Invoicing and Tax regulation in San Marino

Invoicing Regulation San Marino

In San Marino, all businesses are required to issue an invoice for every transaction they undertake. These invoices need to conform to specific standards and principles to ensure they are legal and valid. They must include details such as buyer and seller’s information, unique invoice number, taxable amount, transaction date, VAT rate, etc.

Real-Time Reporting / Fiscalization

Currently, real-time reporting or fiscalization seems to not be mandatory in San Marino. It appears the authorities haven’t yet introduced any requirement for businesses to transmit their transaction details in real-time to the tax authorities. Nevertheless, companies are encouraged to keep accurate and timely records to facilitate potential audits.

E-Invoicing

Regarding e-invoicing, San Marino does not yet mandate the submission of invoices in electronic format. However, businesses are encouraged to use this system for accuracy and efficiency. Notwithstanding, any e-invoice used must comply with the standard invoicing regulations already in place in San Marino.

VAT/GST/Tax Compliance

In San Marino, Value Added Tax (VAT) is known as Imposta Generalizzata sulla Prestazione dei Servizi (IGPS). Just like many other countries, San Marino requires businesses to be compliant with their VAT regulations, subject to different standard rates. The current standard IGPS rate is 17%. All entities need to register for IGPS and file periodic tax returns outlining their tax liabilities. Compliance to tax regulations is mandatory and non-compliance can lead to severe penalties.

Please note, it is always advisable to seek expert advice to understand the depth and nuances of taxation and regulations in San Marino, as rules can quickly evolve.

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