is not established
exercising, in whole or in part, its activities in the State.
2. The term "permanent establishment" is identified, by way of example and without limitation, in:
a) a place of management;
B) a branch;
C) an office;
D) a factory;
E) a workshop;
F) a mine, an oil or gas well, a quarry or any other place of extraction of natural resources
. 3
. A building site or construction or assembly or installation, or the exercise of supervision
activities connected with it, is considered "permanent establishment" only if such site or activities
has a duration of more than three months.
4. In addition to the provisions of paragraph 2, constitutes a permanent establishment in the availability
any title of electronic computers and related auxiliary facilities that enable the collection and
transmission of data and information in order to sell goods and services.
5. Notwithstanding the provisions of the preceding paragraphs, a fixed place of business is not, however, considered a permanent establishment if
:
a) uses facilities solely for the purpose of storage, of goods or || display or delivery | merchandise belonging to the enterprise;
B) the goods or merchandise belonging to the enterprise is stored solely for the purpose of storage, display or delivery
;
C) the goods or merchandise belonging to the enterprise solely for the purpose of processing by
another enterprise;
D) a fixed place of business solely for the purpose of purchasing goods or merchandise or of collecting
information for the enterprise;
E) is used for the sole purpose of carrying on, for the enterprise, any other activity of a preparatory or auxiliary character
;
F) is used solely for any combination of activities mentioned in subparagraphs a) to
e), provided that the activity of the fixed place as a whole, resulting from this combination, has
preparatory or auxiliary character.
6. Notwithstanding the provisions of Sections, and except as provided in paragraph 7,
constitutes a permanent establishment of the organization referred to in paragraph 1 the person, resident or non-resident
, which usually ends in the State in the name enterprise itself contracts
different from those of purchasing goods.
7. Not a permanent establishment of the non-resident organization merely because it carries on business in the State
its business through a broker, general commission agent,

Agent or any other agent of an independent status, provided that such persons are acting in
of their ordinary activities.
8. The fact that a non-resident, with or without permanent establishment in the territory of
State controls a company resident, or is a subsidiary or that both companies are controlled by
third party operating activities or not d 'undertaking does not in itself constitute sufficient grounds for

Consider any of a permanent establishment of such enterprises.

Art. 5
(Application of tax to non-residents)

1. For the tax purposes in respect of taxable persons not established
you consider products in the State:
a) income from land and buildings included within the borders of the State;
B) capital income paid by the State, persons resident in the State or by stable
organizations, in the territory itself, non-residents; that income not considered
products in the State when the subject is obliged to pay non-resident;
C) the compensation of employees paid in the State or abroad by residents in the State;
D) the self-employment income derived from activities performed in the territory of the State, or on behalf of
resident or having a permanent establishment in the State;
E) the business income derived from activities performed in the State through a permanent
organization or on behalf of residents;
F) any other income from activities carried out in the State and assets that are in the same area
.
2. Regardless of the conditions referred to in subparagraphs c), d), e) and f) of paragraph 1, it
consider products in the territory of the Republic, if paid by the State, by persons resident in the territory of the Republic or
permanent establishments in the territory of the same non-residents:
a) pensions and emoluments in the same class;
B) the fees for the use of intellectual property, industrial patents and trade marks
well as processes, formulas and information relating to experience acquired in the industrial, commercial and scientific
. 3
. The taxation of business income earned by non-residents is through the
isolated taxation of individual income.
4. With reference to the previous paragraph 1, letter f): they are presumed
always carried out in the territory of the state capital gains arising from the transfer of shares in resident entities;
You always assume unrealized in the State capital gains arising from the transfer of securities
issued by non-residents.

Art. 6
(normal value)

1. The normal value is defined as the average price or consideration charged for the goods and services
of the same or similar, in conditions of free competition and at the same
marketing stage, in time and in the place where the goods or services were acquired or provided, in
absence in time and place nearest.
2. For the purposes of control over the fairness of the normal value the Tax Office can refer to
lists and / or tariff, where they exist and in use in the relevant market. 3
. Contracts and financial transactions involving real property or real rights on real estate
, the normal value of the asset is determined with reference to the day of transfer or
vesting of the right, taking into account sales, divisions or previous estimates Realty

Same, the market prices of other places properties in the same place and under similar conditions,
and the evaluation criteria used by the experts in their estimates.
4. The normal value of financial instruments is determined:
a) for equities, bonds and other securities traded on regulated markets, according to the average arithmetic
price for the last month;
B) for other actions, the company shares and securities or shares in the capital of other entities
by the companies in proportion to the net asset value of the company or institution, or, for | || companies or newly established entities, the total sum of contributions;
C) for bonds and other securities other than those referred to in subparagraphs a) and b), comparatively to
normal value of similar securities, traded on regulated markets and, in the absence
, according other elements can be determined objectively.

Art. 7
(Exemptions)

1. They are exempt from tax:
a) income earned in the exercise of their functions by the diplomatic and consular agents of foreign states
; subject to reciprocity incomes of employees of diplomatic missions and consular
of foreign states who are not also citizens of the Republic;
B) wages and salaries received by virtue of their position as international officials at
international intergovernmental organizations by persons resident in anagraphically

Republic of San Marino, in accordance with international conventions ratified by San Marino;
C) the revenues generated by the state, by the institutions and public sector companies expanded, from the bottom
social services and pension funds managed by the State, by the Complementary Pension Fund of the Institute for Security
social, and, for a period of five years, the income of real estate
civil home ownership or conducted under finance lease
by companies of housing cooperatives;
D) income of rural buildings or portions of buildings and related assets used by the owner and
by the tenant of the land which they serve, and are intended:
i. to the shelter of the cattle fed by the product of the fund and indispensable for
working fund;
Ii. the conservation and before handling of the fund products;
Iii. to the custody of the machines and tools necessary for cultivation of the soil;
E) they are also exempt from tax for a period of five years as income from properties subject to
renovation work or restoration remediated under the PRG Law;
F) for a period of ten years, income from land already unproductive,
with effect from the beginning of the first crop year in which they have given a normal production;
G) allowances, prizes, tokens and the like provided to persons who provide volunteer service in the uniformed bodies
San Marino and public marching bands provided that they constitute income
employment or assimilated to it;
H) the amounts paid in accordance with Law 5 of January 21, 2004 and subsequent amendments, as well as, the
sums paid by institutions, organizations, schools, universities also of foreign states by way of grants
office;
I) the amounts paid by the Institute for Social Security and paid as family allowances and
as additional family allowance provided for in Articles 2 and 31 of the Decree of 26 April 1976 n.15;
J) the amounts paid by way of social pension, to the extent provided by the first paragraph of Article 45 of the Law
11 February 1983 n.15;

K) income from corporations, foundations, associations, institutions and organizations that do not pursue profit
purposes other than those directly related to the business activities identified by this
law;
L) the benefits of luck or skill games governed according to Law 67 of July 25, 2000
and subsequent amendments and additions, as well as those achieved by initiatives organized
by the State or public bodies San Marino;
M) the main home cadastral income of the taxpayer's property is exempt from general
on income up to the maximum limit of € 1,500.00. It applies, provided by
above limit, even to related works and also to any income from land.
Do not consider the buildings in any case of income production destined exclusively to the exercise of
worship and those in cemeteries.
N) attendance fees paid to a professional qualification in accordance with Law 37 of March 4, 1993 and
agreements entered into;
O) contributions up to € 5,000.00 per year and / or documented expense claims paid to athletes not
professionals from the San Marino National Olympic Committee and the federations and associations affiliated to it
;
P) periodic payments for child maintenance, which result from judicial decisions.
2. With reference to paragraph k) of Section 1:
a) for identification of income directly attributable to the business activities identified
by this law is irrelevant that the person referred to under section k ) is the holder of
operating license or equivalent authorization for the exercise of economic activities;
B) the exemption applies only to:
i. Membership fees;
Ii. reimbursement of expenses or contributions to the provision of services;
Iii. donations;
Iv. Operating contributions.

Art. 8
(Prohibition of double taxation)

1. The same tax can not be applied multiple times in dependence of the same premise, even
against several parties, outside the cases specifically provided by law.

Art. 9
(International agreements)

1. The provisions of this Act shall apply if more favorable to the taxpayer, even
affect any international agreements to prevent double taxation.
TITLE II

imposition IN CHIEF TO INDIVIDUALS
CHAPTER I GENERAL PROVISIONS



Art. 10
(Taxable persons)

1. The general income tax applies:


A) natural persons resident in the State;
B) to natural persons not resident in the State on their income products.
2. Is resident natural persons for which, in the tax reporting period, you
come true at least one of the following conditions:
a) whose registered residence in the State for most of the tax period;
B) reside for most of the tax year in the State;
C) have the center of vital interests in the State. 3
. Partnerships are not taxable persons; the income derived from such companies,
in proportion to the interest in profits, are charged to each shareholder regardless
from the actual perception.
4. The associations between professionals are similar to partnerships.

Art. 11
(Classification of income)

1. The income referred to in this Title, including those produced abroad, are classified in the following way
:
- of capital income;
- Income from land and buildings;
- Labor income and pensions;
- Business income;
- Different incomes.
2. The late payment and interest for deferred payment constitutes income of
same category as those from which the loans on which the interest accrues. 3
. The earnings in lieu of income, partly due to the sale of the related receivables,
and achieved benefits, even in form of insurance, as compensation for damage consisting
in the income loss, excluding those employees from disability permanent or death, they are
income in the same category as those substituted or lost.
4. Revenues from contracts of association in participation fall in income from capital
if the contract only provides for the provision of capital; otherwise they consider
treated as income from employment.

Art. 12
(Taxable amount)

1. The taxable amount is, for resident taxpayers, from the total income made up
all the taxable person's income, net of deductible expenses under this Act, and with the exception
:
a) income subject to separate taxation;
B) of income subject to withholding at source by way of tax;
C) of the exempt income.
2. For non-resident taxpayers, the taxable amount consists of the income produced in the territory
State, as defined in Article 5 above 3
. A component of the income of the taxpayer, as the same defendants:
a) income, excluding work because their incomes, of minor children living together, including children deemed
natural, adopted children and affiliates;
B) other people's incomes which have the free disposal or management without the obligation of rendering accounts
.


Art. 13
(income subject to separate taxation)

1. On the following income tax applies separately, according to paragraph 2 of the next mode
:
a) capital gains referred to in Article 41, including those made at
cessation of self-employment or enterprise, and the starter realizable;
B) salaries and arrears on previous years and bonuses still paid as
end of the employment relationship or assimilated;
C) compensation for the termination of agency relationships or other relationships of coordinated collaboration and continuous
, however denominated and paid by anyone;
D) the fees referred to in paragraphs b) and c) of Article 6 of the Law of May 20, 1985 n.59;
E) allowances or similar remuneration paid to the members of the Great and General Council or
State Congress and to fulfill, in the Republic of San Marino, are elected representatives of
public functions;
F) at the option of the taxpayer, the foreign dividends;
G) at the option of the taxpayer, interest, premiums and other income generated by foreign
bonds or other foreign debt instruments other than shares;
H) at the option of the taxpayer, the interest on current accounts held with
foreign financial institutions;
I) emoluments for severance indemnities to directors of companies;
L) 60% of the fees received by the persons referred to in Article 27 for services rendered, in whole or in part
in tax periods of at least three years prior to that in which the income is
been received or for continuous supplies that have been started in the tax period of at least three years prior
to be that on which the collection and are then continued for

Least two successive tax periods at the beginning it is always documented the execution date
or commencement of performance;
M) gains and fees referred to in Article 28.
2. Income referred to in paragraph 1, the tax is determined as follows:
i. the letter): 17%;
Ii. point a): 8%;
Iii. b) up to the amount of € 5,000.00 tax rate of 2.5%, the excess
rate of 5%;
Iv. letters, c), d) and e), l), m): 12%;
V. f): 3% on net border; There
. g): 8% on net border;
Vii. letter h): 11% of net border. 3
. With reference to the previous paragraph with the definition "net frontier" means
the amount of foreign income component as charged by the taxable net of
any taxes paid in the state of source.
4. The tax rules referred to in this Article, including the amount of taxation are
modifiable by delegated decree.

Art. 14
(deductible expense)

1. From the total income, determined in accordance with the provisions of this Title II, net
tax exempt and which are subject to separate taxation, if not deductible in determining

Individual income and cumulatively to the other deductions allowed by this law, are deduced,
if incurred during the period of reference sets:
a) the expenditure incurred in the territory of San Marino for the purchase of goods or services performed by
electronic payment instruments defined by delegated decree;
B) the costs related to diagnostic consultations, therapies or products not borrowed, included among
types defined by a special circular Tax Office, provided
documented by invoice or equivalent document or made by electronic means payment referred to in point
a) above;
C) the expenses referred to in Annexes A and B of this Act.
2. The liabilities referred to in paragraph a) above are deductible up to a maximum amount corresponding to the difference between
€ 9,000.00 and the amount of the deduction referred to in Annex C, Article
C1, paragraph 3 .
3. The total amount of deductible liabilities, referred to in point b) above, is determined
in an amount equal to € 2,500.00.
4. The deductions referred to in this article do not belong where the Tax Office given such
investigation summary of the total income of the taxpayer, subject to the demonstration by the
taxpayer that the investigation summary is due to force majeure.
5. The liabilities referred to in paragraph 1, letter a), they are usable by persons
fiscally resident in the State and cross-border workers.
6. The liabilities referred to in paragraph 1, letters b) and c) are accessible only by persons
tax resident in the State.
7. The provisions of this Article and those listed in Annexes A and B can be changed
by delegated decree, which can complement and also change the rules for the application of the same, as well
predict limits on the types of goods and services referred to in paragraph 1, letter a).
8. The Tax Office, as part of monitoring and assessment, can disown
in whole or in part the application of the deductible liability if it is found, subject to proof to the contrary
provided by the taxpayer, phenomena of abuse and / or undue deduction
aimed exclusively at the achievement of the tax benefit.

Art. 15
(Deductibility of the social security contributions required)

1. The compulsory social security contributions provided for by law are deductible from taxable income as follows
:
a) the social security contributions of employees are fully deductible from the tax base
of labor income referred to in article 24 ;
of such a deduction is taken into account for purposes of calculating the withholding tax referred to in Article 101;
B) the employer social security contributions of self-employed and sole proprietorships are respectively
fully deductible from the taxable amount of labor income as per
Article 27 and from the tax base for the determination of income tax 'undertaking in the next Chapter V.


Art. 16
(subjective Deductions)

1. From income tax owned by individuals they are deducted:
a) € 250.00 for a dependent spouse not legally and actually separated;
B) € 250.00 for each dependent child;
C) € 125.00 for parents and in-laws even if not cohabiting;

D) € 125.00 for each additional dependent family member or domestic partner;

E) € 125.00 for relatives and in-laws who actually exercise their right to food.
2. In reference to the letter b) of paragraph 1 shall be deemed to be borne:
a) the minor children, including recognized natural children, adopted children, affiliates and illegitimate children not recognized
provided cohabiting with the taxpayer ;
B) the eldest sons of age unable to work permanently and those aged up to 26 years
who attend legal courses, including recognized natural children, adopted children, the
affiliates and illegitimate children not recognized provided that cohabiting with the taxpayer. 3
. The persons referred to in letters a), c), d) and e) of paragraph 1 shall be considered dependent if they have
its gross income for an amount of less than € 7,500.00 and if residents. The aforesaid limit does not apply in relation to
income received by persons with disabilities.
4. The tax deductions for dependents are proportional to the months of the year and not
compete for non-established taxable persons.
5. The deductions referred to in paragraph 1, except for that provided for in subparagraph a) of the same
paragraph may only be used by either spouse, or, alternatively, both at 50%
each. In the case of legal separation or annulment and effective,
dissolution or termination of the civil effects of marriage, the deduction, unless otherwise agreed, to the extent of 50%
among parents.
6. The deductions referred to in paragraph 1, letter c), d) and e) are usable in full by a single taxpayer or
pro quota by taxpayers who take the family burden.
7. The deductions referred to in paragraph 1 shall be increased by 20% if the number of dependents
exceed the two units, or, when the dependent family member is a person with a disability or
person permanently sick.
8. The assessment by the Office of Tax in chief income for dependents
beyond the threshold referred to in paragraph 3 above, leads to the taxpayer the ineffectiveness of the deduction and the
consequent adjustment of the declaration.
9. For income referred to in Articles 24, 25 and 26 of the tax up to € 15,000.00 they are deducted from tax
€ 100.00.
10 The deductions referred to in this Article may be amended by delegated decree.

Art.
17 (Levying)

1. The general income tax referred to in this Title II is computed applying progressive
in increments shown in Table 1 of Annex C of this law.

Art. 18
(income produced abroad and the tax credit)

1. If the total income of individuals contribute income products
abroad, the taxes paid outright or to be considered such, but not repeatable,
on such income shall be allowed as deduction from the net tax due up to the amount of the share of tax
representing the ratio of foreign income and the total income.
2. Notwithstanding the preceding paragraph, the taxes paid abroad outright or to be held
such, but not repeatable, on business income or self-employment may be allowed as a deduction from the net tax due for
such income products in San Marino;
such deduction is permitted to consist of the tax amount corresponding to the ratio of revenues generated abroad and
total revenues, taking into account any losses from prior years allowed as a deduction.
3
. The income shall be deemed products abroad based on mutual criteria than those provided by Article 5
to identify the tax applied to non-residents, and bear to the total income
according to applicable rules for the same types of domestic income.
4. If competing products income in more foreign states, the deduction applies separately for each State
.
5. The effects of the provisions in paragraph 1 and 2, the deduction shall be made in
tax return relative to the tax period in which the foreign income has contributed to
forming the overall income and in this declaration are included the relevant taxes that
have been finally paid by December 31 of the year of its presentation;
credit for taxes paid abroad can not exceed the net amount of tax payable on income overall
.
6. The deduction is not up if the foreign income is not declared or if the required
file the return or nothing statement.
7. If the period to which they belong such foreign income does not coincide with that

Where foreign taxes have actually been paid, except as provided in the preceding paragraph,
the deduction must take place in the declaration relating to this period, always in reference
year of accrual.
8. Any subsequent adjustments to the income produced abroad involving the consequent adjustment of the declaration
where this income has been declared within three years from the exercise of competence
.
9. For taxes paid abroad by persons referred to in paragraphs 3 and 4 of Article 10, the deduction
up to individual shareholders in the proportion established there.
10. In the event that the income produced abroad contributes partially to the income, the foreign tax deductible
also be reduced by that amount.
CHAPTER II


CAPITAL INCOME
Art. 19
(capital income and their determination)

1. They are considered capital income:
a) the interests of any kind, other than compensation;
B) perpetual annuities and perpetual annual performance;
C) the remuneration for the performance of a surety or other security;
D) dividends and profits to them also similar in nature;
E) the interests and the benefits typically associated with financial instruments in Annex 2 of the Law
17 November 2005 n.165 and subsequent amendments;
F) those derived from capital to mortgage data including funding of members.
2. The allocation of investment income to the overall tax base takes place in any tax
in which it was acquired without any deductions. 3
. For data capital to the mortgage Interest shall be deemed received the extent agreed in writing
and if the measure is not determined in writing interests are included in calculating the statutory rate.
2. Shareholders 'loans to companies that participate are presumed to generate interest in measuring
at the legal rate except that the financial statements, the statements by the shareholders' resolution or other documentation not result
:
a) that payments have been made for other reasons;
B) that the payments are not due interests;
C) for payments a different rate is charged.
3
. In income referred to in point e) of paragraph 1 also includes the difference between the amount gained
or the normal value of the assets received at maturity and the issue price or the amount used
ie the normal value of goods employees.


CHAPTER III INCOME OF LAND AND BUILDINGS

Art. 20
(land Income)

1. The land is income derived from ownership of lands suitable for the agricultural production and it is constituted by the
cadastral income and agricultural income, as defined by Article 1 of Law 76 of July 1985 in 4
resulting measurement from the Land Registry.
2. When the land is leased agricultural income is attributed to the tenant in respect of whom
contributes to the entire income to the extent of 60%. 3
. If the country estate is uncultivated, even in part, for a full annuity,
limited to such annuity shall be reduced by 40% of the cadastral income and is excluded from the scope
agricultural income tax.

Art. 21
(Farming)

1. They are included in the income of the land even those income from activities of manipulation, transformation and alienation of
fund products, provided within the ordinary farming
although conducted in association, and has as its dominant products covered the fund.
2. Livestock farming and animals destined directly or indirectly to human food
is likewise regarded as falling in farming, whether products
feeding cattle are mainly provided by the fund. 3
. They are also, as agricultural activities pastoralism, apiculture, floriculture, the nursery.

Art. 22
(of residential buildings Income)

1. The income from buildings intended for residential use, for the duration of possession and the extent
resulting from the Land Registry, and with tax revaluations required by law, contributes in any case
to the entire income of the holder or holders for the corresponding parts.
2. When the building used for residential and / or its appurtenances are leased, the
of the building income is equal to 60% of the rent value. Not considered, for the purposes of
determine taxable income, the amounts that tenants must reimburse the owner for
heating costs, lighting, drinking water and the like. The income from the rental of

Building used for residential purposes can not be less than the minimum expected
Article 10 of Law 27 of February 21, 1995 updated in accordance with law. 3
. If the income referred to in paragraph 2 is less than the income calculated according to findings cadastral
, the latter constitutes the taxable income.
4. The provisions of paragraph 2 shall not apply when the armies lessor |​​|| business activities or self-employment, and the property is leased part of the above activities as reflected
accounting entries. In this case the income of properties included in the determination of
business income according to the rules of the next Chapter V, or according to the rules of the self-employment of
referred to in Section IV.

5. Subject to the application of the penalties resulting from failure or delay in stacking, the act of building
income the intended use but not yet stacked, is determined, as
from the tax period in which the same building has become usable, by analogy and
comparatively with similar buildings. They also consider production of income the buildings not yet fully completed
and not stacked for which was submitted the declaration of the end
works under Article 168, paragraph 4, of Law 87 of July 19, 1995 ; in this case the annuity is determined
based on the parameters laid down in Article 4, first and second paragraph, of the Decree 20 May 2004 64
revalued based on the factors established by subsequent legislation and
upgradeable by delegated decree. The income referred to in the previous period results from statement
prepared by a qualified technician in accordance with Article 162, paragraph 4, of Law 87 of July 19, 1995 by the Office of Cadastre
settle technical and to be annexed to tax return.
6. The imputation of income referred to in paragraph 2 to the tax base takes place in any tax
to which the contract relates, regardless of the actual perception. Within ordinary prescription
Business assessment, if the taxpayer has accused the aforementioned
income but were not received them, and only in the presence of an effective and documented loss of the credit, this has
right to submit a corrective statement in order to recover the tax paid.


Art.23 (buildings intended for economic activities)

1. The income of the buildings available and / or to the exercise of economic activities, for the duration of
possession and to the extent resulting from the Land Registry, and with tax revaluations required by law, in any case
contributes to the formation of total income of the owner or owners for
corresponding parts.
2. For buildings referred to in paragraph 1 recorded in the register of depreciable assets as well as detainees in
leasing and home to the activity exercise, the cadastral income does not form the
total income of self-employed or business work , subject to the deductibility of costs relating to
accordance with Chapter IV and Chapter V. 3
. If the buildings destined to the exercise of economic activity are hired, the building
of income consists of the rental amount:
a) decreased by 25%, for landlords who do not have the obligation of bookkeeping of which
to Title VII;
B) contributing fully to the determination of business income or self-employment
according to specifications of the next Chapter IV and Chapter V, in all other cases.
4. If the income referred to in paragraph 3, a) and b), is lower than the income determined according
the land registry, the latter constitutes the taxable income.
5. The provisions of Article 22, paragraphs 5 and 6.


