Global Tax Alert | 6 March 2014
Italy removes San Marino from Black List
On 24 February 2014, through publication of Italy’s Ministerial Decree 12 February 2014 (the Decree) in the Official Gazette no. 454, the Republic of San Marino has been removed from the list of countries considered to be tax havens (Black List).
The Decree follows the ratification on 3 October 2013 of the Double Taxation Treaty between Italy and the Republic of San Marino (the Treaty).1 Apart from provisions for reduced withholding taxes on dividends, royalties and interest, the Treaty contains the most recent internationally agreed framework for the exchange of tax information and the overcoming of bank secrecy.
Black List communication
According to Italian VAT law, a specific communication (called “Modello Polivalente”) has to be electronically filed with the Italian tax Authorities in the case of purchases or supplies of goods/services, from/to businesses having their seat, domicile or residence in one of the countries included in the Black List set by Ministerial Decrees 4 May 1999 and 21 November 2001 (including Switzerland, Luxembourg, among others).
Following the entry into force of the Decree, Italian taxpayers are no longer required to provide the Italian tax Authorities with detailed information on transactions involving parties established in the Republic of San Marino for Black List communication purposes.
Therefore, purchases or supplies of goods/services carried out from/to businesses having their seat, domicile or residence in Republic of San Marino as of 1 February 2014 until 24 February 2014 have to be electronically communicated to the Italian tax Authorities by next 31 March 2014 through the requisite model.
Conversely, transactions carried out after 24 February 2014 will no longer have to be reported.
1. See law no. 88 of 19 July 2013 published in Official Gazette n. 177 of 30 July 2013.
For additional information with respect to this Alert, please contact the following:
Studio Legale Tributario in association with Ernst & Young, Rome
- • Nicoletta Mazzitelli
+39 06 855 67323
- • Valentina Casale
+39 06 855 67334
Studio Legale Tributario in association with Ernst & Young, Milan
- • Silvia Confalonieri
+39 02 851 4559
- • Simonetta La Grutta
+39 02 851 4586
- • Maria Michela Mattei
+39 02 851 4510
- • Anselmo Martellotta
+39 02 851 4485
- • Emanuele Muolo
+39 02 851 4458
Studio Legale Tributario in association with Ernst & Young, Torino
- • Anna Paola Deiana
+39 011 516 5293
EYG no. CM4228