With the adoption of the Action 13 minimum standard of the OECD BEPS project, San Marino has introduced the obligations to which multinational enterprises also operating in the territory of San Marino and falling within the requirements defined by the OECD must be subject with regard to the preparation and annual transmission of the so-called country-by-country report. Indeed, such minimum standard allows the exchange of information on the amount of revenues and gross profits, taxes paid and accrued, together with other elements indicating a real and effective economic activity, in accordance with internationally agreed models.

The document to which the members of the Inclusive Framework, including San Marino, must adhere in order to adopt this standard is the Action 13 Final Report, Transfer Pricing Documentation and Country-by-Country Reporting, which was drafted in 2015 and followed up by the OECD CbC Reporting Group.

With regard to this Action, worth recalling are:

• Delegated Decree no. 68 of 25 April 2019 - Ratifying Delegated Decree no. 18 of 25 January 2019;

• Guidelines - Version 1.0 - April 2019;

• Implementing circular (Ref. 112435) of 13 November 2020, issued by the Tax Office pursuant to Article 5, paragraph 2 of Delegated Decree no. 68/2019 - OPERATIONAL GUIDELINES ON COUNTRY-BY-COUNTRY REPORTING and containing operational instructions for economic operators. Thanks to this circular, San Marino received a positive rating from the peer review and was excluded from the EU "grey list” of tax havens listed in Annex 2 (Fair Taxation - 2.1 Existence of harmful tax regimes) published by the EU Code of Conduct Group in the meeting of 22 February 2021;

OPERATIONAL GUIDELINES CONCERNING COUNTRY-BY-COUNTRY REPORTING.