CHAPTER IV WORKING INCOME AND RETIREMENT

Art. 24
(of Compensation of employees)

1. The employee income consists of all fees and emoluments received in
calendar year course in money or in kind for the provision of employment with and
under the direction of others.
2. They are among the compensation of employees referred to in paragraph 1 fees:
a) under any name as a reward;

B) in the form of the distribution of profits;
C) by way of subsidies or donations. 3
. Allowances for travel abroad a component of the income for the excess
the maximum daily allowance for travel expenses recognized to state employees.
The other amounts paid for services provided based abroad contribute to income in

Rate of 75% of their amount. Not earned the reimbursement of expenses
duly documented and clearly identified, as well as the reimbursement of other expenses, including non-documented,
possibly incurred by the employee, during trips, missions, or travel to get to
workplace, until maximum daily amount of € 25.00, € 50.00 high to
for travel abroad including Italy.
4. 7% the tax base of income from employment is given from the gross income of paragraphs that precede
net of social security contributions payable by the employee
employee and a general abatement rate and up to a maximum of € 2,800.00. The measure
their slaughter can be modified by delegated decree.
5. For purposes of determining cash for payments in kind referred to in paragraph 1 shall apply
provisions relating to the determination of the normal value of goods and services contained in Article 6.
not included in taxable income the value of the goods supplied and services provided, if the total amount not exceeding
in the tax period to € 500.00; if the predicted value is greater than the aforementioned limit
, the same contributes entirely to income.
6. For the purposes of paragraph 5:
a) for motor vehicles, motorcycles and mopeds, granted unlimited use to the employee assumes an annual
conventional mileage of 3000 km calculated based on the cost
mileage of exercise deduced from the tables set out in the contractual arrangements for the category of membership
for the reference year, net of any amounts withheld to
employee;
B) for the buildings leased by the employer, granted in use or loan to the employee
employee assumes 30% of the total costs incurred by the employer including non-dependent users
user, net of any amounts paid for the enjoyment
of the building itself by the user. If owned or leased building financial
, in place of the rent takes into account the cadastral income,
without considering the depreciation or leasing fee.

Art. 25
(income assimilated to those of employees)

1. They constitute, moreover, the employment income or are assimilated to such income:
a) annuities established for consideration;
B) the arrears emoluments relating to previous years, referred to in point b), paragraph 1, Article 13
where taxation takes place according to the same article 13, paragraph 2, letter iii;
C) any other periodical check, however named, whose production does not involve nor
capital or labor;
D) the remuneration of the members of production and labor cooperatives, regularly recorded, resulting from
allotment of profits or production bonuses or budget, to the maximum of 20% over the limits set by bargaining
collective in force;
E) the rebates in favor of members of consumer cooperatives organized among consumers.
2. To income referred to in point b) of paragraph 1 shall not apply deductions referred to in paragraph 4 of the previous article 24.




Art. 26
(retirement income)

1. The pension income received by resident individuals are taxed net of a reduction
flat rate of 20%.
2. To income from pension holders entitled deductions and deductions provided for in this Title
.


Art. 27
(self-employment income)

1. Have self-employment income those derived from the exercise of trades and professions, exercise
understood as a professional, regular, albeit not exclusive. The exercise by individuals of
freelance work or assimilated to it, even without a license, authorization or registration in the professions
considering in each case the production of self-employment income, if | They || recur the aforementioned assumptions.
2. The self-employment income is the difference between all compensation received in the course of the calendar year
artist or professional during the conduct of its business and the costs relating to
such activities, provided they are documented and actually incurred in the same year. 3
. the expenses are deductible for the purchase of those capital goods or the exercise of the profession of
who have a unit cost of less than € 1,000.00. For other capital goods,
including property, pertaining to the operation of the art or profession, they are allowed as deductions
annual fees to be amortized gradually in the manner and to the extent established in Appendix D to
this Act.

4. Expenditure on the purchase of real estate and services, including by means of
finance leases, used promiscuously art exercise or profession and for personal use
or family of the taxpayer, they are depreciable or deductible to the extent of 50%.
When the purchased movable consists of a vehicle, or service is purchased on a
vehicle, the maximum amount on which to apply the aforementioned percentage is equal to € 50,000.00.
5. Expenses related to hotel services and administration of foods and drinks in public exercises
are deductible for a total amount not exceeding 2%
amount of the compensation paid in the tax period. The aforementioned expenses are fully deductible if
charged by the artist or by the professional to the customer via express indication
in the parcel or invoice.
6. They constitute, moreover, self-employment income:
a) the remuneration received, in whatever form or denomination, by directors, auditors or
auditors or following coordinated and continuous collaboration relationships;
B) the resulting economic income from the use of trademarks, intellectual property, to copyright,
of industrial inventions and the like.
7. Where income in the preceding paragraph are not relevant to the activity of the artist or professional
or business activity must be regarded separately as different
income and contribute to the formation of the tax base to the extent of 75 %.
8. For in-kind compensation received by the self-employed person, the provisions referred to in
Article 24, paragraphs 5 and 6, mutatis mutandis.
9. Apply the provisions of the following Articles 31, 33, paragraph 5, 34, paragraph 4, and 35 mutatis mutandis
.



Art. 28
(Relevance of unrealized gains and losses)

1. They contribute to the formation of self-employment income gains and capital losses if the assets instrumental
:
a) are made through the disposal for consideration;
B) they are made by compensation, even in the form of insurance for loss or damage to goods
;
C) the goods are intended for personal or family use of the operator art or profession or
purposes other art or profession.
2. Considering the gain or loss the difference, positive or negative, between the consideration or
the perceived benefits and not amortized cost or, in the case provided by the letter c),
the difference between the fair value at the and the non-amortized cost, taking into account, with regard to
real estate, currency devaluation. 3
. In the case of a finance lease sale of capital equipment to the exercise of the profession or
compensation constitutes the higher of the sale value of the contract and the normal
value of the property determined in accordance with the preceding article 6, both considered less
canons that have yet to be paid to the landlord by the transferee, taking into account, with regard to goods
real estate, currency devaluation.
4. Shall apply, mutatis mutandis, the provisions laid down in Articles 37, paragraph 5, and 39, paragraph 1.

CHAPTER V

CORPORATE INCOME OF NATURAL

Art. 29
(corporate income)

1. The provisions of this Chapter shall govern the determination of measures and taxation
business income produced by economic operators individuals. Are excluded from the aforementioned scope
from self-employment income for which the provisions of Articles 27 and 28. previous

2. And 'considered as business income that follows from the conduct of craft activities,
agency, trade and, in general, any other direct economic activities to the production and the
exchange of goods and services of all kinds exerted by the person referred to in paragraph 1 for
usual occupation. 3
. The activities referred to in Article 21, carried out beyond the limits laid down therein and should assume the character
business mentioned in the preceding paragraph, are considered as business income-producing.
4. The exercise, by natural persons, the activities referred to in paragraph 2, or activities which may be assimilated
, even without a license or authorization is in any case the production of income business
, if the conditions laid down therein.


Art.
30 (Determination of income)

1. The business income consists of the net profits made during the tax period, resulting from
difference between the amount of revenue, whatever their origin, provided that related to production of income

business, and the amount of the costs incurred during the year relating to the same, making the

Increases or decreases resulting from the application of the criteria laid down by
provisions of tax legislation.
2. Revenues, other income of all kinds and inventories combine to form the income
regardless of their enrollment in the tax records. The costs and other negative components are
allowed as a deduction only if and to the extent that they are recognized in the accounts and are related
exercise jurisdiction, except those recognized in the income statement of a previous one, if
deduction has been postponed in accordance with the tax regulations, and those who, although not
attributable to income, are deductible by law. 3
. A component of the income contingent assets, the normal value of the products
firm for personal consumption or family entrepreneur or assigned to shareholders or
destined for purposes extraneous to the company, as well as of property gains Information on the company other than those to which
exchange or the production of which is direct the company's activities in the tax period in which they are made
.
4. The documented loss of a tax period, determined according to the provisions of this Title
, can be deducted only from taxable business income in
maximum of 80% in the three tax years later.
5. The correction by the Tax Office, the assessments made by the taxpayer in an exercise
has effect also for subsequent years. The Tax Office takes into account the adjustments made
and proceeds directly to rectify the assessments relating to future years.


Art. 31
(economic Inherence)

1. Negative components are deductible if and to the extent that they relate to the activity from which
derive or may derive revenue or other competitors income included in taxable income, except for specific legislation prediction
are expressly excluded.
2. The negative components relate without distinction to operations or production of goods
taxable income, and not taxable as exempt in determining income are deductible pro
share.



Art.32 (temporal jurisdiction)

1. The positive and negative components contribute to the determination of taxable income on an accrual basis
where in that year suffer as certain the existence and so objectively determinable
the amount; otherwise the positive and negative elements combine to form the
taxable income in the year they occur these conditions.
2. For the purposes of determining the exercise of competence:
a) considerations for the transfers is considered earned, and acquisition costs of assets is considered
incurred at the date of delivery or shipment for mobile goods and the stipulation
act for real estate and for companies, or, if different, and later, on the date on which
check the effect of translating or incorporation of the property or other property rights;
B) considerations for the provision of services is considered earned, and acquisition expenses
services are considered paid on the date on which the services are provided or when those
dependent on leases , mortgage, insurance and other contracts that derive
periodic payments, the maturity date of the fees themselves.


Art. 33
(Fee)

1. In determining the income takes into account all the costs of acquiring goods or services
, losses, contingent liabilities, the capital losses in the year
are made.
2. The costs directly attributable to assets other than those that originate revenue or income
immediately related to business income, with the exception in the second paragraph of Article 35
, are not deductible and are taken to increase the cost of the assets. 3
. Do not constitute tax deductible expenses on income, penalties and interest in and to
late or non-payment of taxes, penalties for violations of the law and the interests for
delays of payment of taxes.
4. The remuneration paid for the work done by relatives indicated in Article 12 are not deductible
unless they do not possess a regular employment position or self
for all legal purposes.
5. They are not allowed as a deduction of the costs or expenses related to events, acts or activities noted
as a crime.

Art.
34 (Revenues)

1. They are considered income:

A) considerations for the sales of goods and services whose production or where
exchange is direct the company's activities;
B) the proceeds of the sale of raw materials and auxiliaries, semi-finished and other movable property, excluding
instrumental, purchased or produced to be used in production.
2. Income and capital gains from financial instruments are always referred to
capital gains or any other physical person and are excluded from business income, although
resulting from the accounting records. 3
. It also includes revenues from the normal value of the goods specified in the first paragraph
assigned to the entrepreneur, to shareholders or used for purposes extraneous to the business.
4. Quantification of the revenues from the sale of goods and the provision of services with
related parties is performed for the normal value of these goods and services.


Art. 35
(Interest expense)

1. Interest expenses are deductible as to economic activity actually exercised
.
2. Interest expense related to assets other than those constituents goods, whose production or
whose exchange is direct the activities of the undertaking in Article 33, paragraph 2, until the time of which it is
started or can be started using, they are not deductible and are brought up by
cost of the assets. 3
. Interest expense on current accounts shall, except as provided in paragraphs previous
, only if the current account is used exclusively for business activities.




Art. 36
(Measurement of inventories)

1. Up inventories, the following categories of goods:
a) finished products and goods referred to in subparagraph a) of Article 34, paragraph 1;
B) raw materials, supplies and consumption referred to in point b) of Article 34, paragraph 1;
C) products work in progress and semi-finished products.
2. Changes of closing inventories of goods specified in the preceding paragraph with respect to the opening balance
a component of the income for the year. To this end, the final inventories, the evaluation of which
is not carried out in specific costs, they are taken to a value not less than what
is grouping goods into categories by type and value and attributing to each | || group a value of not less than that determined in accordance with the following provisions. 3
. The effects of the provisions of this Article shall include the cost of the only ancillary charges directly attributable
, excluding overheads.
4. In the first year in which they occur, inventories are valued by giving each unit the
value resulting from the division of the total cost of the products and goods purchased during the year
same for their quantity.
5. In subsequent years, if the amount of inventories increased from the previous year
, the largest quantities, as assessed in accordance with paragraph 4, are separate entries for
training exercises. If the amount is decreased, the decrease was blamed for increases in previous formats
exercises, starting with the most recent.
6. For businesses that assess the final inventories using the weighted average method or
"first in, first out" or variations of that referred to in paragraph 5, the final inventory
taken to the resulting value from application of the method.
7. If in any year the average unit value of goods, determined in accordance with paragraphs 4, 5 and 6, is
higher than the average normal value of them in the last month of the year, the minimum value referred to
paragraph 2 shall be determined by multiplying the total quantity of the goods, regardless of the exercise of
training for normal value. The lower value of the inventories, in accordance with
provisions of this paragraph also applies to subsequent years, provided that balance that is not
prove accounted for a higher value.
8. The products work in progress and services in progress are valued based on the costs incurred and the
directly attributable incidental expenses during the tax period.
9. The evaluation of the works and services in progress, multi-year, takes place on the basis of the shares
part of contractual revenues net of those settled definitively.
10. Inventories of an exercise, in the amount specified by the taxpayer or by the Office
constitute the next year opening balance.
11. In the book of inventories inventories resulting to be recorded at the end of the period
tax
, with an indication of quantities grouped by nature and the relative value unit
.

Art. 37
(capital gains and extraordinary income)

1. Capital gains, including possible starter realizable assets related to the company,
different from those specified in Article 34, a component of the income:
a) if they are made through the disposal for consideration ;
B) if they are made by compensation, even in the form of insurance for loss or damage to goods
;

C) if the goods are assigned to the entrepreneur or destined for purposes extraneous to the enterprise
.
2. In the cases referred to in subparagraphs a) and b) of paragraph 1 the capital gain is the difference between
the consideration or compensation received, net of directly related charges, and the
non-amortized cost. 3
. In the case referred to in subparagraph c) of paragraph 1 the capital gain is the difference between
normal value and the non-amortized cost of the assets.
4. Capital gains realized a component of the income for the full amount in the year
where they are secured or, if the assets were held for a period not less than two years
, at the option of the taxpayer, in straight-line basis during the fiscal year and in the following, but not beyond the fourth
. The aforementioned choice must stem from the tax return.
5. For the purposes of determining any capital gains, referred to in this article, made with related parties
account is taken of the normal value of goods.
6. Are considered contingent assets, revenues or other income from the expenses, losses or charges deducted
or liabilities recognized in the accounts in previous years and revenues or other
income received for amounts exceeding what they have contributed to forming
income in previous years, and the unexpected absence of expenses, losses or charges deducted
or liabilities recognized in the accounts in previous years.
7. In the case of a finance lease sale of assets is contingent on greater
between the transfer value of the contract and the normal value of certain property under the previous
Article 6, both considered net of royalties which should still be paid to the lessor by the transferee
.

Art. 38
(capital losses, extraordinary losses and losses)

1. Losses related to the company assets, other than those specified in Article 34,
determined by the same criteria established for the determination of capital gains, are deductible if
are made pursuant to paragraph 1, letter a) or b), Article 37 or when it is demonstrated
definitive loss or damage to the well.
2. Are considered contingent liabilities failure to achieve revenue or other income that
have contributed to income in prior years, incurring expenses, losses or charges
against revenue or other income that have contributed to forming the income in prior years, and
they cease activity in the budget in previous years. 3
. Losses of fixed assets referred to in paragraph 1, does not commensurate with the amortized cost of them, and
credit losses are deductible if they are to be certain and precise and, in any case, for losses on receivables
, if the debtor is subject to insolvency proceedings. For the purposes of this paragraph, the debtor
considering subjected to legal proceedings from the date of the opening of the measure
procedure itself; Therefore, the loss is deductible only in the year of opening of
process or in the next. The loss on receivables is always deductible when credit is
amount not exceeding € 2,500 and spent a period of not less than six months after the expiry of
receivables.

Art. 39
(Gains and losses on disposal of assets to creditors)

1. The sale of assets belonging to the enterprise to creditors, in accordance with Law 15 November 1917
17, does not determine capital gains or losses, including those relating to inventories and goodwill
.


Art. 40
(Depreciation, amortization and provisions)

1. All tangible and intangible capital assets used in the enterprise, as well as costs to
long-term use, can be amortized on the basis of factors and criteria set out in Annex D
this Act, which contains also an indication of the criteria and the extent of
deductible provisions. The Annex also provides for methods of accelerated depreciation and early
.

2. The depreciation coefficient is applied to the value of the depreciable assets, consisting of the
their cost plus any directly attributable expenses, including interest expense of which
Article 35, paragraph 2. 3
. The costs of maintenance, repair and transformation are deductible in the tax period
basis of the criteria and content mode in Attachment D to this Act, which also provides
criteria and procedures for specific sectors of economic activity .
CHAPTER VI OTHER INCOME



Art.
41 (Other income)

1. The total income contributes any other income still holds,
other than those already expressly provided for by the provisions of this Act, as well as
capital gains, not included in business income or self-employment, from: || | a) transfer for consideration or realizable, even in the form of compensation of land and immovable property owned by
no more than five years. The gain should be considered free if:
i. from immovable property pertaining to the taxpayer's principal residence for most of the
period between the date of purchase and / or construction and that of supply;
Ii. of the assets received in succession;
B) transfer for consideration of shares and any other holding in the capital of companies and organizations assimilated
, as well as the sale of rights or securities through which the aforesaid
equity investments may be acquired;
C) transfer for consideration of financial instruments in Annex 2 of the Law of 17 November 2005
165, as amended;
D) transfer for consideration or liquidation of companies or economic / professional activities, there
including starter realizable.
2. The provisions referred to in paragraph 1, point a), shall also apply in cases where the goods therein
are under finance lease. In this case, for the purpose of determining the holding period
, considering that elapses between the date of signing of the contract or purchase
of the contract and that of his assignment. 3
. Save proof to the contrary, the capital gain is the difference between the consideration received in the tax period or
normal value if greater, and the purchase price or construction cost of the
goods sold or the principal amount of of paid rental fees, plus any other costs
inherent in the item itself.
4. Gains from equity investments and / or financial products referred to in paragraph 1, letters b) and c
), are taxable in the year that are carried net of any losses.
Any negative balances are not carried forward.

5. No type of cost incurred for the achievement of the aforementioned income, except those indicated in
preceding paragraphs, is deductible for the taxpayer.
6. In case of transfer of immovable property received as a donation for the purpose of calculating the period
possession referred to in paragraph 1, letter a), adds the holding period of the donor with that of
donee.

TITLE III

imposition IN CHIEF TO LEGAL ENTITIES
CHAPTER I GENERAL PROVISIONS



Art. 42
(Taxable persons)

1. The general income tax applies:
a) to legal persons and entities in the same class resident in the State;
B) to legal persons and entities treated as such not established in the State, for
income produced in accordance with Article 5.
2. Is resident legal persons and entities having their registered office or headquarters
of effective management in the State for most of the tax period.

Art.
43 (Levying)

1. The general income tax referred to in this Title III shall be determined by applying the rate proportional
, to the extent of 17%, the taxable income calculated in accordance with the following Articles.
The extent of this rate can be modified by delegated decree.

Art. 44
(income produced abroad and the tax credit)

1. If the total income of legal persons, entities to them
assimilated and permanent establishments of non-resident enterprises contribute foreign income,
taxes on that income paid there outright or to be held such however non-recurring, they are
allowed in sharp deduction of tax due, up to the amount of the tax in San Marino
representing the ratio of foreign income and the total income.
The net tax and the tax rate are those resulting after the positive and negative income tax adjustments
.

2. The income shall be deemed products abroad on the basis of reciprocal to those laid down in Article 5
to identify the tax applied to non-residents. 3
. If competing products income in more foreign states, the deduction applies separately for each State
.
4. The effects of the provisions in paragraph 1 and 2, the deduction shall be made in
tax return relative to the tax period in which the foreign income has contributed to
forming the overall income and in this declaration are included the relevant taxes that
have been finally paid by December 31 of the year of its submission. The credit for

Taxes paid abroad can not exceed the net amount of tax payable on income overall
.
5. The deduction is not up if the foreign income is not declared or if the required
file the return or nothing statement.
6. If the period to which they belong such foreign income does not coincide with that
where foreign taxes have actually been paid, except as provided in the preceding paragraph,
the deduction shall be made in respect of this period statement always in reference
year of accrual, taking into account any adjustments in income increase foreign
recoverable within three years.
7. The foreign tax actually paid and not recovered from that deductible, pursuant to paragraph 2
, becomes negative component of income deductible in the declaration for the next
tax period.
8. With the exception of foreign income through a permanent establishment, as well as disciplined
, foreign income to be considered in the calculation of the tax credit, pursuant to subsections previous
, must be determined by multiplying the total income for the ratio between the gross proceeds and foreign
total revenues.
9. In the event that the income produced abroad contributes partially to the income total
also the foreign tax deductible is reduced by that amount.



CHAPTER II CALCULATION OF INCOME CORPORATE

Art. 45
(corporate income)

1. The provisions of this Title governing the determination and taxation measures
business income produced by economic operators in the legal form, permanent establishments
non-resident companies, as well as, companies, associations, institutions and organizations that do not
pursue purposes of profit, when not covered in the case of exemption referred to in point k) of Article 7.
2. The incomes of the parties referred to in the preceding paragraph, the obligation shall
annual compilation of the budget, they are always in any case classified and determined on the basis of the provisions of this Title III
. 3
. It's business income under this Article, that resulting from the exercise of commercial activities
, craft, agency, production of goods or services, intermediary, transport, banking, insurance and all other activities
auxiliary of the above.
4. The activities referred to in Article 21, carried out in the form of a capital company,
are always considered business income-producing.

Art.
46 (Determination of income)

1. The corporate income consists of the net profits realized in the tax period, resulting from
difference between the amount of revenue, whatever their origin and the amount of the charges incurred related to
tax period, making the increases or decreases resulting from the application
of the rules contained in this Act.
2. Revenues, other income of all kinds and inventories combine to form the income
regardless of their enrollment in the tax records. The costs and other negative components are
allowed as a deduction only if and to the extent that they are recognized in the tax records relating

Exercise jurisdiction, except for those charged to the statement of an earlier period, if
deduction has been postponed in accordance with tax rules, and those who, although not
attributable to the income statement , are deductible by law. 3
. A component of the income contingent assets, the normal value of the products the firm
assigned to shareholders or used for purposes unrelated to the company, as well as gains of
assets related to the company other than those to which exchange or the production of which is direct the activities of the
in the tax year in which they are made.
4. The components of income arising from transactions with companies that directly or indirectly

Control the undertaking, they are controlled or are controlled by the same company that controls
the company, are valued based on the normal value of the property sold, the services provided and goods and services received
, if it results in increased income; the same provision applies even if the result is a
decrease in income, but only in compliance with the agreements concluded with the competent authorities of foreign states
, following the special procedures of the friendly international conventions against
double taxation on income.
5. The documented loss of a tax period, determined according to the provisions of this Title
, can be deducted from taxable income in up to 80% in the three
succeeding tax periods.
6. The correction by the Tax Office of the assessments made by the taxpayer in an exercise
has effect also for subsequent years. The Tax Office takes into account the adjustments made
and proceeds directly to rectify the assessments relating to future years.

Art. 47
(economic Inherence)

1. Negative components are deductible if and to the extent that they relate to the activity from which
derive or may derive revenue or other income that contribute to income, except for
specific prediction rules such negative components are explicitly excluded.
2. The negative components, relate without distinction to operations or production of goods
taxable and non-taxable income as exempt in determining income are deductible pro
share.

