San Marino, duty only at 10%: many companies (not only Italian) evaluate to open a location to manage exports
To come ahead they are not only Italian companies but also from other European countries. The government of San Marino: « We evaluate every scenario »
For the Republic of San Marino the duties will be 10%. PEr the Titan, in fact, only the minimum imposition decided by the Trump Administration will apply. « We have received confirmation, also through the US Consulate of Florence, that the indicative tariff rate applied by the United States to the Republic of San Marino stands at 10%at the moment. We are still in a preliminary phase and we monitor the evolution of the situation, aware that these are unilateral decisions that could undergo changes « , Luca Beccari, secretary of state for foreign affairs, explained at the press conference.
Italian and European companies watching San Marino
The 10% duty in theoretical line could guarantee a competitive advantage to the small republic which was, at least in part, « graceful » by the American president. And he finds himself having a fare that is half of the one expected for Italian and European exports. Although the characteristics and size of the exports are not comparable. AND Just in light of this potential advantage, in these hours several companies would be evaluating the possibility of opening an operational base under Monte Titano.
There is no shortage of examples: in San Marino, dozens of import-export companies have the commercial headquarters that benefit from the favorable taxation offered by the small Republic. According to what is learned several entrepreneurs, they asked for information to understand whether to open a headquarters in San Marino could be convenient for them in light of the lowest rates. The phone of the Chamber of Commerce continues to ring and call are not only Italian entrepreneurs but also from other European countries. Especially entrepreneurs operating in the sectors most exposed to the US market and risk suffering the impact of duties more.
What should a company do to open a headquarters in San Marino?
There are two questions: is it true that you have a 10% duty and what should I do to open a company in San Marino? « I must say that we are a bit amazed because we have the impression that many of those who call us underestimate the fact that it is not as simple as they think and that we are completing a path that will lead us to join the Union as a » associated « country, which will make us part even more integral than the system of European relationships and economic opportunities », Denis Cecchetti, general manager for development agency – San Marino Chamber of Commerce tells.
The government of San Marino: « The association with the EU remains the priority »
Compared to any interests from Italian companies to San Marino, the Sanmarinese government has specified that everything will be weighed. « We take note of the analyzes relating to global commercial dynamics and of a potential interest in our jurisdiction in light of any new international tariff conditions », explained Marco Gatti, secretary of state for finances and the budget: « Every scenario is in any case evaluated with extreme pragmatism and with a priority attention to sustainability and the overall impact on our economy, which remains solidly interconnected with the European and Italian one ». On the same line the Secretary of State for the Rossano Fabbri industry: «We evaluate with pragmatism every possible scenario deriving from international tariff policies, including those that could open new, albeit specific, windows of opportunities. However, our industrial strategy is firmly anchored to the association with the European Union, aimed at guaranteeing stable and structured access to the single market, fundamental for the growth and innovation of our companies « .
The companies of San Marino: « We also fear the duties »
The prudence prevails among the Sanmarinese entrepreneurs. The Secretary General of the Industrial Association, William Vagnini He underlines that « from the point of view of companies, a 10% duty also weighs on the budgets and also worries about 20% for the exports of the European Union and Italy, which are the first two reference markets for San Marino. So we fear that a repercussions can also be there too ».
