TAX REGIME APPLICABLE TO SAN MARINO COMPANIES CARRYING OUT MARITIME TRANSPORT OF PEOPLE AND GOODS OR OTHER MARITIME COMMERCIAL ACTIVITIES

Incentives for the creation of new San Marino companies in the maritime sector

To new business activities carried out through joint stock companies, operating exclusively in the sector referred to in Law 2 August 2019 n. 120 and subsequent amendments and whose members have not carried out, in the twelve months preceding the submission of the request, an economic activity similar to that for which access to the benefits is requested, are recognised:

1. exemption from payment of the license issuing fee;
2. for the following three years of carrying out the activity, exemption from payment of the annual license fee;
3. for the first ten tax periods, reduction of the expected rate of 80% of the IGR tax. The taxpayer has the right to postpone the start of the tax exemption period starting from, and no later than, the third tax period following the start of the new activity;
4. IGR tax credit on staff training, technological innovation and development programmes, the criteria of which are defined by regulation of the State Congress.

The above benefits are subject to compliance with the following requirements:

1. they are newly established companies;
2. at least one employee is hired, including the administrator even if not registered on the job placement lists, provided they are hired full time, within six months of issuing the license, and of a further employee within twenty-four months of license issuance.
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Maintenance of the requirements of members in the event of transfer of shares or shares and compliance
of the requirement set out in letter b) is an indispensable condition for maintaining the benefits.

The request for benefits must be submitted to the Economic Activities Office.
The benefits provided for in letters a) and b) apply, under penalty of forfeiture, from the date of issue of the license.
The benefits provided for in letters c) and d), apply at the option of the beneficiary, without prejudice to the time limits provided therein.
Failure to meet the required requirements will result in the forfeiture of the benefits for the current and subsequent financial years.

Single-phase tax on navigational units carrying out commercial transport

The units used for navigation imported by San Marino companies and used exclusively and directly by the companies themselves for commercial activities of maritime transport of people or goods or other maritime activities carried out professionally, benefit from the exemption from the single-phase tax.

The San Marino company that owns the vessel will be able to benefit from the above exemption provided that it does not transfer ownership of the vessel to others for a period of two years, starting from the date of registration of the vessel in the naval register referred to in Law no. 120/2019 and subsequent amendments, unless the transfer takes place in favor of other entitled operators.

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