Art. 48
(temporal jurisdiction)

1. The positive and negative components contribute to the determination of taxable income on an accrual basis
where in that year it appears certain the existence and so objectively determinable
the amount; otherwise the positive and negative elements combine to form the
taxable income in the year they occur these conditions.
2. For the purposes of determining the exercise of competence:
a) considerations for the transfers is considered earned, and acquisition costs of assets is considered
incurred at the date of delivery or shipment for mobile goods and the stipulation
act for real estate and for companies, or, if different, and later, on the date on which
check the effect of translating or incorporation of the property or other property rights;
B) considerations for the provision of services is considered earned, and acquisition expenses
services are considered paid on the date when the service has been provided or, for those
dependent on leases , mortgage, insurance and other contracts that derive
periodic fees, the fees of the vesting date.



Art. 49
(Fee)

1. In determining the income takes into account all the costs of acquiring goods or services
, losses, contingent liabilities and capital losses in the year
are made.
2. The costs directly attributable to assets other than those originating revenue or income
immediately related to business income, with the exception provided for in Article 52 are not
deductible and are taken to increase the cost of goods themselves. 3
. Do not constitute tax deductible expenses on income, penalties and interest in and to
late or non-payment of taxes, penalties for violations of the law and the interests for
delays of payment of taxes.
4. The remuneration paid to directors are deductible in the year they are paid.
5. They are not allowed as a deduction of the costs or expenses related to events, acts or activities established
as a crime.

Art. 50
(limits the deductibility of overhead costs)

1. For each tax period:
a) the costs relating to expenditure on advertising, including sponsorship, are deductible up to the maximum limit
8% of the operating revenues, as per Article 51;
B) the costs related to data processing activities, including those related to market research,
are deductible up to the maximum limit of 10% of the operating revenues, as per Article 51
;
C) costs related to entertainment expenses are deductible up to a maximum of 5% of revenues
management, referred to in article 51;
2. The preceding provisions shall not apply if the costs covered therein are the subject
activity characteristic of the taxpayer. 3
. The restriction referred to in paragraph 1, point b), it does not apply to banking and financial
operators.

4. The taxpayer can request the Tax Office the disapplication of the limits stated in the
this Article proving that the operations carried out respond to an actual interest income
enterprise and that they have taken concrete execution.

Art.
51 (Revenues)

1. They are considered income:
a) considerations for the supply of goods or performance of services whose production or where
exchange is direct the company's activities;
B) the proceeds of the sale of raw materials and auxiliaries, semi-finished and other movable property, excluding
instrumental, purchased or produced to be used in the production;
C) the proceeds of the sale of shares or units of equity and similar financial instruments
to actions that do not constitute financial assets, other than those covered by
the exemption provided for in article 56, although not included in the assets to which the exchange is direct
the company's activities;

D) the proceeds of the sale of bonds and other financial instruments, which do not constitute
financial assets, other than those referred to in subparagraph c), although not among the
goods whose trade is direct the company's activities.
2. It also includes revenues from the normal value of the goods referred to in paragraph 1, assigned to members
or destined for purposes extraneous to the business. 3
. For the purposes of income tax, the goods referred to in letters c) and d) of paragraph 1 may not
build financial assets, if not been registered as such in the budget.
4. They consider themselves in any case positive income items income from land and income
manufactured to the measure resulting from the land register and with tax revaluations required by law;
because of the above Articles 20, 22 and 23 of the previous Title II mutatis mutandis.

Art. 52
(Interest expense)

1. Interest expenses are deductible as to economic activity actually exercised
.
2. Interest expense related to assets other than those constituents Goods the production or
whose exchange is direct the firm's activity until the time of which it began or could be started
utilization, they are not deductible and are brought to the rising cost of the assets. 3
. Interest payable under Article 19, paragraph 4, when the recipient is a natural person,
are deductible in the year they are paid.

Art. 53
(Measurement of inventories)

1. Up inventories, the following categories of goods:
a) finished products and goods referred to in subparagraph a) of Article 51, paragraph 1;
B) raw materials, supplies and consumption referred to in point b) of Article 51, paragraph 1;
C) products work in progress and semi-finished products.
2. Changes of closing inventories of goods specified in the preceding paragraph with respect to the opening balance
a component of the income for the year. To this end, the final inventories, the evaluation of which
is not carried out in specific costs, they are taken to a value not less than what
is grouping goods into categories by type and value and attributing to each | || group a value of not less than that determined in accordance with the following provisions. 3
. The effects of the provisions of this Article shall include the cost of the only ancillary charges directly attributable
, excluding overheads.
4. In the first year in which they occur, inventories are valued by giving each unit the
value resulting from the division of the total cost of the products and goods purchased during the year
same for their quantity.
5. In subsequent years, if the amount of inventories increased from the previous year
, the largest quantities, as assessed in accordance with paragraph 4, are separate entries for
training exercises. If the amount is decreased, the decrease was blamed for increases in previous formats
exercises, starting with the most recent.
6. For businesses that assess the final inventories in the balance sheet using the weighted average method or
the 'first in, first out "or variations of that referred to in paragraph 5, the final inventory
assumed for the value resulting from the application of the method.
7. If in any year the average unit value of goods, determined in accordance with paragraphs 4, 5 and 6, is
higher than the average normal value of them in the last month of the year, the minimum value referred to
paragraph 2 shall be determined by multiplying the total quantity of the goods, regardless of the exercise of


Training for normal value. The lower value of the inventories in accordance with
provisions of this paragraph also applies to subsequent years, provided that balance that is not
prove recognized in the balance sheet at a value higher.
8. The products work in progress and services in progress are valued based on the costs incurred and the
directly attributable incidental expenses during the tax period.
9. The evaluation of the works and services in progress, multi-year, takes place on the basis of the shares
part of contractual revenues net of those settled definitively.
10. Inventories of an exercise, in the amount specified by the taxpayer or by the Office
constitute the next year opening balance.
11. In the book of inventories inventories resulting to be recorded at the end of the tax period
, with an indication of quantities grouped by nature and the relative value unit
.

Art.
54 (Financial Instruments)

1. For the purposes of the following provisions, are based on financial instruments
those listed in Annex 2 to the Law 165 of 17 November 2005.
2. The normal value of financial instruments is determined:
a) for equities, bonds and other securities traded on regulated markets, according to the average arithmetic
price for the last month;
B) for other actions, the company shares and securities or shares in the capital of other entities
by the companies in proportion to the net asset value of the company or institution, or, for | || companies or newly established entities, the total sum of contributions;
C) for bonds and other securities other than those referred to in subparagraphs a) and b), comparatively to
normal value of similar securities, traded on regulated markets and, in the absence
, according other elements can be determined objectively. 3
. The securities referred to in Article 51, paragraph 1, letters c) and d), existing at the end of an exercise
, they are valued by applying the provisions of Article 53, paragraphs 1, 2, 3, 4, 5 and 6.
4. The provisions of Article 53, paragraph 7, apply only for the assessment of the securities referred
Article 51, paragraph 1, letter d); to this end, the minimum value is determined:
a) for securities traded on regulated markets, according to the prices observed on the last day
year or based on the arithmetic mean of December prices ;
B) for other securities, according to the provisions of subparagraph 2. 5
. The amount of the grant made payments or capital to companies by its
members, or the waiver of the claims against the company by the same partners is added,
in proportion to the amount of the individual items of the corresponding category , the cost of securities or units of which
Article 51, paragraph 1, letter c).

Art.
55 (Capital gains and extraordinary income)

1. The gains of the assets relating to the company, other than those specified in Article 51,
contribute to income:
a) if they are made through the disposal for consideration;
B) if they are made by compensation, even in the form of insurance for loss or damage to goods
;
C) if the goods are assigned to shareholders or used for purposes extraneous to the business.

2. In the cases referred to in subparagraphs a) and b) of paragraph 1 the capital gain is the difference between
the consideration or compensation received, net of directly related charges, and the
non-amortized cost. 3
. In the case referred to in subparagraph c) of paragraph 1 the capital gain is the difference between
normal value and the non-amortized cost of the assets.
4. Capital gains realized a component of the income for the full amount in the year
where they are secured or, if the assets were held for a period not less than two years
, and not as financial fixed assets, at the option of the taxpayer, on a straight line
same year and in the following, but not the fourth. The choice must be predicted by
tax return.
5. Are considered contingent assets, revenues or other income from the expenses, losses or charges deducted
or liabilities recognized in the financial statements in prior years, revenues or other
income received for amounts exceeding what they have contributed to forming
income in previous years, and the unexpected absence of expenses, losses or charges deducted or
liabilities recorded in the financial statements in previous years.

6. In the case of a finance lease sale of assets is contingent on greater
between the transfer value of the contract and the normal value of certain property under the previous
Article 6, both considered net of royalties which should still be paid to the lessor by the transferee
.
7. Not considered extraordinary income payments in cash or in-kind grant, or
capital to taxable persons referred to in Article 42, paragraph 1, letter a), by its members and the renunciation of
members to credits.

Art. 56
(Gains exempt)

1. Capital gains arising from transfer acts for consideration, including the barter and the
contribution, relating to the rights of ownership, usufruct or any other right
attributable to holdings in resident or non-resident companies or entities, having or not legal personality, not
residents, they do not contribute to the formation of business income.
2. The exemption operates under the following conditions:
a) that participation in companies or entities mentioned in the preceding paragraph is detained
continuously since the first day of the twelfth month following the previous realizable
considering realized for the first shares acquired in the most recent date and that
participation results from corporate accounts and from the first financial statements in the period of possession
participation;
B) that participation is classified in the category of financial assets in the first
financial statements in the period of ownership. 3
. Notwithstanding paragraph 1, the capital gains arising on investments in real estate law
San Marino companies do not contribute to the formation of business income, as exempt to the extent of 50%
. For the purposes of the above, "real estate entities" means companies for
which, alternatively:
a) more than half of total assets consists of immovable property;
B) more than half of revenue, income for the year, resulting on real estate.
The existence of the aforementioned requirements must be verified with reference to the two previous budgets
year in which the supply is effected. In any case, the existence, including alternative, of the requirements
only one of the aforementioned periods is sufficient condition to qualify the company as real estate.
In the case of property held under finance lease the value taken as a reference

Is the purchase value supported by the concessionaire. In
not calculating balance sheet of falling capital property for business purposes.
4. Are exempt, even notwithstanding other provisions, the capital gains that will incur
of the company by reducing the share capital to surplus by assigning members to
equity investments classified as financial assets held for at least one year
condition that the granted shares are bound for reorganization initiatives
to be made within a "Group of companies" and to be realized in the Republic of San Marino. To this end, the meeting resolution
reduction of the share capital shall state the reasons for the allocation of
holdings to shareholders.
5. Notwithstanding the provisions of paragraph 2 of the preceding Article 47, costs related to the management of investments exempt
are always deductible.

Art. 57
(capital losses and losses)

1. The losses of the assets relating to the company, other than those mentioned in articles 51 and 56, certain
with the same criteria established for the determination of capital gains, are deductible if
are made pursuant to paragraph 1, letters ) or b), Article 55 or when they are shown the
permanently lost or damaged goods. Losses relating to property referred to in paragraph 3 of Article 56
are deductible in the rate of 50%.
2. For the evaluation of the assets listed in Article 51, paragraph 1, letter d), which constitute
financial assets, the provisions of Article 54; However, for securities traded on regulated markets
, capital losses are deductible for an amount not exceeding the difference between the
taxable value and that determined based on the average price for the last half
. 3
. Are considered contingent liabilities failure to achieve revenue or other income that
have contributed to income in prior years, incurring expenses, losses or charges
against revenue or other income that have contributed to forming the income in previous years, and

It ceases activity in the budget in previous years.
4. Losses of fixed assets referred to in paragraph 1, commensurate with the cost not amortized them, and
credit losses are deductible if they are to be certain and precise and in any case
for losses on loans, if the the debtor is subject to insolvency proceedings. For the purposes of this paragraph, the
debtor is considered subject to legal proceedings from the date of the opening decision
the procedure itself; Therefore, the loss is deductible only and exclusively in the performance of
opening of the procedure, or in the next. The loss on receivables is always deductible when the
credit is an amount not exceeding € 2,500 and spent a period equal to or greater than
six months after expiry of the credit itself.

Art. 58
(Gains and losses on disposal of assets to creditors)

1. The sale of assets to creditors, in accordance with Law 17 of November 15, 1917, does not determine
capital gains or losses, including those relating to inventories and the value of goodwill.

Art.
59 (Dividends)

1. The sums or values ​​deriving from the distribution in cash or in kind, of profits or other
reserves, even during the clearance, by companies or entities having legal personality,

Not resident in the territory of the Republic of San Marino, do not form part of the receiving society
income, since they are excluded from the formation of the income of the company or organization receiving
for 95% of their amount . By reason of the foregoing, costs related to dividends received
are always deductible.
2. The exclusion referred to in the preceding paragraph operates on condition that participation in such companies or entities
is continuously held for at least twelve months and result from accounting social
and at least one budget. For the purposes of this standard, the maturation of
minimum uninterrupted holding period can be realized even after than the
distribution. 3
. The sums or values ​​deriving from the distribution in cash or in kind, of profits or other
reserves, even during the clearance, by companies or entities having legal personality,
residents in the Republic of San Marino, do not contribute to the formation of income
of the recipient company or entity, being the tax paid by the subsidiary
release in respect of the participant.

Art. 60
(Depreciation, amortization and provisions)

1. All tangible and intangible capital assets for own activities as well as costs to
long-term use can be amortized on the basis of the coefficients and criteria set out in Annex D
this Act, which also contains the 'indication of the criteria and the extent of
deductible provisions. The Annex also provides for methods of accelerated depreciation and early
.
2. The depreciation coefficient is applied to the value of depreciable assets constituted by
their cost plus any directly attributable expenses, including interest expense of which

Article 52. 3. The costs of maintenance, repair and transformation are deductible in the tax period,
on the basis of criteria and methods contained in Appendix D to this law, which also provides
criteria and procedures for specific sectors of activity economic.


TITLE IV OF INCENTIVE MEASURES

I
CHAPTER OF INCOME TAX REDUCTION REINVESTED

Art. 61
(Free of tax of reinvested earnings)

1. The annual balance sheet profits, earned by persons performing business activities
regardless of legal form and provided in the ordinary accounting system, used for interventions
investment in capital goods in the same enterprise, not earned
the tax effects of income tax according to the provisions set forth in articles.
2. These provisions shall apply to firms which, at the date of presentation of the project
referred to in Article 65 have at least five employees hired under employment contract of indefinite time
or three employees provided San Marino or residents employed on contract
undetermined time work; if during the period of the project duration, the number of predicted employees becomes
less than five or three drive benefits expire entirely with the effects referred to in Article 67.
3
. The tax exemption referred to in this article is also permissible for companies in different accounting regimes
, provided that the year following that approval of the project companies

Adopt the ordinary accounting.

Art. 62
(Investment incentives)

1. Are considered investment operations business projects involving:
a) introducing technological advancements designed to improve products or production processes or the acquisition of existing
systems or technologies to make products
new or new manufacturing processes, where those interventions do not adversely affect employment
business plan;
B) construction, acquisition, property renovations or expansions aimed at improving existing production processes
or to introduce new ones in the presence of business projects involving
employment of at least five employees of whom 60 % indefinitely;
C) the acquisition of plant, machinery or technological processes targeted at achieving significant savings energy and water
or significant reductions of pollutants according to the parameters, the coefficients and
appropriate manner to represent the substantial and substantial energy savings and lower
pollution load as determined by specific sector regulations and with appropriate certification.
2. These investments may be made either by direct purchase or through leasing contract
; in which case the value of the capital good is given by the price paid by the grantor
for the purchase of goods and related services. 3
. The amount of the investments mentioned above shall not be less than:
a) = € 50,000.00 for investments referred to in paragraph 1, letter a);
B) € 300,000.00 = for the investments referred to in paragraph 1, letter b), in the case of buildings and
acquisitions, and not less than € 150,000.00, in the case of renovations and expansions;
C) = € 20,000.00 for the investments referred to in paragraph 1, letter c).
4. The property referred to in paragraph 1, letter b), held in owned or leased,
they can not be alienated before the expiration of ten years by the Article 66
. Notwithstanding the foregoing, it is allowed to substitute real estate before the end of which
above, on the basis of an assessment of consistency with the aims of the project, with the approval of the Office
Tax.
5. Investment incentives are also business projects of significant magnitude, presented by
subjects are especially well established in their specific sector, to be implemented in the tourism sector, aimed
to greater upgrading of accommodation facilities, catering and tourist services | || cultural, involving the construction, acquisition, renovation or expansion of properties.
If the realization of investments above involves modifications to existing planning tools, on schedule
for their approval, referred to in Article 3 of Law no. 87/1995 (Consolidated
building and zoning laws), are reduced by half.

Art. 63
(Coefficients - Method of application)

1. For the purposes of taxation are not taxable income:
a) 60% of the annual operating profits for actions referred to in subparagraph a) of Article 62, paragraph 1;
B) 40% of the annual operating profits for the actions referred to in point b) of Article 62, paragraph 1;
C) 90% of the annual operating profits for actions referred to in subparagraph c) of article 62, paragraph 1.

2. Without prejudice to the maximum coefficients referred to in the preceding paragraph, in the event of several
actions related to Article 62, paragraph 1 a) and b) the maximum percentage of income not taxable
is 70 %. 3
. The tax benefits referred to in this Chapter are recognized up to the amount of the intervention
Investment, authorized under Article 66, by the fifth year following the authorization
it.
4. The undistributed taxable income constituents must be allocated to a special fund of
budget and are bound for five years from the period of formation of the same.
5. If the added value of the total investment is more than € 7,000,000.00, the
tax benefits referred to in this Chapter I are recognized by the seventh year following the year of authorization
.
6. Where the firm has remained stable, the average level of employment in the year of
income also compared to the existing one at the end of the year preceding that of access to
benefits, the provision to the special fund can It is made limited to the amount of
general income tax corresponding to the tax benefit taken.
7. In order to guarantee the overall amount of tax paid on income not paid

Result of granted concessions, the economic operator is required to sign the declaration of debt
with consent to registration of lien on the object of investment goods. Formalities relating
such acts, including those of the proceedings related to them, are exempt from stamp duty, registry and mortgage
.

Art. 64
(Terms of presentation of the project and start-up investment)

1. The investment projects must be submitted no later than one hundred and twenty days from the start of
their implementation in the manner specified in the following articles.
2. The start of the investment, subject to revocation by the benefits, must take place
no more than twelve months from the authorization.


Art.
65 (Contents of the investment project)

1. The investment projects must be submitted to the Office Industry and Commerce
and must contain:
a) a report on the compliance of the project with the requirements specified in this Chapter I;
B) an indication of the time period not exceeding five years after the project;
C) the amount of investments;
D) the expected period of use of the object of investment goods;
E) the indication of any increases in employment.


Art. 66
(Outcome of the investigation)

1. Within thirty days from the submission of the application, the Industry Office, Crafts and Commerce
communicates instantly to the Tax Office and the investigation results and grants, together
, the possible authorization for access to the benefits referred to in this Title.


Art. 67
(Extensions - controls - irregularities)

1. The expenditure recorded in the project should be constructed and concluded within the time specified in the project
subject to the five-year limit, unless extended granted by Industry, Crafts and Commerce
motivated by proven circumstances. In any case, such extension shall not however exceed
further twelve months.
2. Within three months after the deadline for the realization and conclusion of each project investment
, the Industry Office, Crafts and Commerce it has an adequate and accurate control
to ascertain the conformity of the construction project authorized. 3
. Decay by these benefits companies against which the Industry Office, Crafts and Commerce detect
:
a) serious irregularities and discrepancies with respect to the authorized project;
B) failure to comply with the terms and requirements provided for in this Section I.
4. Decadence is established by a decision of the Office Industry and Commerce and
communicated by the same taxpayer and the Tax Office within fifteen days from the date of
measure.
5. Following forfeiture, the Tax Office shall ascertain the increased tax and
interest and penalties prescribed by this Act, notwithstanding which, the action of
assessment does not prescribe until 31 December year following the year in which the market
enjoyment of the benefits referred to in this Chapter.


Art.
68 (Prohibition of overlapping benefits and the coordination rules)

1. And 'forbidden to combine the tax benefits provided by this Chapter I with any type of
forms of subsidized credit on the same investment projects, as well as with the facilities, the
same investment, provided for in Decree No 20 July 2004 .100 and benefits on
energy savings provided by law 7 May 2008 n. 72 and 21 September 2010 by the Chief Executive Decree n.
158 and subsequent modifications.


CHAPTER II TAX INCENTIVES TO SUPPORT EMPLOYMENT

Art. 69
(Incentives for increased employment)

1. Economic operators, including free professional, that increase the average number of workers employed
, is recognized a reduction of the tax base in the
extent and in the form prescribed in this Title IV, Chapter II.
2. For the purposes of applying the provisions of this Chapter II for "average number of workers employed
employees" it means the algebraic sum of subordinate employees, temporary or permanent
, in the reference year, weighted by the number of months in which the result of the economic operator
dependencies. It is considering employment month before which the employee is
busy for at least sixteen calendar days. 3
. The benefits referred to in this Chapter II are recognized to the economic activities that before
increasing employment have to employ at least five business units or at least
three units
provided San Marino or residents employed on a permanent contract under

Preceding paragraphs. This limit is raised to ten units for industrial enterprises production
.

Art. 70
(measurement and incentive fruition)

1. The reduction referred to in Article 69 shall be recognized in the tax year in which occurs,
compared to the previous year, an increase in the average number of employees employed by
least three units.
2. The extent of killing is equal to:
a) 15% in increments greater than or equal to three work units and less than five business units,
provided that at least 50% of them are taken from the job placement lists ;
B) 25% in increments greater than or equal to five business units, provided that at least 50% of them are
being undertaken by the job placement lists. 3
. The reduction referred to in the previous paragraph is also recognized for the two tax years
following that in which the increase takes place, provided that the same are not involving
reductions of Assumption increasing share of the benefit. If during the course of the aforementioned exercises
the company further increases the average number of employees beyond the minimum thresholds
referred to in paragraph 2, it has the same right to use the additional reduction for this year
, and for the next two, subject to the conditions and measures referred to in this article.
4. They lose the benefits referred to in this Article dismissing enterprises
collective and / or reductions of personnel in accordance with the rules of work, within the limitation period of assessment for the fiscal year
object of the benefit enjoyment.
5. To undertakings engaged in collective redundancies and / or staff reductions under
rules work, it is denied access to the benefits referred to in this Chapter for the next two years
collective redundancy or reduction of the staff.


CHAPTER III INCENTIVES FOR THE ESTABLISHMENT OF NEW BUSINESSES

Art.
71 (Application of the provisions of Title IV, Chapter I and II, to the economic activities of the new constitution
)

1. The requirement referred to in paragraph 2 of the preceding Article 61 does not apply to companies that initiate
the investment project in the first three tax years from the launch date of the new company.
2. The requirement referred to in paragraph 3 of Article 69 shall not apply to the economic activities in the first
three tax years from the launch date of the new company. 3
. With reference to the preceding paragraphs, the date of "launch of the new enterprise" means that the licensing
. And 'eligible for assistance who have not ceased in the year preceding the date of the request
, company with activities similar to the one that requires access to benefits.
4. The companies referred to in this Article may opt for the effect of the benefits referred to in Article
61, from the second year of operations following its launch.

