This Article IV Consultation focuses on San Marinoas prolonged recession. The global crisis has led to a significant decline in budget revenues. However, San Marinoas sizable pre-2008 budget surplus, combined with recent tax measures and efforts to restrain expenditures, have helped contain the deficit at about 3 percent of GDP. Executive Directors noted that San Marinoas economy will face financial and fiscal challenges in the near term, as well as uncertain medium-term prospects. Directors considered that, notwithstanding the recent recapitalization, the largest bank will need more capital to meet prudential requirements.2013 Article IV Consultation International Monetary Fund. ... being proposed for personal and corporate income taxation is the broadening of tax bases through elimination of tax credits and deductions, and ... In addition, a minimum tax applied in recent years is to be institutionalized (except for new businesses). It is also proposed that higher-income corporates pay a reduced tax rate of 13 percent if theyanbsp;...
|Title||:||Republic of San Marino|
|Author||:||International Monetary Fund. European Dept.|
|Publisher||:||International Monetary Fund - 2013-05-17|