The Organisation for Economic Cooperation & Development (OECD) reports receipt of a letter to Secretary-General Angel Gurría in which the Republic of San Marino has announced its willingness to strengthen its participation in international efforts to combat non-compliance with other countries tax laws — by entering into bilateral agreements to exchange information in all tax matters in accordance with the OECD standard.
Reportedly, San Marino is prepared to amend its legislation, including legislation on bank secrecy, before the end of September 2009 in order to allow for the effective application of these agreements.
Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, said: *“We are very pleased that San Marino will finally take concrete steps to implement its commitment. We very much welcome this move. What matters now is to move rapidly to the implementation phase of our work. The OECD looks forward to following these developments as they are put in action.”*
In 2001 San Marino made a commitment to implement the OECD’s principles of transparency and effective exchange of information for tax purposes. As one of the first jurisdictions to commit to these principles, San Marino participated in the development of what is now the 2002 Model Agreement on Exchange of Information.