Art. 72
(Carry forward tax losses for start-ups)

1. Notwithstanding the provisions of Article 30, paragraph 4, and Article 46, paragraph 5, the
tax losses realized in the first three tax years from the date of the new firm formation

Can be accounted for in a decrease in the total income of subsequent tax periods
without any time limit, provided that they refer to a new economic activity.

Art. 73
(Additional incentives)

1. To new business activities carried out individually or freelance, whose
holders have not exercised economic activity in the twelve months prior to the submission of the application
and who are in a state of non-employment, the following benefits are recognized :
a) exemption of the payment of the first issue of the license fee;
B) for the first three years of operation of the payment exemption of the annual license fee;
C) for the first six years of operation of tax exemption of business income or work independently
50%;
D) tax credit of staff training programs, technological innovation and development
whose criteria are defined with a special delegated decree.
2. The facilities referred to in this Article shall be recognized also to employed
with registered residence in the Republic of San Marino who have resigned from the employment relationship in order
to commence an economic or professional activity that does not constitute mere free
Business and continuation of the previous employment relationship.
3
. The provisions of this Article shall also apply to the benefit of corporations or cooperatives
starting a new economic activities, provided that the shareholders or the economic beneficial owners
have never exercised any kind of economic activity in San Marino, or if subjects
residents, fall under the conditions referred to in paragraphs 1 and 2.
4. The provisions of this Article shall apply in relation to economic activities initiated after July 2, 2013.



CHAPTER IV INCENTIVES AIMED AT CAPITALISATION COMPANIES

Art. 74
(Tax Deduction for equity)

1. The taxable persons referred to in Title III are to be deducted from taxable income
, determined according to the rules laid down in that Title, a quota corresponding
to the increase in equity capital, net profit for the year underway, in each tax period
.
2. The principal amount of its deductible is fixed at 10% of the increase asset
calculated as indicated in the previous paragraph. By delegated decree it can be varied
the aforementioned deduction measure and may be provided for any limitations on the application of
provisions of this Article. 3
. Prices do not deducted in a tax year can not be counted down
taxable income of subsequent tax periods.
4. Excludes the computation of the capital referred to in paragraph 1 the reserves of useful
incorporated under the provisions of Chapter I of this Title IV and the mandatory reserves
force of law.
5. In the case of reductions of their capital deliberated by the shareholders do not derive from
operating losses, the company is liable for the reimbursement proportion of subsidy enjoyed.




CHAPTER V FINAL AND COMMON IN TITLE IV

Art.
75 (Final and Common provisions of Title IV)

1. The benefits referred to in Chapter I and II of this Title shall be combined with each other, however, for each
fiscal year, the amount of killing can not exceed the size of 80% of income tax
.
2. The economic activities that, by 31 December 2014, transformed the employment relationships
determined labor relations indefinitely can use for the same fiscal year and for the next two
of the reductions referred to in article 69 to the extent and in the manner provided therein
. 3
. The provisions of Title IV be modified by delegated decree.
TITLE V


OF EXTRAORDINARY OPERATIONS
Art. 76
(Transformation)

1. The transformation of society is not realized or distribution of capital gains and capital losses
of goods, including those relating to inventories and the value of goodwill.
2. In case of transformation of a company subject to the tax regime provided for in Title III
companies subject to the regime laid down in Title II, or vice versa, the income for the period between
the beginning of the tax period and date on which the transformation effect is determined according to the provisions applicable
before transformation according to the accounting results. 3
. In case of transformation of a society subject to the scheme referred to in Title III in a
subject to the scheme companies referred to in Title II:
a) the retained earnings for the tax period 2013 and earlier, does not a component of the income
members in the event of distribution;
B) the retained earnings related to the tax period 2014 and subsequent years, are subject to withholding at source
referred to in Article 103, paragraph 6, if and to the extent attributable to individual shareholders, by | || applied in processing. The imposition of withholding release is towards
aforementioned parties.
C) profit reserves in suspension of taxes formed before transformation
must be reconstituted with the same kind of people in the society and the same rules apply that
I have governed the constitution. Of these reserves formed with effect from tax year 2014,
in processing, it is applied to the withholding tax referred to in Article 103, paragraph 6, if and to the extent
attributable to individual shareholders .
4. In case of transformation of a company subject to the rules set out in Title II in a
companies subject to the scheme referred to in Title III:
a) profit reserves formed prior to processing which contributed to the revenue of their partners
to Article 10, paragraph 3, they are exempt, if distributed, from the retention
referred to in Article 103, paragraph 6;

B) profit reserves in suspension of taxes formed before transformation
must be reconstituted with the same nature in the corporation and the same rules apply that
I have governed the constitution. Notwithstanding the foregoing, at the option of the shareholders, the above

Reserves can be freed by allocating to the individuals members
income in the tax period in which processing takes place.

Art. 77
(Merging company)

1. The merger of several companies does not constitute realization or distribution of gains and losses
of assets of the merged companies incorporated, including those relating to inventories and to
goodwill.
2. In determining the company's revenue resulting from the merger or not incorporating
takes account surplus or deficit in the financial statements as a result of the share exchange ratio or
shares or cancellation of shares or units of any of the merged companies owned by others.
The higher values ​​recorded in the financial statements for the deficit of the possible effect of imputation
from cancellation or exchange of an investment, with reference to assets
of the merged company or merged, are not taxable for the
incorporating company or merged company. However the goods received are valued for tax purposes at the last
value recognized for purposes of income tax, making it appear as separate statement of reconciliation
of the data exposed in tax return statements and the tax values ​​recognized. 3
. The change of their original shareholding does not constitute either a realized or distributed
gain or loss or receipt of the revenue for the shareholders of the company being acquired or merged,
subject to the application, in case of adjustment:
to ) letter b) of paragraph 1 of Article 41 for the subjects referred to in Title II;
B) of Article 55 and, if appropriate conditions are met, Article 56 for the subjects referred to in Title III.
4. The date on which the merger takes effect the company resulting from the merger or the acquiring
take over the obligations and rights of the merged companies incorporated or relating to income tax,
except as provided in the following paragraphs 5 and 6. || | 5. The reserves in suspension of taxes and taxable only in the event of distribution, recorded
last budget of the merged or absorbed companies combine to form the income of the
company resulting from the merger or the acquiring if and to the extent that no You have been reconstituted in its
budget priority with the eventual merger surplus. These reserves, which prior to the merger
was charged to the capital of the merged or absorbed companies, means transferred in
capital of the company resulting from the merger or the acquiring and contribute to formarne income in the event of a reduction
capital in excess.
6. The losses of the companies involved in the merger, including the surviving company,
can be deducted from corporate income tax resulting from the merger or the acquiring,
within the limits provided by this Act relating to the deductibility of losses and only
prior ruling to the tax Office that demonstrates the valid economic reason for the merger transaction and the non-existence of substantial objective
exclusive tax benefit.
7. The income of the period for merged or absorbed companies from the beginning of the tax year
and the date on which the merger is determined, in accordance with applicable
relation to the type of society, based on to the appropriate income statement results.
8. The merger may determine that the purpose of income tax effects of the merger
to run from a date not earlier than where you ended the last financial year of each of the companies merged or incorporated
or that if more forthcoming, in which closed the last financial year of the company incorporating
.
9. In the merger, the payment obligations, including those relating to advances
tax and the withheld as a withholding agent, the subjects which are ceasing to
effect of the transactions, are fulfilled by themselves subject to the effective date of the

Merger. After that date, the said obligations shall be construed in all respects
transferred to the acquiring company or otherwise resulting from the merger.

Art. 78
(Demerger)

1. The total or partial spin-off of a company in other existing or newly established
does not give rise to realizable nor a distribution of profits and losses of the spun-off company assets,

Including those relating to inventories and the value of goodwill.
2. In determining the income of the companies involved in a division shall be disregarded
surplus or deficit resulting from the exchange ratio of shares or
cancellation of shares. In the latter case the higher values ​​recorded as a result of any
deficit charges attributable to the cancellation or exchange of a
participation, in relation to assets of the demerged company, are not taxable in the
from the beneficiary. However the goods received are valued for tax purposes at the last
value recognized for purposes of income tax, making it appear, by a special reconciliation
of the tax return, the data presented in the financial statements and the tax values ​​recognized . 3
. The change of their original shareholding does not constitute either a realized or distributed
gain or loss nor receipt of the revenue for the shareholders of the demerged company,
without prejudice to the application, in case of adjustment:
a) letter b) of paragraph 1 of Article 41 for the subjects referred to in Title II;
B) of Article 55 and, if appropriate conditions are met, Article 56 for the subjects referred to in Title III.
4. The date on which the division takes effect the tax positions of the demerged company and the related capital requirements
are attributed to the beneficiary and, in case of partial division of the same company
split in proportion to their shares of equity accounting retained or transferred, except
whether it's specifically related to items or sets of assets
split, in which case they follow those items to their respective owners.
5. The payment obligations of the advances relating both to own taxes is the withholding tax on income
others, is retained by the spun-off company, in case of partial spin-off, or they move
to the benefiting companies in case of a total division, in for units of the net assets attributable
proportionally to each of them.
6. The tax value of the provisions for risks of the demerged company considering
already deducted by the recipient, as well as, in case of partial spin-off, by that company,
in amounts proportional to the shares in which are attributed to the elements of heritage to whom, specifically or
for sets, have about the tax rules that value.
7. If the spin-off effects are made retroactive pursuant to paragraph 11, for goods consisting
closing inventories and stocks, the provisions of subparagraph 4 apply
proportionally adding the items identified for the period of training in the head
demerged company at the beginning of the tax period in the corresponding entries, if any, at the beginning of the same period at
beneficiary companies.
8. In the case of the spin-off in the event of non-retroactive split into existing company costs fiscally recognized
assume in the date resulting extent has the demerger. In particular
:
a) the assets referred to in paragraph 7 received by each beneficiary is presumed, in proportion to the amounts received
respectively, coming proportionally from the voices of the opening balance, distinct
for exercise training of the demerged company and the eventual formed
surplus in the tax period up to the date on which the demerger;
B) the amortization of tangible and intangible assets, relating to the transferred assets are
equalized on length of ownership of the property by the demerged company and the society

beneficiaries; That criterion is also applicable to expenditure relating to several accounting periods and the
provisions.
9. The reserves in suspension of taxes recorded in the last budget of the demerged company
must be reconstituted by the recipient according to the proportional shares specified in paragraph 4. In case of partial division
, the reserves of the spun-off company are reduced in correspondence . If the suspension of tax
depends on events affecting specific assets of the demerged company,
the reserves must be replenished by the recipient who acquire such items. In respect of the beneficiary
for the replenishment of reserves in suspension of taxes and other reserves is
apply for their shares, the rules provided for mergers by paragraph 5 of Article 77 of the previous
the acquiring company or merged.
10. The tax losses of the companies involved in a division shall apply mutatis mutandis

Provisions of paragraph 6 of the previous article 77.
11. For the purposes of income tax, the effective date of the spin-off effects
it is regulated according to the provisions of paragraph 1 of Article 105 of Law 47 of February 26, 2006 and subsequent amendments and additions
but backdating the effects under Article 90, paragraph 1, points
5) and 6) of the same law, operates only in cases of total spin and provided that there is
coincidence between the end of the last period sets of the spun-off company and the beneficiary and
the back stage to that period.
12. The tax liabilities of the demerged company related to tax years prior to the date from which the transaction takes effect
are fulfilled, in case of partial division of the same company being divided or transferred
, in case of a total division, the beneficiary company purposely designated at the
cleavage.
13. The inspections, investigations and any other proceedings concerning the above mentioned obligations were held
against the demerged company or, in the case of a total division, that specially designated.
If the designation is omitted, it is considered the designated beneficiary nominated first at the time of splitting.
The other beneficiary companies are jointly liable for the taxes, financial sanctions, the
interests and any other debt. For the purposes of these proceedings, the spun-off company or the designated
must indicate, at the request of tax administration bodies, subjects and places at
which are preserved, if not keep at its registered office, the accounting records and
administrative and accounting documentation relating to the management of the demerged company, with reference to
each party of its assets transferred or retained.


Art. 79
(Contributions)

1. In cases of equity contributions, subject to the exemption referred to in Article 56
, considering realizable value for the purposes of calculating the gain, what
attributed to investments, received in exchange for 'object given, in the accounting records of the
transferor or, if greater, the one attributed to the investments contributed in the accounting records of the subject
transferee.
2. The contribution of companies carried out between persons resident in the State, subject
to the tax regime provided for in Title III, do not represent the realization of capital gains or losses. However
the transferor must assume, as the value of the received shares, the last tax base
company attributed and the subject transferee takes over the position of
the transferor in respect of the assets and the liabilities of the company, making it appear to be appropriate
a reconciliation of the tax return data disclosed in the financial statements and
fiscally recognized values.
3
. Instead of applying the provisions of paragraph 2, the transferee company may opt
, the tax return the year during which has been put in place
the operation for the application, in whole or in part, the higher values ​​assigned in the budget to
asset items constituting tangible and intangible assets related to the company received, a
a substitute general of income tax at a rate of '8%. Values ​​greater
subject to substitute tax is deemed to be approved amortization purposes since
tax period during which the option is exercised; in case of realization of the goods before
the third tax year following the year of the option, the tax cost is reduced the higher values ​​
subject to substitute tax and the possible greater depreciation deduction and the tax | paid || replacement is scomputata general income tax.
4. The companies acquired in consideration of contributions made to the scheme referred to in this Article shall be deemed
owned by the transferee subject even for the period of ownership of the
transferor. Equity investments, received by persons who carried out the duty which
to the previous period in tax neutrality regime, are considered registered as financial assets
financial statements in which were stated the company's goods or given as this information was members, as
assets, investments given in exchange.
5. It is irrelevant for the purposes of Article 82, paragraph 3, the company's contribution in accordance with the continuity
regimes of the recognized tax values ​​or substitution taxation referred to in this article and

Subsequent sale of the receipt participation to benefit from the exemption of capital gains under the former Article 56.



Art. 80
(voluntary liquidation)

1. In case of liquidation of the company's business income relating to the period between
the beginning of the year and the beginning of the liquidation it is determined based on financial statements prepared by the liquidator
and subject to ordinary taxation on the basis of the tax return,
prepared in accordance with Title VI, to be submitted within six months from the date of opening of the liquidation.
2. The period relating to business income between the beginning and completion of the liquidation,
constituting a single tax year, subject to the ordinary tax system, is determined
according to the final liquidation balance sheet and the declaration must be submitted before
filing of the final report.

Art. 81
(Insolvency)

1. In cases of insolvency proceedings governed the order of San Marino
period relating to business income from the beginning of the year and the start of the procedure it is determined
based on financial statements prepared by the curator or liquidator .
2. The period relating to business income between the beginning and closing of
competition procedure consists of the difference between the surplus and net assets of the business or company
beginning of the procedure, determined based on the values ​​recognized for tax purposes. The equity
undertaking or the company at the beginning of the competition procedure is determined by the
comparison, according to the values ​​recognized for the purposes of income tax, including assets and liabilities in the financial statements
referred to in paragraph 1 and issued and attached to the opening statement of the curator or liquidator
. Shareholders' equity is considered void if the amount of the liability is equal to or greater than that of
activities.


Art. 82
(and final Provisions common to the articles of Title V)

1. Mergers and divisions apply mutatis mutandis to the provisions referred to in Article 76
when these extraordinary transactions involving companies subject to different tax regimes
.
2. And 'allowed for the acquiring company or merged, or to the beneficiary company
resulting from the demerger, the right to exercise the option referred to in Article
79, paragraph 3, on the same terms and period specified therein in order to obtain recognition of tax
higher values ​​recorded on the balance sheet as a result of such transactions. 3
. The tax authorities can ignore the effects of the provisions of this Title V
when the extraordinary operation lacked a valid economic reason, and taking place
predominantly in order to achieve a tax saving than the otherwise applicable levy
to the parties involved in the transaction.
TITLE VI OF THE DECLARATION



Art. 83
(Subjects obliged to submit the declaration)

1. Taxable persons are obliged to declare the income produced annually, according to
provisions of this Title, even if they does not make any tax liability. Workers autonomous
, businesses of natural and legal persons and permanent establishments must submit
statement, although it did not produce any income.
2. The declaration of individuals is only for income owned by the taxpayer and
those of other subjects to him defendants, in accordance with Article 12, paragraph 3, of this Act. Income
their minor children are declared and signed by their legal representatives. 3
. In the event that the taxpayer boast a tax credit, the statement is equivalent to demand
refund.
4. They are also obliged to submit the tax return of non-residents, when
have achieved income produced in the State, or regarded as such and have not acquitted
taxation by withholding tax.
5. Legal entities non-residents, if obliged to file the return of income
under the preceding paragraph are required to complete the return
applying the rate provided for in the previous article 43.
6. The statement may also be presented through the intermediary of one of the persons appointed, as per Article 88.

7. The provisions of Articles 87, 88, 89, 90 and 91 can be changed by decree delegate
.
Art.
84 (Exemptions from statement)

1. They are not required to file the return:

A) persons who, while remaining bound to the declaration of income, possess only
exempt income totaling less than € 7,500.00 and / or income subject to withholding as tax under
of this Act;
B) the income of employees holders provided by a single employer or single board that
not possess other income other than those referred to in paragraph a) provided that the

Deadline for submission of the declaration, the employer or the service provider to the Tax Office
send the certificate referred to in article 85.
2. The exemption does not compete in the event that form the total income of the taxpayer
contribute the subjects accused him income, in accordance with Article 12, paragraph 3, of this Act.

Art.
85 (Certification of income from employment and retirement income)

1. All employers, including the public administration and public sector entities
widened, and the social security institutions disbursing retirement income, are obliged to provide the Tax Office
, through the computer application for ' acquisition of
tax returns, information about the earned income and pensions paid to taxpayers and related
withholding made in accordance with Title VIII of this Act.
2. Transmission shall be achieved by 15 April. With the proper transmission of information
referred to in the preceding paragraph is the condition for the purposes of exemption from
submission of the declaration provided for in the previous article 84. 3
. The employer, with the exception of public administration and public sector entities
widened, it is required to deliver to the employee hard copy of
certificate referred to in paragraph 1 together with the receipt of happened acquisition by the Office
Tax.

Art.
86 (Content of the declaration)

1. The statement, under penalty of nullity, must be completed electronically in accordance with instructions provided by
'tax authorities.
2. The declaration must also contain such other information as to the availability:
a) by way of possession or precarious title, by the taxpayer of a passenger aircraft, of
pleasure boats, motor vehicle, property and land, permanently or partially
also outside the territory of the State; there is the obligation to indicate the goods and furniture
property entered in the public registers of the Republic of San Marino;
B) by way of ownership or beneficial ownership of shares or company shares;
C) sums of money and securities held abroad, for a total amount exceeding
to € 10,000.00. 3
. The declaration must state aircraft from tourism, by
pleasure boats, motor vehicle, property and land acquired or held under a finance lease in
tax period with the specification of the agreed consideration and any extended payment terms
.
4. The companies and organizations that do not have a registered office or administrative authority in the State must
indicate the address of the establishment or, failing that, the identity and address of their
representative in San Marino.

Art.
87 (Signing of the Declaration)

1. The signing of the declaration by the taxpayer is made by electronic signature
according to the operating mode of operation of the application. The date and time of the application
system are authentic for transmission for the purpose of compliance with the terms of the law.

2. Signing by electronic signature statement must take place by the
taxpayer or the person having the legal representation or contractually, or by one of the subjects
delegates set forth in Article 88.

Art. 88
(Persons in charge)

1. For the sole purpose of the presentation of the statements, they consider those responsible for their submission
:
a) those registered in the register of business consultants and accountants;
B) the trade union associations of entrepreneurs and trade associations among
workers;
C) persons who perform non-profit and in a non-professional activities
occasional assistance to taxpayers in the preparation and filing of the return, the effect of delegating these
expressly conferred;
D) employers for the replacement certificate of the declaration of income from employment.

2. The bodies in charge are authorized to transmit the declaration on behalf of the taxpayer
Tax Office without prior written authorization, signed by the taxpayer (delegating) and the subject
charge (delegate) for acceptance. 3
. The instrument of delegation, drawn up according to the model prepared by the Tax,
must be filled in duplicate and must be signed by the appointor taxpayer and countersigned by the person responsible
. An original of the proxy must be kept by both parties that
are required to produce it on the request.
4. The subject, in charge for the filling in of the tax return concerning
delegator, must access the application and sign with digital signature of a declaration in which he attests
acting under authorization granted to it.
5. In lieu of the procedure set out in the preceding paragraphs the taxpayer, upon registration and
access to the application as a general user, it can delegate the task to the person directly in charge
. The delegation procedure electronically must be completed with the electronic signature
for acceptance of the delegate.
6. The acts of delegation referred to in paragraphs 3 and 5 have value until they are revoked by the
delegator.
7. In accessing the procedure as a party in charge the user can view information
the declarations of the delegating income relating to prior years and the pre-loaded
data in the procedure for the filling of the declaration.
8. Failure to submit electronically tax returns by the deadline and in the manner prescribed by this Act
involves applying to the taxpayer of the measures and sanctions provided for by the same
regarding omitted, delayed and / or misrepresentation .
The application of the measures and sanctions against the taxpayer in cases preceding
occurs even when the reasons thereof, based on the documentation referred to in paragraph 3,
are attributable to the entity in charge, did subject to the right of the taxpayer to revenge on the latter.

Art. 89
(User Registration)

1. In order to be able to operate sull'applicativo, the user must identify on the same
by the insertion of a specific user code and an access key (password).
2. The user code and access key consist of numeric or alphanumeric codes
issued by the application after the completion of a guided recording.
3
. During the registration the user is required to provide the information required for its correct identification
. The user code and access key can only be issued prior
verification of the information entered. Verification can be made through automatic controls or checks direct
by the Office Tax.

Art. 90
(User Profiles)

1. By the first registration the user is surveyed and identified as a general user.
It can compile your own statement and view their statements of previous years.
The general user, as person appointed under the preceding Article 88, paragraph 1, letter c), is
enabled the compilation of statements by other taxpayers up to a maximum of 10
statements.
2. You have already registered as a general user can request the Tax Office, led by
made available by the application procedure, the authorization to operate as a legal
representative of a sole proprietorship, the work activity independently, a stable
organization, association or institution or a company. This release is performed prior
recognition and identification in the manner provided in article 89. 3
. The entities referred to in points a) and b) of paragraph 1 of Article 88 in order to operate as subjects
delegates must obtain prior authorization from the Tax. The authorization is issued
, upon inspection, through the application. The limitations referred to in paragraph 1 shall not apply to these subjects
.

Art. 91
(Filling of claim)

1. The compilation of statements, under the responsibility of the user logged in, it takes place
by charging data in the fields provided in accordance with the procedural rules of operation of the application
. The data already in the possession of the public administration and in the application already loaded
are nevertheless subject to verification by the compiling.
2. Alternatively the method of the preceding paragraph, the user can enter any or all

Information by loading a data stream transmitted to the pattern made available by the Office
Tax. 3
. The information you provide in the application according to above are editable until
does not intervene when the final transfer procedure by the user, subject to the provisions of article 85.

4. After the declaration was sent, you can edit the data in it only
filling in an amending or supplementary statement of the previous one, which will be a new statement
and as such will have to be re-transmitted.

Art. 92
(Declaration of withholding)

1. The subjects to match the amounts subject to withholding tax must submit annually
, within the period set forth in Article 93, paragraph 1), the statement of the amounts subject to withholding
in the previous year.
2. The obligation of the declaration under this section does not extend to the State nor to public bodies
which, however, within the period referred to in paragraph 1, are required to participate in any case the
withheld at source.
3
. The presentation of the declaration of withholding takes place via computer,
using the same application and the same procedures provided for in this Title concerning
tax return.


