San Marino has published Regulation No. 6 of 8 May 2019, which amends prior regulations on the application of Article 16 of Law No. 115 of 29 September 2017 on incentives for internationalization initiatives. This includes a 20% tax credit for resident companies for expenses incurred in certain qualifying international initiatives for the purpose of developing new markets.
Regulation No. 6 provides that qualifying initiatives include official exhibitions, temporary showrooms, missions abroad, workshops/seminars, specialized training activities, and certain others. Qualifying expenses must be directly linked to the qualifying initiative to qualify for the credit and is considered to be incurred on the date the actual payment takes place.
Regulation No. 6 also provides the definition of a new market. This means a country or market sector in which the company requesting the incentive benefit has not invoiced an amount exceeding EUR 10,000, or in any case, a country or market sector in which the company has not invoiced an amount greater than 1.5% of its total turnover in the year preceding the initiative.
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