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San Marino

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About

San Marino

Capital
Official languages
Population 
Currency

ISO 4217

San Marino

Italian

33,285

Republic of San Marino

SM

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Economy

"San Marino is a small, landlocked country located in the heart of Italy. It is one of the world's smallest republics, with a population of just 33,562 people. Despite its small size, San Marino has a strong economy, with a GDP of $2.2 billion in 2019. This is a significant increase from the $1.7 billion GDP in 2018.

The country's economy is largely based on tourism, with over 3 million visitors in 2019. This has helped to boost the country's GDP, as well as its employment rate, which stands at around 80%. San Marino also has a strong manufacturing sector, with exports of goods and services accounting for around 40% of its GDP.

San Marino also has a strong banking sector, with a total of 11 banks operating in the country. These banks have a combined total of $3.5 billion in assets, making them a major contributor to the country's economy.

Overall, San Marino has a strong and growing economy, with a GDP that is expected to continue to grow in the coming years. The country's tourism industry, manufacturing sector, and banking sector are all major contributors to its economic success."

Taxation

San Marino is a microstate located within Italy, and its taxation system is governed by the San Marino Tax Code.


Corporate taxation in San Marino is based on a territorial tax system, meaning that companies are taxed only on the income generated within San Marino. The standard corporate income tax rate is 17.5%. However, certain industries, such as banking and financial services, are subject to higher tax rates. Companies are required to file their tax returns annually and pay their taxes by the end of the year.


Personal taxation in San Marino is also based on a territorial tax system, meaning that individuals are taxed only on their income generated within San Marino. The tax rate on personal income ranges from 9% to 33%, depending on the income level. There are no capital gains or inheritance taxes in San Marino. Residents are required to file their tax returns annually and pay their taxes by the end of the year.


In addition to income tax, San Marino also has a Value Added Tax (VAT) of 20%, which is levied on most goods and services. Registered businesses are required to collect VAT from their customers and remit it to the government. VAT returns and payments are due monthly or quarterly, depending on the size of the business.


Taxpayers in San Marino can file their tax returns and make payments at the State Treasury Department or online. The tax calendar in San Marino runs from January to December, with tax returns and payments due by the end of the year for both corporate and personal taxes. The VAT returns and payments are due monthly or quarterly, depending on the size of the business.


It's worth noting that San Marino has signed agreements with several countries for the exchange of tax information, and it has also adopted measures to comply with international tax standards.

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