Art.
93 (Deadline for submission of the declaration)

1. Taxable persons shall file the tax return by June 30 of each year
, with regard to income earned in the previous year.
2. If the declaration is submitted within thirty days of the expiry of the deadline set for the
presentation, it is valid, but it applies to the taxpayer the penalty provided for in Article 139 paragraph
1, letter e). 3
. The declaration submitted after this deadline has nothing and therefore can not be relied upon by the taxpayer such
request for reimbursement of the tax credit resulting in it, but it is equally
title for the collection by the tax administration.
4. The electronic filing of declarations must be made before 24:00 on
day of expiration of the period referred to in paragraph 1.
5. If the deadline is to expire on a public holiday or other day in a
office closing day, the same shall be extended daily office hours immediately following
.
6. The provisions referred to in paragraphs 4 and 5 shall also apply in relation to
submitting statements of withholding agents.

Art.
94 (Documentation and disclosures to the declaration)

1. The documents in electronic format that
return must necessarily accompany those required in the application are in use for each tax period and should be submitted according to the
manner specified therein. The application must enable the user the option to enter in the appropriate fields-known
information and / or additional documentation to support the loaded data.
2. For the sole purposes of the investigation, until the limitation period, the taxpayer is required to
preservation of the original documents to prove the declaration applicable data for
possible transmission or display on request Tax Office. 3
. The taxpayer is required to keep in any case:
a) the attestation of the tax payment made by the due dates;
B) any document proving the incurrence of deductible expenses provided by law;
C) the certification of foreign tax in relation to income produced there;
D) any other income statement certifying products.

Art. 95
(Devolution)

1. The subjects referred to in Title II, when the tax return, can devote 3 per thousand
taxable income to the "provision for actions to support humanitarian activities, solidarity and social
" established by the 'Agreement between the Republic of San Marino and the Holy See signed
April 2, 1992 and ratified by Regency Decree 47 of June 30, 1992.
2. The aforementioned subjects, always within the declaration, if they intend to share referred to in the previous paragraph
should be managed by the Catholic Church in San Marino or a partnership,

Foundation or entity legally recognized non-profit organization having as a social purpose, the
voluntary benefit and / or humanitarian purposes, solidarity and social activities. 3
. The Tax Office provides district of the amount resulting from the calculation determined

According to the previous paragraph, when its amount is equal to or greater than € 300.00.
4. The amount referred to in the previous paragraph can be modified by delegated decree.


TITLE VII OF ACCOUNTS

Art.
96 (Obligation of accounting records kept for business)

1. The subjects referred to in Title II and III practicing business activities must keep the ledger, the inventory
book, the register of depreciable assets, duly endorsed, and the scriptures auxiliary
, indicating the elements separately equity and income grouped into homogeneous categories
, required by the nature and on the size.
2. For the entities mentioned in the first paragraph, as from the second tax year following that in which the Company
for the second consecutive time has passed jointly (a)
€ 3.500.000,00 revenue referred to in articles 34 and 51 and (b) € 800,000.00 of inventories provided for in articles 36 and 53
, is mandatory for leaks warehouse auxiliary scriptures, systematically and according
ordered accounting standards , directed to follow the changes in the outstanding stocks in
annual inventories. Compulsory cessation effect from the first tax year following the year in which
for the second consecutive time the amount of revenue and the value of inventories have not
exceeded the limits indicated above. With circular Tax Office are the methods by
sealing of the scriptures and their minimum content. 3
. Those who adopt the accounting using computerized systems, electronic and similar
for the processing of accounting data, must update the stamped paper books by September 30 of the year
following the end of each financial year.

Art. 97
(Simplified regime for smaller companies)

1. The taxable persons referred to in Title II carrying out business activities, if the revenue from ordinary
achieved in the reference does not have exceeded the amount of € 350,000.00 for the companies which have
object services, and € 500,000.00 for companies having as their object
other activities, are exempt for the following year from the bookkeeping
prescribed in Article 96 and are required for the preparation of the book inventory, the drafting of that of
purchases and that of sales, subject to conservation obligations of purchase invoices and
sale and other records and documentation required.
2. The limit of the revenues, referred to in paragraph 1, it is computed by deducting the special tax on petroleum products
of Law n.42 / 1975, as well as costs for the monopolies purchases, deprivation and
of the purchase costs of prepaid telephone traffic. 3
. Records must be duly signed and stamped.
4. By the deadline for the annual declaration such parties should indicate in the register of
inventories the value of inventories.
5. Such parties may opt for the tightness of all the records provided for in the previous article
. The option must be exercised within the month of February each year and obliges
the taxpayer for that year.


Art. 98
(Entries in the accounts of artists and professionals)

1. The artists and professionals must jot chronologically the sums received under
any form and denomination, in the exercise of their professional or artistic activity and extreme
the parcel or note. They must also record the expenses of which call for the deduction under Article 27.

2. By the deadline for submission of the declaration must finally note, grouped
by nature and distinguished by year of acquisition, the assets for which seeks the
deduction of depreciation, as well as the same shares. 3
. The records must be carried out on a special register or separate registers
duly endorsed.

Art. 99
(Entries in the accounts of withholding)

1. Corporations and other entities that perform withholding tax as tax, must write down
chronologically records, with a duly signed and stamped, the amount of money paid to each recipient
, the identity of the same and the amount withholding.
2. Withholding taxes, as a down payment, made on compensation of employees must be
recorded on the payroll in the manner prescribed by the social security legislation and
established by the Institute for Social Security. 3
. Notwithstanding the preceding provisions, credit institutions are not obliged to keeping

Records referred to in paragraph 1 only for the amounts paid as capital gains or other income
subject to withholding tax, subject to the requirements of the accounting records and those
provided by the regulatory provisions of the financial system.

Art.
100 (Duty to retain documents and revenue certification)

1. All accounting and auxiliary scriptures referred to in this Title and to the scriptures and
documentation required by this law and other tax laws and those still relevant to
effects of controls and audits, even in derogation from the provisions providing shorter terms
, must be kept for five years, excluding the tax year to which they relate and
however, until they are not defined verification regarding the same tax year.
2. All economic operators are expected issuance and delivery to the customer invoice,
parcel or equivalent document attesting the transfer of goods or the provision of services
any kind. 3
. Notwithstanding the preceding paragraph of the economic operators:
a) carry out the sale of retail goods in premises open to the public;
B) carry out the administration in public exercises of foods and drinks;
C) carry out services to private persons who are not traders;
In lieu of the issuance of the invoice, bill, or equivalent document, the certifying
revenue through the use of electronic devices connected to a data communications network, under the procedures established with
delegated decree.
4. By derogation of paragraph 3 are excluded those regulated by Law 165 of 17 November 2005,
and subsequent amendments and additions.





TITLE VIII OF HELD AT SOURCE


Art.
101 (Compensation of employees and pensions)

1. All subjects, including agricultural enterprises, the State, public and private entities, which, correspond
compensation for salary paid referred to in Articles 24 and 25 must
operate at the time of payment of such compensation, withholding as an advance general tax on income with
is required to pass.
2. The retention in accordance with the previous paragraph shall also apply to retirement income paid by
State and social security institutions of San Marino. 3
. The person referred to in paragraph 1 shall operate, on the sums paid by way of
severance of employment relationship, a withholding tax equal to that governed
Article 13, paragraph 2, point iii .
4. The withholding tax is proportionate to the estimated annual income in relation to the rates in
regulations and taking into account the deductions in Article 15, paragraph 1, letter a), as well as any
deductions referred to in Article 14, paragraph 1, letter a) and paragraph 2, which must be considered on
request of the taxpayer, and any deductions in Article 16, which must be declared
by the employee on his own responsibility.
5. The withholding of adjustment should be levied until the month of February of sets
next period, also on the basis of the provisions of Article 84, paragraph 1, letter b), if the employee
employee exercises the option accorded in the same paragraph.
6. If the deduction to be made on income referred to in this article do not find capacity in the whole or in part on contextual
payments in cash, replaced must pay to substitute the
amount corresponding to the amount of the withholding tax by the deadlines for the payment of withholding taxes.


Art. 102
(income from self-employment and similar)

1. All traders, agricultural enterprises, the state and public and private bodies, which correspond
, even occasionally, compensation in cash or kind or any name for
self-employed work or assimilated, as defined by 'Article 27
to persons residing abroad, even when the services are carried out in business arrangements, have to operate a withholding
as a tax of 20%. Withholding tax, if the percipient resident individual
abroad, is also operated on bonuses for the termination of coordinated and continuous
cooperative relations, however named, referred to in subparagraph c) of Article 13, paragraph 1.
2. Notwithstanding paragraph 1 has made a withholding tax of 7% title if the percipient place
artistic or cultural significance services having the characteristics defined in a circular
Tax Office. 3
. The deduction does not apply:

A) redemptions at the bottom of the list to the documented expenses of travel, room and board;
B) the documented expenses incurred in the name and on behalf of the buyer, when the received,
receipt or invoice must be issued to the same contractor.



Art. 103
(equity income)

1. Except as provided in paragraph, all persons obliged to compile annual
of the financial statements with the account of profits and losses, which correspond to different subjects
income capital by banks and finance companies under Law 17 November 2005
165 and subsequent amendments thereto, must deduct tax, as a tax and
to be passed, by 13% on the same income. The withholding tax is applied at a rate of 10% if such income
concern bonds and similar debt securities, the San Marino law,
provided that their duration is not less than thirty-six months and that the repayment does not take place
before that deadline.
2. On investment income paid by banks and financial companies under Law 17 November 2005
165, and subsequent amendments and additions, has made a deduction, to be passed
. The amount of withholding is determined as follows:
a) to the extent of 11% on interest from bank account or deposit;
B) to the extent of 5% on interest expense and other income paid in connection with operations
"repurchase agreements" on securities and securities of any kind or nature;
C) the extent of 5% on interest expense and other income from certificates of deposit
if such certificates have a duration of less than eighteen months; the rate of 4% if they have a
duration equal to or exceeding eighteen months;
D) the rate of 4% on interest expense and other income relating to bonds
issued by persons authorized under Law 165 of 17 November 2005, and subsequent amendments and additions
. 3
. With reference to the separate taxation of interest, premium and other income generated by
foreign bonds or other various foreign debt securities by the actions referred to in Article 13,
paragraph 1, letter g), when these are implemented by means of a financial intermediary
San Marino, the substitute tax referred to in paragraph 2, letter there, the same article
is levied by withholding at source as a tax. At the option of the taxpayer aforesaid withholding
it can be considered to taxes title and the aforementioned income bear to the total income of the recipient
according to its tax regime.
4. The deductions referred to in paragraphs 2, 3 and 7 shall not apply where the recipient is:
a) a bank;
B) another authorized person in accordance with Law 165 of 17 November 2005, and subsequent amendments and additions
, other than a bank, who receives payment of interest and / or equivalent income on behalf
own;
C) a foreign company that, under the rules in force in their home State, it carries one or more equivalents
the restricted acts set out in Annex 1 to Law 165 of 17 November 2005 | || who receives payment of interest and / or equivalent income on their own.
D) a foreign collective investment; for mutual funds in law
San Marino remain without prejudice to the exemptions provided for by Law 15 January 2007 4.
5. For the collection of withholding in the preceding paragraphs, the provisions set forth in Article
125, paragraph 2. 6
. Profits distributed and paid to individuals by resident corporations are
subject to withholding tax of 5% as a tax. Profits distributed and paid by
resident corporations to entities other than individuals are not subject to retention at
condition that the recipient state to the company that distributes the profits not to act on behalf of a
physical person.
7. With reference to the separate taxation of foreign dividends provided for in Article 13,
paragraph 1, letter f), when these are implemented by means of a financial intermediary

San Marino, the substitute tax referred to in paragraph 2, letter v, the same article, is
levied by withholding at source as a tax. At the option of the taxpayer aforesaid withholding
it can be considered to taxes title and the aforementioned income bear to the total income of the recipient
according to its tax regime.
8. The withholding tax on interest and other income referred to in paragraphs 1, 2 and 3 paid to

Companies and entities in the same class residents - except those referred to in Article 10, paragraph 3 - it
intends operated as a down payment.
9. The deductions set out in this Article may be varied by delegated decree on
proposal of the State Congress.


Art. 104
(Other income)

1. With reference to the reserves referred to in Article 41, paragraph 1, letters b) and c) where the
are carried out through a financial intermediary San Marino, the tax under Article 13
, paragraph 2, point ii, is collected by means of withholding tax as a tax.
The imposition of withholding is carried out in a lump sum at 31 December each year, with
reference to all the operations of the year. At the option of the taxpayer aforesaid withholding
it can be considered to taxes title and the aforementioned income bear to the entire income of the recipient
according to its tax regime.
2. The withholding tax referred to in Article 8 of Law 117 of December 20, 1984 is enacted in
2.5% measurement. 3
. The deductions referred to in paragraph 1 shall not apply if the recipient is:
a) a bank;
B) another authorized person in accordance with Law 165 of 17 November 2005, and subsequent amendments and additions
, other than a bank, who receives payment of the proceeds for
own account;
C) a foreign company that, under the rules in force in their home State, it carries one or more equivalents
the restricted acts set out in Annex 1 to Law 165 of 17 November 2005 | || who receives the payment of the proceeds for its own account;
D) a foreign collective investment; for mutual funds in law
San Marino remain without prejudice to the exemptions provided for by Law 15 January 2007 4.

TITLE IX the assessment


CHAPTER I GENERAL PROVISIONS



Art. 105
(Competent body)

1. The assessment of the subject to general income tax provided for by this Act and
the imposition of any relevant administrative fines occur at
Tax Office operates on the basis of the provisions of this Title IX.
2. The assessment takes place on the basis of the results of the inspections performed by
Tax and regulated by the articles of Chapter II of this Title.
3
. The Tax Office is organized in order to ensure a separation between the functions of
control and those of determination.

Art.
106 (Powers and functions of the Office Tax)

1. The Tax Office collects data and news that apply to ensure the correct assessment of income
, check the returns submitted by taxpayers, including withholding,
verifies the regular keeping of accounting records and the fulfillment of other obligations
by law, notes the omitted statements and those regarded as in effect.
2. For the purposes of control and the assessment the Tax Office can:
a) request public offices references or copies of the documents, including in electronic form, with
tax purposes for which they are held, if necessary all ' control and / or found;
B) invite the taxpayers, to state the reason, to appear in person or through representatives
to provide clarifications, data and news and to produce documents and documents relevant for the purposes of control
against them ;
C) send to the questionnaires taxpayers related to data and information of a specific nature, relevant to the
control and / or the assessment against them, with an invitation to return completed and signed;
D) require the submission of original documents proving positive or negative elements
income for the purposes of determining the tax base;
E) make access, inspections and audits at the premises where the activities of the economic
;
F) inspect, examine and verify the records, acts and documents required
kept by taxpayers, as well as information contained in the archives, also in electronic format
held by the aforementioned persons;
G) require persons obliged to keep accounting records information and documents relating to
a given tax period, relevant for the monitoring and detection
done in relation to their customers, suppliers and self-employment providers;
H) to invite any other person to exhibit or broadcast, even in photocopy or electronically,
acts or taxation issues relating to specific transactions with the taxpayer
and to provide the relevant clarifications;

I) collect all other types of economic and financial information needed for the determination of income
by browsing the taxpayer even among those in possession of Esattoria
Service and any other office of the Public Administration, as well as from foreign authorities , by activation
procedures of exchange of information and administrative cooperation envisaged by international agreements
and the law. 3
. All information provided in the preceding paragraph may be requested by
Tax and provided at the same electronically and through electronic channels.
4. News and data not abductees and the acts, documents, books and records not produced or not
transmitted by the taxpayer in response to requests Tax Office can not be taken into consideration in favor of the taxpayer
, when control opposition to the record provided to the next
Article 112 and in litigation, except in the case of good faith of the same and what
the Tax Office should inform the taxpayer together with the request.
5. The taxpayer can not be required documents and information already held by the
Public Administration.
6. The heads of public offices, under their personal responsibility, must treat
regular flow of information and useful notes, excluding those relating to undefined litigation, the purpose of the statements
control and detection of incomes .

7. The Director and the Tax Office deputies employees Control activities take
addition to the public official to put the notifier pursuant to article 122.
8. Without prejudice to the provisions of Chapter III of this Title IX, if the Tax Office finds
facts that could constitute a criminal offense, it shall transmit without delay to the authority
judicial documents and acts, accompanied by a report on 'activity.

Art.
107 (Aid for technical experts)

1. In performing their functions, the Tax Office may, in cases of particular importance and complexity
, request the support of technical experts on the subject to control issues and ascertain
.
2. The appointment of technical experts is done, the Office of Tax indication, by the
Secretariat of State for Finance and Budget, after verification of the absence of conflict of interest. 3
. In carrying out its mandate, the experts are bound by professional secrecy.

CHAPTER II CONTROLS



Art. 108
(General provisions on controls)

1. The control activities, as well as their selective criteria of control object
taxpayers are determined yearly and planned according to general and abstract criteria and parameters by a special Commission
chaired by the Finance Department Director, composed of the Office Manager
Tax, from the central liaison Office Manager and the control Office Manager and
supervision of economic activities. The functioning of the Commission criteria are defined by
special regulation, drawn up by it, and ratified by the State Congress.
2. In any event and regardless of the provisions of paragraph 1 above, the Office
Tax proceeds to the activity of control every time when, on the basis of available information,
detect phenomena or elements of violation of indicators tax laws and tax evasion also
when applied to other taxes. 3
. The outcome of the inspections has notified the taxpayer with the minutes, with details of their
motivated to taxable reliefs, as taxes and withholding declared
.
4. The minutes referred to in paragraph 3 must be notified by the Tax Office, the
taxpayer according to the forms laid down in article 122, by May 31 of the year of the assessment deadline
.

Art. 109
(Control Activities)

1. Without prejudice to any subsequent assessment action, the Tax Office states:
a) the materials and calculation errors in the statements;
B) the incorrect application of tax provisions relating to the determination of the tax base and tax
;

C) the actual number of declared income, or the identification of unreported income, even
by verifying the correspondence with the data contained in the statements of previous years
and applying indicators of ability criteria;
D) the non-payment resulting from the statements or due as a down payment;

E) the incorrect attribution or the non-existence, in whole or in part, of deductions, of
liabilities and tax deductions, also based on the verification of documents requested from taxpayers under
the previous article 106;
F) failure to apply the withholding tax and / or the incorrect deduction of withholding themselves,
when the declarations of withholding or the certifications required to
taxpayers or withholding resulting to an extent less than that indicated in the statements
taxpayers themselves;
G) the incorrect determination of tax credits also according to data from
statements and documents required of taxpayers, under the previous Article 106;
H) the additional tax on income derived from the controls of the previous letters.
2. The Tax Office also proceeds by official control aims at identifying subjects
who have omitted the presentation of compulsory declarations by law, even in the light of
data and information acquired under the preceding Article 106. | || 3. The Tax Office can, also, assessment of incomes of pop formally
other holders, which, based on strong circumstantial evidence, precise and consistent, are attributable to
taxpayer, as actual possessor nominees . Those nominees who auditioned
to have paid tax in respect of income later attributed, in accordance with this paragraph
to another taxpayer can claim a refund. The Tax Office shall be repaid after
that the finding against the party interponente has become final and, anyway, in
no more than the tax actually perceived as a result of this final determination.

Art. 110
(modes of access, inspections and audits)

1. The personnel of the Tax referred to in paragraphs 7 and 8 of the previous Article 106
assisted at the request of the same office by the Operations Unit Fraud, of Law 23 July 2010
n. 129, he may access at the headquarters of the taxpayer in order to directly detect
data and information, for the purpose of monitoring and assessment.
2. Subsequently the accesses, the Tax Office may carry out all activities to the material
retrieval of the elements, such as registers, documents, records and books, required to run
documentary inspections and verifications. Searches can be performed:
a) even if the taxpayer claims to have performed all the required documents;
B) at the premises of the taxpayer or in the premises where the economic activity is exercised or are held
the registers and records. 3
. The Tax Office can not perform:
a) personal searches;
B) coercive opening bend or sealed envelopes, bags, safes, furniture and closets;
C) examination of documents and request for information in relation to which both argued the secret professional
;
D) access to private housing, vehicles or vehicles of the taxpayer.
4. The completion of the activities referred to in the preceding paragraph may be, on a reasoned request of the Office Tax
, only by the staff of the police force and with the approval of the Commissioner
law;
5. Pending the decision of the Commissioner of the law, the staff of the police forces
must take all necessary precautions to prevent them from being altered, concealed or destroyed books, records,

Records and documents be stolen or that sealed envelopes, bags, as well as their content and
whatever is found on the premises where access is performed.
6. The Tax Office may be inspected at the offices of the taxpayer scripts, books, records and documents
whose establishment, keeping and retention is required by law, as well
compare their content with that of other documents retrieved during the search or in subsequent phases of the verification
. The inspection is aimed at:
a) monitor the proper institution, keeping and retention of compulsory accounting,
well as their overall reliability, even for the purposes of any subsequent recalculation
by induction of income and turnover;
B) determine the degree of internal consistency of the accounting system considered as a whole;
C) identify the procedures, if any, management and accounting treatment of business data, even
fiscally.
7. The document inspection extends to all books, records, documents and records, including those

Whose clothes or conservation is not compulsory, which is on the premises where access is executed
or that are accessible via computer equipment installed in such spaces
.
8. The Tax Office can also carry out all the other surveys deemed necessary and / or appropriate
, such as activities related to official verification, measurement operations aimed at a
reconstruction in via logic and estimation of the size of certain economic variables
typical activity occurred, through which quantitative definition can be traced by induction
the different configuration of the tax base.
9. The Tax Office draws up the minutes of every access, from which it must be:
a) inspections and make detections;
B) the requests made to the taxpayer or who represents him;
C) the responses received;
D) the signature of the taxpayer or of those who represent him or the reason for failure to sign.

Art. 111
(Financial Investigation)

1. And 'it admitted the possibility for the Tax Office to carry out financial investigations in subjects
supervised under Law 165 of 17 November 2005 and subsequent amendments and additions in order to acquire
relevant financial elements in order of' the income test.
2. Financial investigations must be authorized by the Commission in the preceding
Article 108, paragraph 1, on the basis of a reasoned request of the Office Tax showing the
indication of the circumstances justifying the use of surveys. Such circumstances should be indicators of
omissions or undue deduction of liabilities and / or negative items of income that
amount and circumstances foreshadow the violation of misrepresentation or omitted pursuant to the following articles 136 and
137. 3
. After the authorization referred to in the previous paragraph of the investigation will be made via
request, by registered mail with return receipt addressed to the direction of the subject financial
, data, information and documents related to any financial relationship they or | || operation performed, with the taxpayer, including services rendered in respect of the same,
including guarantees given in its favor.
4. The financial entity must:
a) to give immediate notice to the interested party of the receipt of the request;
B) to respond to the request referred to in the preceding paragraph within 60 days of receipt
thereof, subject to extension granted by the Tax.

5. The Tax Office sent the information requested pursuant to the preceding paragraphs shall not
constitute a breach of the provisions of article 36 of Law 165 of 17 November 2005.
6. It shall be prohibited in any case the right to the Tax Office to make access, audits and inspections at
financial parties under Law 165 of 17 November 2005.

