“The sanctions of the DAPEF are disproportionate with respect to the purely declarative purpose, but also disincentive to the attraction of entrepreneurs and investors”
“Despite the request of ANIS and beyond, the new provisions on the declaration of assets owned abroad have remained the same. We strongly ask that the Great and General Council modify this part of Decree 196 upon ratification “
The declaration of capital and financial assets and company shares held abroad (DAPEF) – has the mere declared function and does not provide for taxes on these assets. If the purpose is therefore that of monitoring, the possible sanctioning action against those who, even in good faith, omits or forgets to declare that they own some of these assets abroad is abnormal and completely disproportionate.
More specifically, the omitted declaration and the unfaithful declaration are subject to an administrative pecuniary sanction equal to 20% of the amount of the undeclared amounts, with a minimum of € 1,000 “, and for undeclared amounts, exceeding € 100,000 or € 500,000 if referring to real estate, an administrative fine of 30% is applied to the exceeding part of the aforementioned values: a level ten times higher than that envisaged in Italy, to quote a State close to us.
This intervention is generating a very negative impact on the San Marino economic system, because it reveals – again, unfortunately – an attitude against the company, both towards those who already operate in the area, and as regards the attractiveness towards new entrepreneurs and investors. It is the same vision that we also find in other areas, such as when a company needs to grow and when faced with the request to expand its production plants, there is an almost ideological prejudice that slows its development.
This rule is in clear contradiction with those aimed at facilitating the obtaining of residence by external parties or the one under study to facilitate the return of capital from abroad.
It is an attitude that San Marino cannot afford, especially in a phase like the current one where our economy must be protected and development is supported with our only, limited forces, not being able to benefit from additional resources as other countries have, for example. those of the European Union.
Already during this summer, faced with the modification that led to the unjustified tightening of these sanctions, our Association together with other categories including professionals, had strongly urged the Government to rebalance the law. Unfortunately we have taken note that the State Congress approved the Delegated Decree n.196 of 7 December 2021, which did not receive our requests. At this point, ask for a strong voice that the Great Council will listen to the general requests from economic and professional categories during ratification, making the right corrections.
Press release
ANIS
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