San Marino: Osla: “The new tax on savings abroad is a bad business card for investors”
The organization underlines how “To restore confidence in our banking system and therefore to ensure that San Marino savers invest also in their country, it cannot and must not go through a taxation ”.
In a note, Osla recalls how “lo he had immediately announced and reported: The Decree 142 of 2020, “Declaration of the patrimonial and financial assets held abroad and of the company shares held everywhere”, was the viaticum for a permanent patrimonial ”.
Specifying how “the Secretary of State Gatti at the time had assured us that we were wrong but today, the Government, in the Budget under discussion in the Council, proposed the introduction of atax on financial assets held abroad, called IRAFE “.
“Our Association – adds Ola – reiterates its firm opposition to the introduction of taxes on assets and it is even more so in a time of economic crisis like the one we are experiencing due to the Covid-19 emergency. The attempt to introduce a permanent asset had also been made by the previous government and, even then, Osla had strongly highlighted his disappointment.
In addition to this, taxing legally (therefore declared) assets held abroad is a bad business card for potential investors and it means driving them away. It is the exact opposite of what San Marino should do at the moment, that is to attract new capital and new entrepreneurs for the economic development of the country “.
The Organization highlights how: “Also taking into account that it is about sums on which the taxpayer has already paid the taxes at the origin, becomes a real asset this time permanent and not extraordinary as it happened a few years ago.
And unfortunately it matters little to provide for a relatively low rate (then it depends on the tax base!) And exemptions which, moreover, introduce clear discrimination between people residing in the area.
It is the tax as such that is deleterious since it sends a rather negative message on the resilience and reliability of our country system, thus alienating potential investors “.
Osla explains that “Restoring confidence in our banking system and therefore ensuring that San Marino savers invest also in their country, it cannot and must not pass through an obligation, an imposition of a fiscal nature: on the contrary, this has and will have the exact opposite effect.
It is necessary to make our country attractive, thus favoring the establishment of new economic realities and the necessary investments. Only in this way will it be possible to create income, jobs, tax revenues that allow our country to cope with the debt contracted which is instead used mainly for current spending.
With this imprudent maneuver, however, our country system will be considered unattractive, since in fact it imposes choices of a financial and patrimonial nature on its residents, in disregard of the principle universally recognized in the advanced systems of the free movement of capital “.