Art. 112
(the inspection slip Content)

1. The completion of the verification activities, investigation and control is formalized by
Tax into the inspection report referred to in Article 108, paragraphs 3 and 4. Said
minutes shall include:
a) the reasons which led to the control and the presentation of that object's control;
B) the analytical indication of the breaches found and the relevant legal regulations;
C) the majority of the income attributable to the taxpayer and the amount of additional tax;
D) an indication of the limits within which the taxpayer may:
i. join the inspection slip;
Ii. oppose to the control minutes.
E) the signature by the Tax Office Director or officer delegated by him.

Art. 113
(Adherence to the control record)

1. The taxpayer can pay membership to the inspection report, presenting within sixty days of notification of the same
a supplementary statement transposing the Office and providing relief
by that date to the payment of additional tax and default interest calculated
from the due date for the deadline of the payment until that of actual payment.
2. In cases of accession to the inspection report does not give rise to sanctions or
issuance of any notice of assessment for the facts alleged therein.

Art. 114
(Opposition to inspection slip)

1. Within sixty days of notification of the taxpayer inspection slip
can make a formal objection to the same. The opposition made in writing, in person or via
technical or professional advisers, it shall be filed with the Tax Office by

Said period and must contain the grounds of opposition illustration. E 'right of
taxpayer request a hearing.
2. The Tax Office, the opposition party, summons the taxpayer for the
contradictory, at its request, within thirty days. 3
. On the basis of statements and counter-arguments and the possible contradictory
the Tax Office may, within sixty days of receipt of the opposition:
a) totally uphold the opposition of the taxpayer in respect of all the findings and cancel | || inspection report;
B) fully allow the opposition of the taxpayer in respect of part of the findings of the report and therefore
, correct the record check;
C) partially uphold the opposition of the taxpayer and thus rectify the inspection report;
D) does not allow the opposition of the taxpayer and confirm the minutes of control.

4. In the cases referred to in points b), c) and d) the taxpayer can join the new inspection report or what
confirmed within ten days from the date of notification. Within this period the taxpayer must
:
a) provide for the submission of a supplementary statement of amendment transposing the reliefs Office
;
B) provide for the payment of additional tax due and default interest calculated from
expiry of the deadline for tax payment until that of actual payment;
C) provide for the payment of penalties in respect of infringements in the ¼ measure of the minimum applicable
.
5. In cases of accession to the inspection slip covered by this Article shall not give rise
issuance of any notice of assessment for the facts alleged therein.


CHAPTER III ASSESSMENT.

Art.
115 (Notice of Assessment)

1. The notice of assessment is the formal notice of assessment issued by the Tax according to
outcomes of effected control.
2. The notice of assessment can accept in whole or in part any opposition submitted in accordance with Article
previous or may reject the opposition, confirming the complaints presented
in the inspection report. 3
. The notice of assessment must contain, under penalty of nullity:
a) the indication of taxable or taxable assessed;
B) an indication of the rates applied and paid taxes, gross and net of deductions,
of withholding taxes and tax credits;
C) the additional tax accrued and outstanding;
D) an indication of the interest and penalties imposed;
E) an indication of the limits within which provide for the payment of the aforementioned sums, with the caveat that in
defect gives rise to the collection procedures of Law 25 May 2004 # 70
;
F) the assumptions of fact and the legal reasons that have determined, with distinct reference to individual income
of the various categories and the specific indication of the facts and circumstances
justifying the use of inductive methods or synthetic and reasons for the failure to detect
deductions and deductions; whether the statement refers to another act, not known either
received by the taxpayer, it must be annexed to the Act that calls it, unless
latter does not reproduce the essential content;
G) must be notified to the taxpayer in the manner provided in the next Article 122 by 31 December
of the second year following the submission of the declaration;
H) should be issued not earlier than sixty days from the date of notification of the
verbal control;
I) the signature of the Director of Taxation or the official delegated by him.
4. In case of non-declaration or declaration void the last date of assessment is
extended to 31 December of the third year following the year in which the tax return had to be filed
.
5. And 'nil the assessment notice issued without having intervened notification to the taxpayer
control record referred to in Article 108 within the period of May 31

Year of expiry of the period of assessment, except in cases of non-declaration or statement
nothing.
6. Subject to the terms provided in the preceding paragraphs in relation to the validity and effectiveness of the notice of assessment
, the Tax Office has the power to issue in relation to a record of more
notices of assessment systems provided the same refer to several disputes.

Art.
116 (Establishment of income)


1. The Tax Office performs assessments based on adjustments of the declarations submitted if, in
following the check carried out, the total income declared is less than the actual or
do not exist or do not accrue the income deductions and deductions d 'sets indicated by
taxpayer.
2. The untruthfulness of the declaration for inaccuracy, incompleteness and infidelity is ascertained in
potentially arising out of control of the declaration, in accordance with Chapter II of this Title
. 3
. The Tax Office may initiate the investigation summary, if the total income
resulting from the analytical determination is lower than justifiably attributable to the taxpayer.
In this case the income is established by induction with respect to elements and certain circumstances, to
serious presumptions, precise and consistent and also by turning to indirect facts expressive capacity contributory
such as, but not limited and without limitation, the availability of capital and financial resources
, of goods such as aircraft from tourism, pleasure boats, cars, homes
permanently or partially available, even outside of the state.
4. The elements and circumstances underlying the assumptions that justify the investigation summary
are those that emerge from the information obtained by the Tax on the basis of the
control, including financial investigations and request information abroad, aimed at
encounter consistency between the actual ability and the content of the statements.
5. By delegated decree they will be provided guidance and input of more detail to
purposes of the assessments referred to in the previous paragraph and those to article 117.

Art.
117 (Establishment of the income subject required to prepare and keep accounting records)

1. The Tax Office shall, ordinarily, in ascertaining correction of incomes
certain economic operators on the basis of the accounting records required by this Act
. In particular, proceeds to the adjustment of the declarations submitted:
a) if there is no correspondence between the elements indicated in the declaration and those which result from
records;
B) if the provisions in Titles II and III relating to the determination of
by autonomous and corporate earnings have been applied;
C) if the untruthfulness of the statement is in some way by the comparison of the elements in it
indicated with those acquired by Tax in control tests as required by law and, in any case
through information acquired according to the law or the performance by the
taxpayers of records, documents and records, or, even, through inspections and audits of the accounting records
and other acts or documents relating to the company or another taxpayer.
2. The existence of undeclared activities and that there are no liabilities or deductible charges is declared
deduced on the basis of circumstantial evidence, precise and consistent.
3
. The Tax Office may initiate the investigation Inductive - Synthetic
of business income and / or self-employment on the basis of facts and evidence was gathered and in relation to the content inductive
facts and circumstances unrelated to financial statements and accounting records:
a) if the declaration has been indicated the business income and / or self-employment;
B) if it appears from the minutes of the Tax Control Office that the taxpayer has not kept or
nevertheless subtracted records inspection office or when such
records are not available for reasons of major force;
C) if the omissions, false or incorrect information detected in the previous Articles
ie the formal irregularity of accounting entries resulting from the inspection slip
are so numerous, repeated and severe that you do not trust in Overall, the accounting records, for
lack of safeguards of a systematic accounting;
D) if the taxpayer has given no response to such calls for in Article 106, paragraph 2, letters
b), c), d), f), g), h).
4. The assessments based on adjustments of the income of taxpayers who keep their accounting records in a simplified
, as well as on the basis of the foregoing provisions, as applicable, may be
synthetic route, taking into account the economic situation of the , the number of employees employed
, labor costs, the amount of general expenses, the amount of purchases,

To warehouse findings and other telltale indicators of actual income.

Art. 118
(Assessment Office)

1. In the absence of declaration or in case of nullity of the same, the Tax Office shall
ascertainment of synthetically revenue office. In this case it is mandatory to convene
taxpayer before it issued the notice of assessment.
2. Where provided for in the preceding paragraph, the Tax Office may use the data and
news was gathered or of which he has knowledge, with the right to rely on presumptions without
The precision and correlation gravity requirements. 3
. Where there are the cases covered by this Article, the Tax Office also
may, where appropriate, regardless of, in whole or in part, from the accounting records of the
taxpayer, even if regularly maintained.

Art. 119
(appeals)

1. The taxpayer may appeal to an ordinary court:
a) against the assessment notice, within a deadline of sixty days from the notification
of that Act;
B) against the Tax Office measures of reimbursement refusal or failure to recognize
of tax credits within a maximum period of sixty days from the notification of the same
.
2. The forward ordinary court procedure is commenced by writ of summons against
the Tax Office, in the person of the Government Mayors pro tempore, before the Commissioner of the law,
and following the procedure set out in Articles 8 and following the Law May 20, 1985 # 63
and subsequent modifications and integrations. 3
. The court decides by a judgment on the legality and merits of the merits
of the assessment and other measures open to challenge within the meaning of this Act.
4. The power to decide any appeals brought against judgments of first instance
remains regulated by law to any other cause ordinary.

5. Also under appeal follow the same procedural rules laid down in Articles 8 and following of the Law
May 20, 1985 # 63 and subsequent amendments and additions.
6. Notwithstanding the foregoing the payment by the taxpayer of the opinion of the amount of assessment
corresponding to the additional tax assessed or presentation of appropriate
bank guarantee for the amount of suspending the payment of any other amount owed | || in relation to the assessment until the final decision on the appeal.

Art. 120
(simplified application procedure)

1. By delegated decree, to be issued by December 31, 2017, will be introduced and governed
a simplified review procedure, when the value of the tax claim is
less than € 20,000.00 excluding interest and penalties.


CHAPTER IV RIGHTS AND GUARANTEES OF THE TAXPAYER

Art.
121 (Rights and guarantees of the taxpayer)

1. The convocations of the taxpayer and the performance demands of data and documents must be
with a specific shipping notice by registered mail with return receipt
.
2. The notice referred to in the preceding paragraph shall include:
a) the indication of the reasons for which you request the convening or documentation;
B) an indication that the taxpayer has the right to be represented or assisted by one or more persons
trust;
C) an indication of a reasonable period of time, depending on the complexity of the request and
not less than fifteen days, to exhibit the documentation;
D) indicating the date and time of convocation of the taxpayer at the Office. 3
. E 'right of the taxpayer in cases of force majeure or circumstance motivated request, within
terms referred to in c) and d) of the preceding paragraph, an exception to the same.
4. All access, inspections and tax audits in the premises where the business enterprise
, artistic or professional, are made on the basis of actual needs of the Office
Tax investigation and control on the site. They are held, except in exceptional and urgent cases,
during normal working hours in which the activities and such as to cause the least disruption possible
mode to perform the same activities as well as to commercial or professional relations of the || | taxpayer.
5. When you begin verification at the venue, the taxpayer has the right to be informed
of the reasons that have justified and the object as it is concerned, as well as the right to be
assisted by one or more persons of trust .

6. The stay of the Tax Office officials authorized to verification at the premises of the
taxpayer may not exceed in respect of any tax period, fifteen working days continuous
can be extended by five working days consecutive in particular cases | || identified survey complexity and motivated by the Tax Office director. The inspectors
after that period, they can not return to the headquarters of the taxpayer for the same tests already carried
.

7. At the request of the taxpayer, the examination of the administrative and financial reports can be
at the headquarters of the Office or at the controls industry Tax trusted professional who assists or represents
.
8. The observations and findings of the taxpayer and the person who eventually assists or represents
must strive act in the final minutes of the monitoring procedure referred to in
Article 108, paragraphs 3 and 4.
9. The decisions taken by the Tax Notice issued assessment, if
regarding this case to the public interest, shall be made public, also in the form of circular interpretative
tax laws, within the timeframe defined by the State Congress subject
guarantee of confidentiality of taxpayer information.

Art. 122
(Of service of documents Tax Office)

1. The notification of the minutes of control and the notices of assessment is carried out by the Office
Tax according to the provisions of Article 17 of the Law of 29 July 2013 n.100.

Art. 123
(Interpello quote)

1. Each taxpayer can submit in advance in writing to the Tax Office,
detailed and specific instances of interpellation concerning the application of tax provisions relating
of direct and indirect taxes to concrete cases and personal, if there
are objective conditions of uncertainty on the proper interpretation and application of the same provisions.
2. The Tax Office's reply, written and motivated, binds the latter with exclusive
reference to the subject matter of the question of questioning. If it does not respond to the taxpayer
within sixty days from the date of receipt of the ruling, it is meant that the Tax Office
agree with the interpretation put forward by the taxpayer or behavior while
and they can not be imposed sanctions against the taxpayer
limited to the subject matter of the question of questioning. It is null and void any act, also it contained tax or penalty
, issued in contravention of the answer. 3
. For some specific types of cases, behavior or transactions that will be identified in
special decree, the procedure for advance tax ruling could be initiated for the predetermination
of the tax base or tax relative to the transaction object interpellation .
4. The decisions taken by Tax in response headquarters all'interpello if
regarding this case to the public interest, shall be made public, also in the form of interpretative circulars of
tax purposes, within the timeframe set by Congress It has been subject to the guarantee of confidentiality
of taxpayer data.

TITLE X


THE COLLECTION
Art.
124 (Tax collection due to the declaration)

1. The general income tax payable according to the declaration, must be paid to the Tax Office
by the deadline for submission of the declaration referred to in Article 93, paragraph 1
, via the existing collection procedures tax through the Treasury

State. The taxpayer is required to keep the receipt for payment to the limitation period
Business assessment and to present it to the Tax Office.
2. All economic operators are expected during the year tax payment of two
General Tax payments to earned income, the first by 30 June, and the second within
November 30, both calculated to the extent of 35% of the tax due in the previous
. 3
. The payment referred to in paragraph 1 shall be made net of prepayments and withholding taxes paid as an advance
.

Art. 125
(Collection of withholding taxes)

1. Withholding made under Title VIII are levied by payment direct
. These payments must be completed within the two months following that in which the deduction was made
to the source or the year in which the monthly income from work
employees are accrued.

2. The deductions referred to in Title VIII, applied by financial entities acting as withholding agents,
must be paid as follows: a deposit of 50%, commensurate with the overall amount of
considered applied in the period d ' imposed before, is paid by 31 July of each year and the
adjustment, upon certification by the withholding agent, it must be paid within the first two months
year following that to which the deductions are reported. 3
. The statement of withholding Free taxpayer taxpayer from the obligation
declarative in relation to the income on which the restraint was applied, when it is outright
.

Art. 126
(Compensation)

1. The sums in debt of the taxpayer in relation to the general payment of the tax on income
whether due as the balance or deposit can be paid by
compensation with any sums to credit of the same related to the same tax
or tax on imports.
2. It 'also allowed the compensation in the case of amounts debited or credited to the relevant taxpayer
as substitute taxpayer provided they referred to the Office of taxes
Tax. 3
. The application of the compensation arrangements are set out in a circular Tax Office.


Art.
127 (receipt of payment)

1. All general tax payments on income performed:
a) by way of true fate or interest or penalties;
B) as the balance or deposit;
C) by the taxpayer taxpayer or withholding agent;
D) in due time or late;
Must be made in favor of the Property Tax in accordance with the procedures laid down
Service of the State Treasury, and shall be supported by appropriate receipt.

2. The bank receipt must contain the date of payment, indicating the amount in
figures and words, the indication of the area and the reason for payment and the date stamp with the cashier of the Treasury
State Institute or credit authorized by it to have received
payment. Cashier's stamp does faith for the purpose of determining the date of payment. 3
. If paying via computer receipt, also in electronic format, it must be
emitted by the application on which the transaction is performed. In this case, the purpose of determining
of the payment date shall be authentic in each case the date and time of the transaction recorded
by the application, which must be shown on the receipt.
4. In case of payment in full or partial compensation amount in the receipt issued by the Office Tax debt it is
and the same must contain the separate disclosure of the amounts in debt and those on credit
.

Art. 128
(Late payments)

1. The payment of the tax after the deadline referred to in Articles 124 and 125, even after controlling
or notice of assessment involves applying the ends of the taxpayer's interests on arrears calculated
, on the amounts not paid or paid to a lesser extent or paid after the expiry by
after the date specified for payment and until the actual payment day.
2. The measure is equal to the legal interest rate plus two percentage points. 3
. The charge in interest expense combined with other financial penalties.
The interests do not apply to the amounts due by way of penalty.

Art. 129
(Levying a result of notice of assessment)

1. Taxes or additional taxes due on the taxable income assessed, together with interest and penalties imposed
, they are due by the taxpayer within sixty days from the date of notification of the opinion
assessment.
2. In case of payment in the aforementioned terms of the amount of penalties imposed is reduced by 50%
. 3
. The alert issuance of verification shall include the payment of the interest on
taxes or additional taxes due on the taxable income ascertained, the deadline for the payment of taxes
for the period to which they refer, and until the day issuing the alert.
The payment of the debt amounts to the taxpayer within the period referred to in paragraph 1 shall not give rise
application of further interest.
4. In the absence of the provisions of the preceding paragraph, the taxpayer is required to pay interest
contents in the assessment and those calculated on taxes or more
taxes payable on the taxable income ascertained, as from the day following that Notice of issuance of
investigation and until the actual payment day.

Art. 130

(Collection by role)

1. Upon expiration of the term referred to in paragraph 1 of the previous Article 129 of the Tax Office
shall, in accordance with Law 70 of May 25, 2004, enrollment in the role of debt in amounts of
taxpayer and not collected corresponding to taxes or additional taxes due on the taxable income ascertained
, default interest and penalties.

2. The formation and collection of the role takes place in accordance with Law 70 of 25 May 2004
with the specifications set forth in the following paragraphs. 3
. Interest is calculated from the date the deadline for the payment of taxes
for the period to which they refer and to the role of the due date, as required by the rules
concerning the role of education as per Law May 25, 2004 n.70. In case of non-payment
role in terms of law on the same apply default interest to the same extent provided for in paragraph 2 of Article 128.

4. The roles can be formats without pre-established deadlines.
5. When the Tax Office has reasonable grounds to believe that the taxpayer can evade
by any means to pay the tax, can fill a special role at any time,
to be collected within thirty days from individual notification, that is made to the taxpayer by
State Tax Authority.

Art. 131
(Solidarity with the withholding agent)

1. When the withholding agent is registered as tax and financial penalties related to income on which
has not made nor the withholding or the related payments, the multiple liability is replaced solid
.

Art. 132
(Special provisions for the collection)

1. In cases of non-payment by the due date of the tax due shown in the statement
, including the withholding agent, the Tax Office shall register in
role, in accordance with Law 25 May 2004 n. 70, the unpaid tax, penalties and interest
.
2. The procedure referred to in the preceding paragraph shall apply regardless of the action of assessment
referred to in Title IX, and it does not apply the statute of limitations provided therein.

Art.
133 (Repayment)

1. The taxpayer is entitled to reimbursement:
a) payments received in excess of the amount of the total tax due;
B) the tax paid and not due for final decision of the Commissioner of the law,
in the context of appeal proceedings before the courts;
C) of the mistakenly paid.
2. In the case referred to in paragraph 1, letter b), the taxpayer is entitled to
payment by the Tax Office, with interest from the date of payment until
to that refund. The interest is equal to the legal rate. 3
. The repayment of sums paid by deduction at source is allowed in favor of the substitute only
for the excess of the tax due by the latter for the tax period and it can be requested by
withholding only in the limit of the sums paid in excess of amounts withheld.
4. For amounts subject to withholding tax as a tax refund you can be requested only by the
withholding.
5. In the case referred to in subparagraph a) of paragraph 1 with the presentation of the balance
credit declaration it is for redemption, in other cases the claim for refund must be filed
Tax Office and, as regards sums paid as an advance by

Considered, it may also be brought in the annual tax return relating to the tax period
for which the payment was made.
6. The Office shall in relation to the application for reimbursement by December 31st of the
presenting, for the declarations submitted by the legal deadline. For reports filed over
said terms the Tax Office shall within six months from the date of submission.
7. After that period without the Tax Office has sent the taxpayer a notice
on acceptance or otherwise of the redemption request or if the Office decides otherwise
, the taxpayer may resort to judicial review within sixty days after the
expiration of such term or by the statement of the negative decision under Article 120
.
8. The execution of the payments under this Article shall not prejudice the activities of control and
establishment referred to in Title IX.
9. The liquidation of the refund is suspended in all cases where the taxpayer proves debtor in relation to the Office
Tax for the same office of taxes, unpaid after

Expiry of the normal time-limits prescribed by law. E 'in any case, the compensation allowed
office.
10. The Tax Office provides office correction of statements for which
as a result of the control, have encountered compilation errors in the statement that
have given rise to the payment of tax payable. In this case the refund is paid office, even in the absence of demand
by the taxpayer.

Art. 134
(tax account)

1. In order to facilitate the relationship IRS taxpayer and allow more efficient management of
tax payments, compensation and disbursement of repayments, by delegated decree
can be defined regulations for the management, at the ' tax office, so-called "fiscal accounts
" such as management tools of payment flows and reimbursement of taxes.


TITLE XI OF VIOLATIONS AND PENALTIES


CHAPTER I VIOLATIONS IN TAX MATTERS GENERAL INCOME TAX

Art. 135
(materials and compilation errors)

1. We consider wrong the statement that, without prejudice to the disclosure of all income and equity
elements, on which there is an obligation to declare, and completeness of the information provided other
by this Act, it contains calculation errors and determination of taxable income, the tax base or tax
.


Art. 136
(Infidelity of the declaration)

1. It is considered unfaithful, the statement in which either:
a) has been omitted by one or more income earned under this Act;

B) one or more incomes are indicated for a value less than the effective;
C) are indicated liabilities relate to costs actually incurred by the taxpayer but not
deductible or non-deductible for the purposes of this Act;
D) are indicated liability to any costs or expenses not actually incurred;
E) liabilities are shown at a value higher than the actual.

Art.
137 (Failure to submit the declaration)

1. It is considering the statement omitted does not validly submitted, in accordance with the provisions of Title VI
, within the terms of Article 93.
2. It is not considered omitted:
a) validly submitted late declaration after the deadline mentioned in Article 93 but
by December 31st of the presentation;
B) transmitted electronically to the declaration within the period referred to in Article 93 which is validated
following invitation from the Tax Office;
C) the declaration filed by the taxpayer within the period referred to in paragraph a)
a result of communication failure on the part of the employer within the period referred to in Article 85.
|| |
Art. 138
(Other violations)

1. Except as provided in the preceding articles of this Title are also
violation:
a) failure to submit on time the certificate referred to in Article 85;
B) failure to comply with obligations laid down in Title VII (accounts);
C) non-application of withholding taxes;
D) the delayed or non-payment or partial tax and withholding tax, even if
correctly indicated in the declaration;
E) the failure to preserve and display the Tax Office of the documents required by this law
for which fulfillment of the abovementioned obligations;
F) the failure to respond to the notices, requests and requests made by the Tax
under this Act;
G) any other violation of obligations established by this Act and any other rules relating to
income tax.


