Debt of 62 million euros for the San Marino ISS
Iss, the debt is 62 million
(…) Marcello Forcellini, ISS administrative director, talks about the ISS accounts: “(…) Last year we introduced provisions that made it possible to cover the economic components that concerned the ISS following additional expenses to those envisaged in the context of the State’s contribution to the institute’s expenses. At that time, the foundations were laid as regards the patrimonial stability of the ISS, which concerns the area of debt closely connected to the financial equilibrium of the same. This year, through the interventions in the Budget Law, the amount in absolute value of the institution’s debt was reduced as of 31/12/2022 to – 62 million euros. From 2019 to 2021, the Institute had accumulated over 40 million euros for missed Igr payments to the San Marino treasury which, through the deferral of the State contribution implemented in 2019 for 27 million euros and the remaining 13 million were found with careful planning and the stipulation with suppliers that made it possible to set aside the 13 million euros paid to the tax authorities last week. To this must be added debts from 2019 to 2021 to the State for another 6.8 million euros, there were no payments of stamp duties on Pan’s centralized support services towards the institute (servers and other activities) that we shared with the finance secretariat for a deferment over the next six months. If the conditions and the economic contingency do not change, we will be able to pay 2.8 million euros in December of this year and the remaining 4 million in January-February, divided by 2 million a month. Finally, we have reduced the debt towards the pension funds by 20 million, through an offsetting of the withdrawals to be made, which have allowed the stabilization of the debts and will be reduced by a further 10 million at the end of the 2022 financial statements. The operations in substance that have allowed the financial stability of the institute led to the ISS cash from 900 thousand euros in August 2020 in the current account to 17 million euros in August 2022. This patrimonial, economic and financial operation aimed at securing the ISS, stabilizing its internal financial stability of the country and to be able to present itself in the development projects outlined in the director’s report. (…)”.
Article taken from La Serenissima