On December 8, 2015 the European Union and San Marino signed an Amending Protocol to the “Agreement between the European Community and theRepublic ofSan Marino providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments”.

The Protocol upgrades the 2004 agreement that ensured that San Marino applied measures equivalent to those in an EU directive on the taxation of savings income. The aim is to extend the automatic exchange of information on financial accounts in order to prevent taxpayers from hiding capital representing income or assets for which tax has not been paid.

Although signed, the Protocol has not yet entered into force. For the Protocol to enter into force both The EU and San Marino have to ratify or approve the agreement in time to enable its entry into force. According to a press release issued by the Council of Europe in this respect, provisional application is scheduled for January 1, 2016.

Click here to be forwarded to a document containing the text of the Protocol signed on December 8, 2015 as available on the website of the European Council/Council of the European Union, which will open in a new window.

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