CHAPTER II OF THE FINANCIAL PENALTIES ADMINISTRATIVE

Art. 139
(administrative financial penalties)

1. The establishment of the infringements referred to in Chapter I of this Title
involves the application of certain administrative fines as follows:
a) materials and compilation errors: 10% of the increased tax due;
B) misrepresentation:
I. 1/4 to 1 time the higher tax due where the amount of tax evaded is less
to € 120,000.00;

II. 1/2 to 2 times the higher tax due when the amount of tax evaded exceeds
€ 120.000,00.
C) non-declaration: 1 to 3 times the tax due;
D) late declaration (Article 137, paragraph 2, letter a): € 400.00;
if presented within thirty days from the end of the presentation the penalty is reduced by half;
E) delays and omissions in the payment of the tax (Article 138, paragraph 1, letter d): 15%

Amount of taxes not paid in the event of failure, 10% in case of delay;
F) delay or omission in the payment of withholding taxes: 20% of the amount of withholding
not paid in the event of failure, 10% in case of delay;
G) failure to apply withholding: penalty equal to 10% of the amount of withholding does not apply
addition to the application of the penalty referred to in the previous paragraph f);
H) failure to meet the obligations laid down in Title VII: from € 2,000.00 to € 25,000.00;
I) breach of Article 138, paragraph 1, letter a): € 250.00 for each violation;
J) violations of Article 138, paragraph 1, letters e) and g): from € 100.00 to € 500.00;
K) violations of Article 138, paragraph 1, letter f): from € 2,000.00 to € 15,000.00;
L) breach of the obligations referred to in Article 100, paragraph 2: from € 100.00 to € 250.00 for each violation
;
M) breach of the obligations referred to in Article 86, paragraph 2: 5% to 15% of the value of the property does not
said.
2. The above sanctions are applicable with different measures, except as provided in
of limitations of assessment and control. 3
. It does not give rise to sanctions if the amount does not exceed the measure of
€ 25,00.
4. E 'in any case subject to the application of default interest, as determined by the provisions of Title X.

5. The sanctions referred to in this Article shall be doubled so that the maximum in the minimum
in the presence of omitted or incomplete indication in the statement of foreign income;
if the addition of new foreign income does not arise any tax liability will apply a penalty equal to 5% of such
income up to a maximum of € 15,000.00 stationary prejudice to the minimum amount referred to in previous paragraph 3.


Art. 140
(Penalties)

1. In addition to the sanctions referred to in this Chapter II shall apply in cases of violation referred to in this Title
, the criminal penalties provided for in the Criminal Code in the manner specified therein.
2. In cases of misrepresentation, when the amount of undue tax saving
exceeds € 75,000.00, for each fiscal year, the Tax Office is in any case obliged to report to the court the
conduct of the taxpayer for the purpose of establishing
offenses referred to in Article 389 of the Penal Code, regardless of the actual finding by the Office
Tax, facts or elements of crime indicators.

Art. 141
(Other sanctions)

1. The application of penalties for amounts greater than € 30,000.00 brings with it,
, payable by the taxpayer:
a) suspend the exercise of functions of representation and assistance in tax matters for a
no less than four and not more than twelve;

B) the inability to enter into contracts or supply with public administrations
for a period not less than one year and not more than three years.


Art.
142 (Determination of a fine)

1. In determining the extent of the financial penalty it must take account of the seriousness of the violations
, having regard to harmful consequences, direct or reflected, for the state.
2. The monetary penalty may be increased up to half towards who in the three years prior
has suffered the application of sanctions, both administrative and criminal, for one or more
violations of the same provision of law. 3
. The monetary penalty is reduced by up to half if the violation is of special tenuous.
4. The penalty is applied for each violation even if the same provision of law.
5. That the violation of the same provision is repeated only for uniformity
behavior, the sanction, taking into account the circumstances of fact, one time
can be applied. It is determined to the extent that it should be imposed for the most serious violation
increased from 1/4 to twice.


Art. 143
(Finding violations)

1. Violations of the rules contained in this Act and other laws on direct taxation, not a crime
constituents are detected by means of the minutes by the Tax
part of the control activities and assessment.
2. For violations that give rise to correction or investigations in office, the sanctions
has notified the taxpayer with notice of assessment; Appeals shall be subject
Article 119. In all other cases may be challenged according to the rite of the administrative process. 3
. The bodies of the Tax litigation may declare due the sanctions when the
violation is justified by objective conditions of uncertainty about the extent and the

Application of the provisions to which it refers.
4. The penalties are imposed by an order signed by the Tax Office
Director or his delegate.

Art. 144
(Persons responsible for the fine)

1. The monetary penalty is payable by those to be required, in person or by charging
observance of the rule infringed and contractual representative.
2. When the violation is committed, even for the competition, from a minor not comply with the requirement
personally violated, answers the monetary penalty the person exercising parental authority or guardianship
. 3
. When the tax is owed by a legal person or by agencies or organizations including non
with legal personality, meet the monetary penalty also the legal person, entity and
organization.
4. If more subjects are required, for any reason, the payment of the fine,
the obligation is joint and several.


Art. 145
(The sequence for fines and penalties)

1. The obligation on the monetary penalty is not transmitted to the heirs.
2. The successor at any title inter vivos in a commercial or industrial
is obligated to the tax authority, jointly and severally with its author, for payment, as well as
toll, the financial penalty that It has been imposed for breaches of the rules relating to taxes
about the company for the year in which the transfer took place, and for the previous two years. 3
. The obligation of the successor is limited to the debt for taxes and fines resulting
at the transfer date, the documents already notified and can not exceed the company
is finally determined for registration tax purposes, unless the transfer is done in fraud of the rights
tax administration, whose successor was aware. Knowledge is
presumed, unless the contrary is proved, when the transfer is made within three months
checks on the breach of a rule for which the tax law sets the Amercement
exceeds € 10.000 , 00.
4. At the request and expense of the party, the Office shall issue a certificate on the existence of disputes
underway and those already defined for which the debt is not met.
The negative certificate is full of liberation effect of the transferee of any joint liability with
transferor.



TITLE XII AMENDMENTS TO THE CRIMINAL CODE


Art.
146 (Tax Evasion)

1. Article 389 of the Penal Code is replaced as follows:

"Art.
389 (Tax Evasion)

Whoever omits the presentation of the tax return, when the amount of tax evaded
also determined by the synthetic route is more than € 25,000.00
is punished with imprisonment up to second degree with daily fine second-degree and third-degree disqualification
from representative duties and assistance in tax matters, from the offices of
director, general manager, mayor or member of the supervisory bodies and liquidator at
corporations and other entities with legal personality, by the conclusion of contracts or supply with
Public Administration.
Everyone emits or issue invoices or other documents for nonexistent transactions or services
is punished with imprisonment up to second degree and a fine as well as with third-degree disqualification of
in the previous paragraph.
Anyone who, in order to evade taxes, duties and charges in general or in order to allow third
evasion of such taxes using the invoices and documents referred to in the second paragraph or presents
Administration tax declarations making use of the same shall be punished with imprisonment
up to second degree and a fine, as well as with third-degree disqualification mentioned in the first paragraph
.

Except in the cases referred to in the second and third paragraphs of anyone, in order to evade taxes or
central government to facilitate the people's avoidance of such taxes makes statements using fraudulent means or
however, gives rise to fraudulent means shall be punished, if the amount of tax evaded is
exceed € 25,000.00 for each tax and for each tax period, with imprisonment up to
second degree, with daily fine and with 'third-degree disqualification from functions
representation and assistance in tax matters, the administrative management office, director general
, mayor or member of the supervisory bodies and the liquidator in companies and other entities with personalities
legal, by the conclusion of contracts or supply with the Public
Administration.

In case of recidivism, it also applies the third-degree disqualification from public offices and
suspending the operating license for six months.
The conviction carries the publication of the judgment.
With reference to the crimes referred to in the first and fourth paragraphs prescription raced at
from the date on which the notice of assessment.
For the purposes of this Article:
a) "invoices or other documents for nonexistent transactions" means the invoices or other documents of a similar probative
relief issued or issued in connection with operations or performance || | services not actually made in whole or in part or that indicate differing amounts to the real ones
or reporting the operation to entities other than actual or describe
operations and services different from those mentioned;
B) the "order to evade taxes" and "order to allow third parties evasion" include,
respectively, also the aim of achieving an undue reimbursement or the recognition of a non-existent credit
tax, and the order to allow them to third parties. If the act is committed
administrator, liquidator or company representative, organizations or individuals, the "
order to evade taxes" and "order to avoid payment" refer to the company,
institution or the natural person on whose behalf it is acting;
C) it has use of invoices or other documents for nonexistent transactions when such invoices or
documents are registered in the mandatory accounting records, or are owned or exhibited at the end of
proof in this dispute with the tax or released to third parties.
In the case of issue, use and release of invoices or other documents for nonexistent
operations or services, does not operate the proviso contained in Article 199a of the Criminal Code "except in cases of
in the crime. "".


Art.
147 (Omission of payment of withholding taxes)

1. After Article 389 of the Criminal Code is the following Article 389 bis:

"Art. 389 bis
(Skipping payment of withholding taxes)

Who does not pay withholding taxes operated as a substitute by way of advance payment or
sets, and the debt does not result from its tax return, if the amount exceeds
the annual amount of € 25,000.00 It shall be liable to the same penalties provided for in the fourth paragraph of Article 389
above.
Shall apply, mutatis mutandis, the remaining provisions of the sixth and seventh paragraphs of Article 389
above. ".



TITLE XIII FINAL AND TRANSITIONAL

Art.
148 (Commencement of the provisions and transitional derogations)

1. Except as provided in the following paragraphs the provisions of this Act shall apply
from the tax period 2014.
2. The provisions of Article 111 shall apply from 1 January 2015 with effect
its income in 2015 and subsequent cases. 3
. The deduction referred to in paragraph 6 of Article 103 applies only on profits made since 1st January 2014.

4. Notwithstanding paragraph 1 above the provisions of Articles 27-bis, 27-ter and 27-quater
Law 91 of October 13, 1984 shall continue to apply to the tax year 2014.
5. The provisions of Article 7D, paragraph 2 of Annex D, shall apply to contracts concluded
from 1 January 2014.
6. The provisions of Article 96 relating to stock records apply
having regard, for the purposes of identification of the value limits of revenues and inventories, to
tax periods 2013 and 2014. || | 7. Until the entry into force of delegated decree that governs the procedures for the certification
revenues through the use of electronic devices connected to a computer network, Article 100, paragraph 3
, is replaced by the following:
" 3. Notwithstanding the preceding paragraph of the economic operators:
a) carry out the sale of retail goods in premises open to the public;
B) carry out the administration in public exercises of foods and drinks;
C) carry out the provision of services to private individuals not cheap,
operators may elect, in lieu of the issuance of the invoice, bill, or equivalent document for
electronic communication of the daily fees as stipulated circular of
Tax Office. The circular will provide that:
- data transmission takes place on a monthly basis;
- Is a protocol used to transmit data to the end of their preparation and
certification. ".

8. Until 31.12.2017 Articles 13, 16, 17, 25, 102, 103 and 104 shall apply in the following terms:

"Art. 13
(income subject to separate taxation)

1. On the following income tax applies separately, in the manner of the next paragraph 2
:
a) self-employment income and business income referred to in Articles 4 and 5 of the subsequent Heads achieved
businesspeople, net of deductible expenses referred to in articles 14, paragraph 1, letters
b) and c) and 15;
B) capital gains referred to in Article 41, including those carried out on the occasion of termination
of self-employment or enterprise, and the starter realizable;
C) salaries and arrears on previous years and bonuses still paid as
end of the employment relationship or assimilated;
D) compensation for the termination of agency relationships or other relationships of coordinated collaboration and continuous
, however denominated and paid by anyone;
E) the fees referred to in paragraphs b) and c) of Article 6 of the Law of 20 May 1985 59;

F) the compensation, similar remuneration paid to the members of the Great and General Council or
State Congress and to fulfill, in the Republic of San Marino, are elected representatives of
public functions;
G) at the option of the taxpayer, the foreign dividends;
H) at the option of the taxpayer, interest, premiums and other income generated by foreign bonds
or other foreign debt instruments other than shares;
I) at the option of the taxpayer, the interest on current accounts held with
foreign financial institutions;
L) fees for severance indemnities for directors of companies.
2. Income referred to in paragraph 1, the tax is determined as follows:
i) point a) and l): 17%;
Ii. b): 8%;
Iii. c) up to the amount of € 5,000.00 tax rate of 2.5%, the excess
rate of 5%;
Iv. letters d), e) and f): 12%;
V. g): 3% on net border; There
. letter h): 8% on net border;
Vii. point i): 11% of net border. 3
. With reference to the previous paragraph with the definition "net frontier" means
the amount of foreign income component as charged by the taxable net of
any taxes paid in the state of source.
4. The tax rules referred to in this Article, including the amount of taxation are
modifiable by delegated decree.

Art. 16
(subjective Deductions)

1. From income tax owned by individuals they are deducted:
a) € 250.00 for a dependent spouse not legally and actually separated;
B) € 250.00 for each dependent child;
C) € 125.00 for parents and in-laws even if not cohabiting;
D) € 125.00 for each additional family cohabiting dependent;
E) € 125.00 for relatives and in-laws who actually exercise their right to food.
2. In reference to the letter b) of paragraph 1 shall be deemed to be borne:
a) the minor children, including recognized natural children, adopted children, affiliates and illegitimate children not recognized
provided cohabiting with the taxpayer ;
B) the eldest sons of age unable to work permanently and those aged up to 26 years
who attend legal courses, including recognized natural children, adopted children, the
affiliates and illegitimate children not recognized provided that cohabiting with the taxpayer. 3
. The persons referred to in letters a), c), d) and e) of paragraph 1 shall be considered dependent if they have
its gross income for an amount of less than € 7,500.00 and if residents. The aforesaid limit does not apply in relation to
income received by persons with disabilities.
4. The tax deductions for dependents are proportional to the months of the year and not
compete for non-established taxable persons.
5. The deductions referred to in paragraph 1, except for that provided for in subparagraph a) of the same
paragraph may only be used by either spouse, or, alternatively, both at 50%
each. In the case of legal separation or annulment and effective,
dissolution or termination of the civil effects of marriage, the deduction, unless otherwise agreed, to the extent of 50%
among parents.

6. The deductions referred to in paragraph 1, letter c), d) and e) are usable in full by a single taxpayer or
pro quota by taxpayers who take the family burden.
7. The deductions referred to in paragraph 1 shall be increased by 20% if the number of dependent family members
exceed two units or when the family dependent is a person with a disability or
person permanently sick.

8. The assessment by the Office of Tax in chief income for dependents
beyond the threshold referred to in paragraph 3 above, leads to the taxpayer the ineffectiveness of the deduction and the
consequent adjustment of the declaration.
9. For income referred to in Articles 24, 25 and 26 of the tax up to € 15,000.00 they are deducted from tax
€ 100.00.
10. For income referred to in Articles 27 and 29 shall apply the following deductions from tax:
- € 500.00 for the taxable income up to € 25,000.00;
- € 250.00 for the taxable income of € 25,000.01 to € 35,000.00.
11. The deductions referred to in this Article may be amended by delegated decree.

Art.
17 (Levying)

1. The general income tax referred to in this Title II is computed applying progressive
in increments shown in Table 1 of Annex C of this law.
2. For those holders of income from self-employment and enterprise, for whom the
provisions of former Article 13 paragraph 1 letter a), the tax on income other than
predicted is determined by applying the Ranges of progressive taxation referred to in paragraph 1,
based on tax rates and bands applicable due to the amount of such income to the income of
enterprise or self-employment. 3
. For the entities mentioned in the preceding paragraph 2) the charges provided for in Article 14 paragraph 1 letter a)
apply and are deducted exclusively from income not subject to separate taxation.

Art. 25
(income assimilated to those of employees)

1. They constitute, moreover, the employment income or are assimilated to such income:
a) annuities established for consideration;
B) the arrears emoluments relating to previous years, referred to in subparagraph c) of paragraph 1 of Article 13 the
where taxation takes place according to the same article 13, paragraph 2, letter iii;
C) any other periodical check, however named, whose production does not involve nor
capital or labor;
D) the remuneration of the members of production and labor cooperatives, regularly recorded, resulting from
allotment of profits or production bonuses or budget, to the maximum of 20% over the limits set by bargaining
collective in force;
E) the rebates in favor of members of consumer cooperatives organized among consumers.
2. To income referred to in point b) of paragraph 1 shall not apply deductions referred to in paragraph 4 of the previous article 24.


Art. 102
(income from self-employment and similar)

1. All traders, agricultural enterprises, the state and public and private bodies, which correspond
, even occasionally, compensation in cash or kind or any name for

Self-employed work or assimilated, as defined in Article 27, to persons resident
abroad, even when the services are carried out in business arrangements, have to operate a withholding
as d 'tax of 20%. Withholding tax, if the percipient resident individual
abroad, is also operated on bonuses for the termination of coordinated and continuous
cooperative relations, however named, referred to in subparagraph d) of Article 13, paragraph 1.
2. Notwithstanding paragraph 1 has made a withholding tax of 7% title if the percipient place
artistic or cultural significance services having the characteristics defined in a circular
Tax Office. 3
. The deduction does not apply:
a) redemptions at the bottom of the list to the documented expenses of travel, room and board;
B) the documented expenses incurred in the name and on behalf of the buyer, when the received,
receipt or invoice must be issued to the same contractor.

Art. 103
(equity income)

1. Except as provided in paragraph, all persons obliged to compile annual
of the financial statements with the account of profits and losses, which correspond to different subjects
income capital by banks and finance companies under Law 17 November 2005
165 and subsequent amendments thereto, must deduct tax, as a tax and
to be passed, by 13% on the same income. The withholding tax is applied at a rate of 10% if such income
concern bonds and similar debt securities, the San Marino law,
provided that their duration is not less than thirty-six months and that the repayment does not take place
before that deadline.
2. On investment income paid by banks and financial companies under Law 17

165 of November 2005, and subsequent amendments and additions, has made a deduction, to be passed
. The amount of withholding is determined as follows:
a) to the extent of 11% on interest from bank account or deposit;
B) to the extent of 5% on interest expense and other income paid in connection with operations
"repurchase agreements" on securities and securities of any kind or nature;
C) the extent of 5% on interest expense and other income from certificates of deposit
if such certificates have a duration of less than eighteen months; the rate of 4% if they have a
duration equal to or exceeding eighteen months;
D) the rate of 4% on interest expense and other income relating to bonds
issued by persons authorized under Law 165 of 17 November 2005, and subsequent amendments and additions
. 3
. With reference to the separate taxation of interest, premium and other income generated by
foreign bonds or other various foreign debt securities by the actions referred to in Article 13,
paragraph 1, letter h), when these are implemented by means of a financial intermediary
San Marino, the substitute tax referred to in paragraph 2, letter there, the same article
is levied by withholding at source as a tax. At the option of the taxpayer aforesaid withholding
it can be considered to taxes title and the aforementioned income bear to the total income of the recipient
according to its tax regime.
4. The deductions referred to in paragraphs 2, 3 and 7 shall not apply where the recipient is:
a) a bank;
B) another authorized person in accordance with Law 165 of 17 November 2005, and subsequent amendments and additions
, other than a bank, who receives payment of interest and / or equivalent income on behalf
own;

C) a foreign company that, under the rules in force in their home State, it carries one or more equivalents
the restricted acts set out in Annex 1 to Law 17 November 2005
n .165. If the predicted foreign entity operates by means of an authorized person referred to in the previous
letter b), in order to benefit from the exemption, the latter is required to disclose under
its own responsibility, act ignition of the report, the identification data of the subject foreign
, the authorized party that matches or pay the interest or equivalent income;
D) a foreign collective investment; for mutual funds in law
San Marino remain without prejudice to the exemptions provided for by Law 15 January 2007 4.
5. For the collection of withholding in the preceding paragraphs, the provisions set forth in Article
125, paragraph 2. 6
. Profits distributed and paid to individuals by resident corporations are
subject to withholding tax of 5% as a tax. Profits distributed and paid by
resident corporations to entities other than individuals are not subject to retention at
condition that the recipient state to the company that distributes the profits not to act on behalf of a
physical person.
7. With reference to the separate taxation of foreign dividends provided for in Article 13,
paragraph 1, letter g), when these are implemented by means of a financial intermediary
San Marino, the substitute tax referred to in paragraph 2, letter v, the same article, is
levied by withholding at source as a tax. At the option of the taxpayer aforesaid withholding
it can be considered to taxes title and the aforementioned income bear to the total income of the recipient
according to its tax regime.
8. The withholding tax on interest and other income referred to in paragraphs 1, 2 and 3
paid to companies and entities resident in the same class - except persons referred to in Article 10, paragraph 3 - it
intends operated in as an advance.
9. The deductions set out in this Article may be varied by delegated decree on
proposal of the State Congress.

Art. 104
(Other income)

1. With reference to the reserves referred to in Article 41, paragraph 1, letters b) and c) where the
are carried out through a financial intermediary San Marino, the tax under Article 13
, paragraph 2, point ii, is collected by means of withholding tax as a tax.
Option on the taxpayers the aforesaid withholding taxes can be considered a title and the aforementioned income
bear to the total income of the perceiving subject in its appropriate taxation
.

2. The withholding tax referred to in Article 8 of Law 117 of December 20, 1984 is enacted in
2.5% measurement. 3
. The deductions referred to in paragraph 1 shall not apply if the recipient is:
a) a bank;
B) another authorized person in accordance with Law 165 of 17 November 2005, and subsequent amendments and additions
, other than a bank, who receives payment of interest and / or equivalent income on behalf
own;
C) a foreign company that, under the rules in force in their home State, it carries one or more equivalents
the restricted acts set out in Annex 1 to Law 17 November 2005
n .165. If the predicted foreign entity operates by means of an authorized person referred to in the previous
letter b), in order to benefit from the exemption, the latter is required to disclose under
its own responsibility, act ignition of the report, the identification data of the subject foreign
, the authorized party that matches or pay the interest or equivalent income;

D) a foreign collective investment; for mutual funds in law
San Marino exemptions are still provided by the Law January 15, 2007 # 4. ".

9. The provisions of which:
- Article 13, paragraph 1, letter g), referred to in paragraph 8 above,
- Article 103, paragraphs 3 and 7, as referred to in paragraph 8 above ,
- Article 104, paragraph 1, referred to in paragraph 8 above,
come into force on 1 July 2014.
10. Until 31.12.2014 Article 14 shall apply with the following content:

"Art. 14
(deductible expense)

1. From the total income, determined in accordance with the provisions of this Title II, net
tax exempt and which are subject to separate taxation, if not deductible in
determination of individual income and cumulatively to the other deductions allowed by this law, are deduced,
if incurred during the period of reference sets:
a) the expenditure incurred in the territory of San Marino for the purchase of goods or services provided they are documented by
invoice or equivalent document or made by electronic payment instruments defined with
delegated decree;
B) the costs related to diagnostic advice therapies or products not borrowed, included among
types defined by a special circular Tax Office, provided
documented by invoice or equivalent document or made by electronic means of
payment referred to in point a) above;
C) the expenses referred to in Annexes A and B of this Act.
2. Liabilities, referred to in item a) of the preceding paragraph, are deductible up to a maximum amount corresponding to the difference between
€ 9,000.00 and the amount of the deduction referred to in Annex C, Article
C1,
paragraph 3. 3. The total amount of deductible liabilities, referred to in point b) above, is determined
in an amount equal to € 2,500.00.
4. The deductions referred to in this article do not belong where the Tax Office given such
investigation summary of the total income of the taxpayer, subject to the demonstration by the
taxpayer that the investigation summary is due to force majeure.
5. The liabilities referred to in paragraph 1, letter a), they are usable by persons
fiscally resident in the State and cross-border workers.
6. The liabilities referred to in paragraph 1, letters b) and c) are accessible only by persons
tax resident in the State.
7. The provisions of this Article and those listed in Annexes A and B can be changed
by delegated decree, which can complement and also change the rules for the application of the same, as well
predict limits on the types of goods and services referred to in paragraph 1, letter a).
8. The Tax Office, as part of monitoring and assessment, can disown
in whole or in part the application of the deductible liability if it is found, subject to proof to the contrary
provided by the taxpayer, phenomena of abuse and / or undue deduction
aimed exclusively at the achievement of the tax benefit. ".

