It grows more each day in San Marino concern about the effects that the 2009-2010 tax shield is likely to have on the economy of the republic. "The most optimistic estimate that the return of capital will reduce by at least 15% deposits in the vaults of banks and trustees of San Marino - Italian tells a broker that works both in San Marino that in Quebec - but there are some who fear a decrease considerably larger, up to 40% of the total. A prediction that is creating major concerns for the entire economy of the country where in recent years were checked at least seventy trustees, banks or independent. "Many of them just to stay afloat have raised liquidity of origin is not always transparent," emphasizes the broker who wants to remain anonymous. "There is already a wave of those who assumed concentrations - he adds - and there are rumors in the rock that a note from Rimini bank is planning to divest two subsidiaries of San Marino."
Swiss snub shield
Different is the air that you breathe in the Canton Ticino, Switzerland, the other 'heaven' preferred by the Italians to put away their wealth from the prying eyes of tax authorities at home. "Both the institutions that the local media are snubbing the shield - tells the professional - focusing on topics such as the alleged unreliability of the Italian institutions. The reference is mainly to previous repatriation of capital, when the government changed, the new minister 'Economics, Vincenzo Visco, decided to make public the lists of those who had benefited, in contrast to what he promised his shield. In any case, concern over the massive exodus of capital towards the also because, unlike San Marino, the percentage of deposits Italians is still contained in the total. Another difference is that the Swiss institutions often have branches in and may therefore groped to put 'onshore' capital holding in-house customers. "Not necessarily, however - look at the agent - that without an element of 'punishment' by Italian clients against trust that in the golden years have asked particularly exorbitant fees." Customers may be inclined to say "Now that I have the chance I put in order and do not have to give inflated figures to the bank." "My impression - he says - whether it is in San Marino are perhaps too worried, while in Switzerland are underestimating the situation."
The most astute highlight the critical points of the new edition of the tax shield that might inhibit the return, first and foremost the obligation to notify the movement of professionals under the rules against money laundering, a discipline that did not exist for the past editions of the shield. Another argument used by professionals as a deterrent to the return on entrepreneurs who want to regularize illegal funds held abroad, the risk, is the warning, is to put themselves in good standing but esporrele their holdings to the controls administration '.
San Marino adapts and attempts to change course
The situation, having yet to be San Marino, has worsened following the clarification Italian who has ruled out the possibility of adjusting - no return - the funds held illegally in countries with which there is an effective exchange of information between tax authorities. Among them - at the moment - there is the republic of the Titan, along with Switzerland, Monaco and Liechtenstein. One more reason why Italians decide to join the shield closing the accounts in these countries.
Between tax shield and new cooperation agreements with San Marino feels lacking oxygen. So much so that Secretary of State for Finance, Gabriele Gatti, in a report on new cooperation agreements with said bluntly that "bank secrecy is over" and the future need to "develop conditions which enable the customers of buy financial products and services of San Marino in their countries of origin. The recipe? Low domestic taxation and rules to encourage companies to localize effectively in the republic. "With this in mind - says the minister - factors such as banking secrecy, the transfer of cash to San Marino and the tightness in the exchange of customer information would become much less relevant." In practice, an admission about the true location of businesses operating in the republic.
Deterrence and the transfer of shares
Meanwhile, who is trying to salvage something very Italian by suggesting to customers in an attempt to remain invisible to the tax authorities. For example, deterrence implemented through the form submitted to the client that is prominently placed in the risk of ending up in the meshes 'money laundering. Or, as requested by the broker told Il Sole 24 Ore, the banks that control shares of companies not Sammarinese through or fiduciary proposing the transfer of these units in other countries, including Switzerland, to take shelter from the effects 'agreement with signed in recent weeks and which the last remnants of indeterminacy will disappear in the coming hours.

A summary is over the local papers before the council for discussion in parliament. This is the protocol amending the convention between the two countries in terms of double taxation and combating tax fraud, and 'cooperation agreement
The first is the adjustment on the exchange of information with international standards wider. But there are also changes on dividends, interest and royalties. In this case, reads the document given to the Trustees, "the maximum rates of taxation applied in the countries of origin are reduced to zero in the event that the beneficial owner is a company other than a society of people who have kept at least 25% stake in the company. " Frontier is also provision for "the exemption from tax in for a share of gross income to be determined by ordinary legislation.
The cooperation agreement rather aims "to promote the development and integration of their financial systems, protect the stability, integrity and transparency, with a commitment to provide mutual assistance and collaboration for effective supervision in the banking, financial and insurance and in contrast to recycling, terrorist financing and market abuse. " Banks and Sammarinese can "access to payment systems 'euro area'.

  • Share / Bookmark
Tags:

Related posts