11. The delegate decree referred to in Article 14 may provide for transitional exceptions to the rules governing deductions
set out in that Article 14, paragraph 1, letter a).
12. Until the date of 30 April 2014, the withholding tax referred to in Article 101, paragraph 4 was
proportionate to their estimated annual income in relation to the rates in force and taking into account the

Deductions in Article 15, paragraph 1, letter a), as well as any deduction referred to in Article 14
paragraph 1, letter a) and paragraph 2, even in the absence of the taxpayer's request.

13. The provisions of Article 23, paragraph 2, shall apply as from tax year 2018
.

Art. 149
(Coordination with pre-existing Tax regime)

1. The provisions of Law 91 of October 13, 1984 and subsequent amendments and additions,
well as the provisions of other laws related to it, continue to apply and shall remain in force with
reference to tax periods prior 2014.
2. The monitoring and assessment of related on income for tax periods prior to 2014
continues to be performed in accordance with Law 91 of October 13, 1984. 3
. With regard to tax 2014 and subsequent periods are ineffective the provisions contained in
other laws or measures which conflict with that of the present law.
4. Without prejudice to the powers provided for in the preceding articles, the State Congress is authorized to
adopt delegated decree the implementing provisions and coordination of this Act
necessary for its implementation and the resolution of conflicts with other provisions; The delegation referred to in this paragraph
cease to work on 31 December 2015.
5. The State Congress has delegated to the reorganization of capital income and withholding taxes for different income
and the harmonization of rules in the Laws March 17, 2005 38 (Regime of the tax
Trust) and January 15, 2007 n.4 (tax Framework for mutual funds)
with the provisions of this Act, to be adopted by means of delegated decree; The delegation referred to in this paragraph
cease to work on 31 December 2015. 6
. Within two years from the entry into force of this Act the provisions of the same
can be modified by delegated decree.
7. And 'repealed Chapter I, Title I, of Law 27 June 2013 n. 71, except that the
projects already authorized and started the entry into force of this Act shall remain subject
by previous legislation.
8. And 'repealed Article 4, paragraph 6, of the decree of 26 March 1996 n. 37.
9. It mandates the State Congress to promote timely initiatives to
reorganize and retrain the organic structure of the Office Tax Law, with particular reference
start of training programs for staff, for the implementation of
provisions of this law. In this regard, by delegated decree may be enacted specific provisions to
achieve the above purposes.

Art. 150
(Special Income Tax)

1. As from fiscal year 2014 and until the 2017 tax period, the
taxpayers exercising business activities and self-employment are required annually
pay a special income tax as follows: || | a) self-employed € 1,000.00;
B) Individual companies and persons € 1000.00 society;
C) sole proprietorships and partnerships in simplified accounting € 500.00;
D) enterprises established in the legal form and institutions assimilated € 2,000.00.
If the amount of ordinary business revenues for the previous fiscal year exceeds € 300,000.00
to the amounts referred to in subparagraphs a), b), c) and d) respectively.

2. The tax must be paid within the first quarter of fiscal competence
directly at banks or through compensation with receivables
available at the counter Cash Tax Office. In the case of individual licenses in joint names the
tax payment covers economic activity as a whole and not per individual
co-holder. For the first six years of operation, reference is made to the first release of
license or, in the case of self-employed workers, enrollment original Labour Office. 3
. The special income tax, non-deductible for the purposes of determining the income can be deducted
general income tax due for the year as it relates;
Any tax surplus or the entire tax in the event that is not due
can be deducted in the following four tax years.
4. Are exempt from the special tax:
a) businesses and the self-employed in the first six years of operation;
B) undertakings in liquidation or have ceased operations;
C) subjects already required to pay the tax on the authorization to perform the reserved activities mentioned
Article 53 of Law 168/2009;
D) organizations, foundations and associations having non-profit and all subjects
exempt from filing the return of income under this Act;

E) cooperatives, consortiums and other institutions and assimilated.
5. Notwithstanding the provisions of paragraph 1, the beneficiaries of the tax breaks
under Law 134 of 24 November 1997 "Law in support of young businesspersons and female
" are required, regardless of the legal form operation of the business, the
minimum income tax payment in the amount of € .500,00.
6. The absence or inadequacy of minimum income tax payment by the deadline referred to in this Article
proven by Tax within the ordinary terms of limitation of
assessment, it involves the application of the financial penalty Administration of 15% of tax due
. The payment with less delay or equal to thirty days
give rise to an administrative penalty equal to 5% of tax due; for delays of more than thirty days
administrative fine is equal to 15% of tax.
On late payments shall commence, according to law, interest at the legal rate plus two percentage points. No
issued orders to pay for defaults on payment of the tax (
penalties and interest) if the amount does not exceed € 10.00. also they are not due payments or refunds
when the entire amount does not exceed € 10.00 on an annual basis.
7. The tax referred to in this Article is applied, in the four years 2014 - 2017, according to the following percentages
:
- years 2014 and 2015: 100% of the amount;
- 2016: 75% of the amount;
- 2017: 50% of the amount.

Art. 151
(General Coordination Regulations)

1. The Tax Office has the right to access, without the need for licenses or permits
however also denominated in derogation from the current legislation, to databases held by
following offices or organizations:
- Civil Status Office ;
- Technical Office of the Land Registry;
- Vehicles Registry Office;
- Labour Office;
- Office of the Register of Mortgages;

- Authority for Civil Aviation and Maritime Navigation;
- Commercial Registry of the Court Act;
- The Institute for Social Security pension sector;
- Office of Industry and Commerce;
- Office Managing Environmental Resources and Agriculture;
- Company utilities sector of the Autonomous State for Public Services;
By delegated decree can change the list that precedes and may be included in the criteria and
how to access to these databases.
2. The Central Bank of the Republic of San Marino, the Financial Intelligence Agency,
the Central Liaison Office and the Office of Control and Supervision of Economic Activities,
in compliance with the provisions which govern the operation, report to the tax Office the case
of which they become aware in the context of their activities that can configure illicit
tax. 3
. Article 6, paragraph 3, of the 129/2008 Chief Executive Decree shall be amended as follows:
"The figures for the San Marino Card will be collected and processed in accordance with Law 70 of 23 May 1995
. ".
4. The Observatory Prices, under the Decree 25 January 2006 n. 9, collaborates with the Secretariat of State
for Finance and Budget in order to implement a specific monitoring of the
prices and tariffs included in the delegated decree referred to in Article 14, paragraph 1, letter to).
5. When, for access to benefits, financial benefits, benefits, social or health services,
rankings or anything of the like, of the Public Administration's competence, according to current regulations
detect the applicant's income and / or his family or refer
to the tax return of the same, they must be taken into account all income received
although not included in the declaration provided for in Title VI of this Act, in
as exempt or subject to separate taxation or exempted for other reasons. The applicant is therefore required
communicate such income and the Office interested in acquiring the data related with regulated by special circular
mode issued by the Secretariat of State for Finance and Budget.

Art.
152 (Standing Committee for the monitoring of taxation)

1. And 'established the "Permanent Commission for the monitoring of taxation", an organization Advisory
and verification, with the following tasks:
a) evaluate and verify the effectiveness of the tools provided by this Act, in particular those | || concerning the establishment and the real emergence of the incomes;
B) monitor the widening of the tax base and analyze application problems and

Effectiveness of regulations, engines and any deficiencies and suggesting legislative changes necessary
;
C) expressing preliminary opinion and mandatory content of the decrees under this law
by the report accompanying the approval process of the same decree;
D) submit to the Great and General Council, at the end of each fiscal year, a report on the application of this Act
proposing any corrective;
E) analyze, at least on a half-year, statistical data on the checks and
assessment and data on the use of electronic payment instruments provided by
legislation for the deductibility of expenses .
2. The Permanent Commission shall be appointed at the beginning of each parliamentary term for the duration of the legislature
same and consists of:
a) the Secretary of State for Finance and Budget who presides;
B) two members appointed by the Great and General Council;

C) three representatives of trade unions of workers legally recognized;
D) three representatives of organizations of employers and professional associations. 3
. The Standing Committee is convened at the initiative of the President or at the request of at least one of the parties represented
.
4. The Permanent Commission, to fulfill their functions makes use of staff and
data provided by Tax.

Art.
153 (Entry into force)

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


Our Residence, 16 December 2013/1713 dFR


THE CAPTAINS REGENT
Gian Carlo Capicchioni - Anna Maria Muccioli



THE SECRETARY OF STATE FOR INTERNAL AFFAIRS


Gian Carlo Venturini ANNEX A


Deductible liabilities List referred to in paragraph 1, letter c) of Article 14

1. funeral expenses for an amount not exceeding € 3,000.00 for each event.
2. Interest expense paid in respect of loans or agricultural or real estate loans, relative to
property or land in the territory, to the following extent:
a) in full, the interest paid on loans for the first house with principal guarantee or ancillary
state (so-called subsidized housing);
B) up to a maximum of € 1,600.00, interest paid on loans secured by mortgages.
This limit does not apply if the funding is relating to a building or land on which
is active subsidized financing referred to in paragraph a). 3
. Premiums paid for life insurance and those of accident insurance
entered into with top-term policies to five years, up to a total of € 2,000.00.
4. periodic maintenance payments paid to a spouse, excluding those destined for
child support, depending on the legal and effective separation or a declaration of invalidity,
dissolution or termination of the civil effects of marriage, provided that they are on
judicial measures. The provision shall also apply in the event that such measures require the
payment of alimony even to relatives up to the third degree and relatives within the second degree
.
5. The annual school fees and other similar charges for enrollment and attendance of courses
professional, secondary or university education up to a maximum amount of € 5,000.00;
6. The lines for the attendance of kindergartens.
7. Up to a maximum amount of € 3,500.00 rental costs and school fees or
boarding incurred by the frequency of the courses referred to in Article 2 of the Law of 21 January 2004 n.5 with headquarters outside
territory.
8. € 5.000,00 for the assistance to people in the family permanently sick.
9. 50% of the rent of buildings used for residential use, where the
tax resident taxpayer has his actual residence. The aforementioned percentage is high
80% when the tenant registry has an age of less than thirty-five.
10. Donations or donations to the state and public institutions of San Marino law.
11. Donations or donations to the Catholic Church and associations or entities for purposes
cultural, social, humanitarian, recreational, sports non-profit-making to an extent not exceeding
€ 1.600,00.
12. Voluntary social security contributions paid to the Institute for Social Security and entities as well as social security
amounts paid to agencies or companies for the purpose of supplementary pensions, according to
contractual term relationships not less than five years, up to € 2500.00.

13. Expenses related to the use of baby-sitter to an extent not exceeding € 2,000.00 if the following conditions
: regular intake as a result of the unavailability of childcare places and up to
end of the third year of age child.
14. € 2,000.00 for the pre-adoptive foster care, even after international adoption.
15. The costs for dental prostheses and health and those for orthodontic and dental care, to an extent
total not exceeding € 1,600.00, for the owner of the income for each member of the
borne household.
16. 50% of the costs for psychotherapeutic assistance to the maximum extent of € 1,500.00.
ANNEX B


Deductible liabilities List referred to in paragraph 1, letter c) of Article 14 of incentive policies to support environmental and seismic safety


1. The costs relating to procedures for delivery of energy performance certificates qualifying winter
(AQEI) relating to buildings or building units are subject to a voluntary certification
under Article 20 of Law 72 of 7 May 2008; these expenses are deductible on the basis of the maximum amount of
€ 5.000,00 and Invitational include the charges incurred for the engagement to professionals or technicians
operating in the sector and the remuneration paid to energy certification (CE) appointed by | || owner of the building or building unit. In the event that the costs relate to
voluntarily activated procedures as a result of improvement of energy class
building or building unit as referred to in paragraph 3 of the same Annex the sum
maximum deductible increased to € 7,500.00.
2. Expenses related to the planning and realization of construction projects, which is expected
, in mind Article 17, paragraph 1 of Law n.72 / 2008, energy certification mandatory
and that, following the procedures laid down in articles 19 and 21 of Law 72/2008, involving the building or housing unit
interested attribution of one of the four best classes energy performance
identified by delegated decree adopted under Article 6, paragraph 1, of the 72/2008 Law
b). The total deductible amount may not exceed 50%
expenses incurred and comply with the following limits:
a) for intervention at the end of which is attributed to the class B: maximum sum of € 10,000.00 in
tax period for a maximum of ten times;
B) interventions at the end of which is attributed to the class A, class A + and A ++:
maximum sum of € 15,000.00 per tax year for a maximum of ten times. 3
. The costs related to the design and implementation of construction projects for which it is achieved
, in mind Article 17, paragraph 2 of Law 72/2008, energy certification
voluntary and that, following the procedures laid down in articles 20 and 21 of Law 72/2008, involving
an improvement of at least one energy performance class than the one attributed to
artifact concerned, pursuant to delegated decree adopted in mind of 'Article 6, paragraph 1, letter of the 72/2008 Law
b), and the allocation of at least class C. the total
deductible amounts may not exceed 50% of the costs and meet the following limits:
a) for intervention at the end of which is attributed to the class C: maximum amount of € 7,500.00 in
tax period for a maximum of ten times;
B) interventions at the end of which is attributed to the class B: maximum sum of € 10,000.00 in
tax period for a maximum of ten times;
C) for operations at the end of which is attributed to the class A, class A + and A ++:
maximum sum of € 15,000.00 per tax year for a maximum of ten times.
4. Expenses related to the execution of redevelopment and plant engineering
out respectively in Articles 22 and 23 of the 72/2008 Law. The total
deductible amounts may not exceed 50% of the costs incurred up to a maximum of € 6,000.00 per fiscal year
and for a maximum of ten times.
5. Expenses related to interventions for reducing potable water consumption
referred to in Article 31 of Law 72/2008 and expenses related to interventions that provide power to the toilet with rainwater
. The total deductible amount may not exceed 50% of the costs incurred
for a maximum of € 5,000.00 to the tax period, for a maximum of five times.
6. Expenses related voluntary the carrying on existing buildings for assistance provided under the 72/2008 Law
Article 32. The total deductible amount may not exceed


50% of the costs incurred up to a maximum of € 5,000.00 to the tax period, for up to five periods
.
7. Expenditure on the purchase and installation of photovoltaic systems, wind power, solar thermal, geothermal and cogeneration
. The total deductible sums are defined by deducting
any grant provided for in Article 2, paragraph 1 of the Chief Executive Decree No.128 / 2009
and within the following parameters:
a) photovoltaic, wind power, and geothermal: deductible amount not exceeding 50% of the costs incurred
for a maximum of € 5,000.00 to the tax period, for a maximum of five times;
B) for solar thermal plants: Deductible amount equal to 100% of the costs incurred up to a maximum of € 5,000.00
in the tax period, for a maximum of three periods;
C) for cogeneration plants: deductible amount not exceeding 50% of the costs incurred for
a maximum of € 8,000.00 to the tax period, for a maximum of ten times;
D) in cases where the Authority for the regulation of public services and Energy (Authority) verifies the
particular scale of intervention, the maximum annual amount deductible for the purchase and the
'installation of the equipment contained in this section 7 is raised to € 15,000.00.
8. A mind the provisions of article 31, third paragraph of the 91/1984 Law, the
documentation to be attached to the declaration, for the admissibility of deductions referred to in paragraph 1 shall be defined by the Authority
.
9. Expenses related to the planning and realization of construction projects relating to the adoption of anti-seismic measures
particularly with regard to the execution of works on the structural parts, for
drafting of mandatory documentation to prove the structural safety of the heritage
building, as well as the realization of the actions necessary to obtain such documentation.
The interventions in the case of anti-seismic measures should be made on the structural parts
building or complex of buildings connected structurally and understand entire buildings or entire drives structural
. If concern historical centers, must be carried out on the basis of joint projects and not on
individual units. If the restructuring takes place without demolishing the existing building and
expansion of the same, only entitled to deductions for expenses relating to the existing part, in
As the extension is configured as a "new building." The total amounts deductible
, for each housing unit, may not exceed 50% of the expenses incurred and
to the following restrictions:
a) for intervention at the end of which is achieved a degree of seismic safety including
between 50% and 70% adjustment seismic roadworthy provided for in paragraph 2, Article 7 of Law No.
. 5/2011: maximum amount of € 5,000.00 to the tax period for a maximum of ten
periods;
B) interventions at the end of which is reached a higher level of seismic safety at the 70% adjustment seismic
roadworthy provided for in paragraph 2, Article 7 of Law no. 5/2011
: maximum amount of € 10,000.00 per tax year for a maximum of ten times;
C) for operations at the end of which you are achieved a degree of seismic safety corresponding
seismic adjustment to technical standards laid down in paragraph 2, Article 7 of Law no. 5/2011
: maximum amount of € 10,000.00 per tax year for up to fifteen times.
10. The deductions referred to in the preceding paragraph shall be subject to the granting of structural
referred to in Article 10 of Law no. 5/2011.
11. The Annex of the same paragraph 9 deductions referred to in subparagraph c) are also due in the event of
demolition and reconstruction of the entire building.
ANNEX C


Art. C1

1. Tax rates and tax brackets and the levying of personal income.


Scaglioni rate of income tax up to € 10,000.00


9% from € 10,000.01 to € 18,000.00 13% € 18,000.01 by
to € 28,000.00 17%
from € 28,000.01 to € 38,000.00 21%
from € 38,000.01 to € 50,000.00 25%
from € 50,000.01 to € 65,000.00
28% from € 65,000.01 to € 80,000.00 31% € 80,000.00
Over 35%

2. The brackets are adjusted every two years according to the increase in the cost of
life. 3
. From taxable income referred to in Articles 24, 25 and 26, calculated pursuant to Title II, it is
deduce a maximum amount of € 9,000.00. Such deduction is up for the part corresponding to
relationship between the amount of € 40,000.00, less income referred to in the previous paragraph, and
the amount of € 31,000.00. If the above ratio is greater than or equal to 1, the deduction is due for

whole; if the same is zero or less than zero deduction does not compete; in other cases, for the purposes of
predicted value, they are included in calculating the first four decimal places.


Art. C2

1. The general income tax referred to in Title III of this law is determined by applying the
proportional rate to the extent of 17% to the taxable income calculated in accordance with Articles
under Title III.

Art. C3

1. The measure of rates and brackets referred to in this Annex can be modified with
delegated decree.
ANNEX D



REGULATION OF DEPRECIATION AND PROVISIONS


Art. D1

1. All tangible and intangible capital assets used in the business and work independently as well as long-term use
costs can be amortized on the basis of the coefficients maximum annual
set forth in Article D9 of this Schedule. Depreciation must be
operated and kept separate according to homogeneous groups established by the aforementioned table.
2. The amortization shall be recorded regardless of the accounting regime
in the register of depreciable assets.

Art. D2

1. The amortization of property, plant, machinery and other chattels
are deductible from the first tax year in which the goods have been used or
could have been used.
2. In the tax period in which it begins, depreciation can be deducted for the entire holding
regardless of month of the year in which the assets could be used.

Art. D3

1. And 'allowed in each tax period, the overcoming of depreciation coefficients in
relation to increased use of assets than normal or their supervening
technical obsolescence, up to a maximum of 50% beyond the ordinary coefficient, excluding
of real estate.
2. The overcoming of the coefficients referred to in Article D9 is subject to advance tax ruling
quote the Tax Office. 3
. It 'also allowed to carry out the anticipated depreciation of tangible assets, excluding property
. Accelerated depreciation is allowed for the first two tax years to the maximum of 20%
.
4. If less effective utilization of assets than the average in the sector has also admitted
less depreciation, prior reasoned stakeholders
Tax Office, within the maximum limit of 50% of the ordinary coefficient,
excluding real estate.
5. Enterprises and newly established companies can write off capital equipment and costs
extending beyond one year in Article next from the first taxable year in which the first
revenues have been achieved.

Art. D4

1. The intangible assets are amortized over no more than 20% for each tax period
, subject to maintaining the same ratio for the entire amortization period
.
2. They are among the intangible assets, by way of example, the patent rights, the
use rights of intellectual property, concession rights, trademarks,

Goodwill, deferred costs related to studies and research, the long-term costs for advertising, expenses
constitution, those for statutory changes that incurred for taking over of
finance leases. 3
. Notwithstanding paragraph 1, where the period of use is established by law or contract or both
tied to a predetermined period of use, the amount of depreciation are to be related to
those periods.
4. The non-capitalized costs related to studies and research and advertising expenses are deductible in the
tax period in which they are incurred or in equal installments during the same period and in the next three.

Art. D5

1. The costs of maintenance, repair, modernization and transformation, except
those set forth in paragraph 3, relating to capital goods owned or used
are deductible in the tax period up to the maximum limit of 20 % of the total gross cost of all depreciable assets
materials resulting in the books of the assets at the beginning of the tax period. For the purposes of
calculating total cost of depreciable tangible assets it is taken into account, also, of the value of
assets held under finance lease. The excess is deductible in equal installments over the following four periods
and must be done be in the tax bill of income per year
training.

2. In case of absence of depreciable assets at the beginning of the tax period, the expenses referred to in the previous paragraph
performed on depreciable assets acquired during the year are deducted in units of constant
20% from the same period the tax year in which they were incurred.
For the first year of operation, reference is made to the amount of assets recorded at the end of the tax period. 3
. The costs referred to in paragraph 1 that increase the value of capital goods
must be capitalized and in this case follow the depreciation schedule of the asset itself.
4. The cost of capital goods whose unit value does not exceed € 500.00
can be deducted in full in the tax period in which the cost is incurred.

Art. D6

1. The assets leased by companies engaged in leasing activities are instrumental goods
for the conduct of the aforementioned companies.
2. The depreciation rates are determined each year in accordance with their relevant
of payment schedule and is not allowed accelerated depreciation.

Art. D7

1. For the entities referred to in Title II:
a) if the property is used also instrumental to the entrepreneur or self-employed
private use, the share of depreciation and the costs referred to in Article D6
this Annex are deductible to the extent of 50%;
B) if the capital good is held jointly with others different from
entrepreneur or self-employed, the share of depreciation and the costs referred to in Article D6 of this Annex
are deductible for an amount proportional.
2. For subjects under Titles II and III in the case of purchase of capital real property through
leasing contract, the deduction of finance lease payments it is allowed
for a period of at least eight years regardless of the duration of the contract.



Art. D8

1. They are deductible the following provisions:
a) to the extent provided by Law 7 of 17 February 1961 and subsequent amendments and by collective labor contracts
the contributions to the funds of retirement allowances and retirement benefits relating to employees;
B) up to the amount of 5%, compared to credit risks, provisions of entities with full accounting
refer to the total amount of credits related to core revenues
recorded at the end of the year. The deadline for banks consists
by the amount of dispensing operations of credit to customers. If the closing of the tax period
existing risks is higher than 5% of the amount of receivables
resulting in the end of the same period, the surplus would form part of the taxable income.
In the event of loss of credits, its surface must be necessarily used in the tax period
where the loss is deductible;
C) provisions for termination indemnity of directors during the year where the
treatment is paid.
2. Provisions are accounted for in special funds of enter in the log book, if required
, and in the NIR.

Art. D9

1. The property referred to in Article D1 can be amortized in the measures set out in the following table:


PROPERTY TYPE

BUSINESS 'TYPE
depreciable asset Handcrafted Industrial Commercial Agricultural Services
building construction 12 12 12 12 12
Machinery, equipment and accessories

18 18 15 15 15 Furniture
and furniture 15 15 16 15 10 Other equipment and


minute 20 20 20 20 20
electrical and electronic office machines


20 20 20 20 20 Vehicles 20 20 20 20 20
Buildings 3 3 3 3 3

2. Means included in "different and varied" that do not belong in the context of
similar categories in the table. 3
. In case of variation in the increase in depreciation rates, subjects in ordinary accounting
regime can not proceed to recalculate the amortized shares.

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