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San Marino - Romania Tax Treaty (as amended by 2010 protocol) — Orbitax Tax Hub

Note: This Treaty may be impacted by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). MLI impact on Tax Treaties is available with the Orbitax International Tax Research & Compliance Expert.

ARTICLE 24

Elimination of Double Taxation

(1) It is agreed that double taxation shall be avoided in accordance with the following paragraphs of this Article.

(2) In San Marino:

  • (a) Where a resident of San Marino derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in Romania, San Marino shall allow:
    • (i) as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in Romania;
    • (ii) as a deduction from the tax on the capital of that resident, an amount equal to the capital tax paid in Romania.
  • Such deduction in either case shall not, however, exceed that part of the income tax or capital tax, as computed before the deduction is given, which is attributable, as the case may be, to the income or the capital which may be taxed in Romania.
  • (b) Where in accordance with any provision of the Convention income derived or capital owned by a resident of San Marino is exempt from tax in San Marino, San Marino may nevertheless, in calculating the amount of tax on the remaining income or capital of such resident, take into account the exempted income or capital.

(3) In Romania:

  • Where a resident of Romania derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in San Marino, Romania shall allow:
    • (i) as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in San Marino;
    • (ii) as a deduction from the tax on the capital of that resident, an amount equal to the capital tax paid in San Marino.
  • Such deduction in either case shall not, however, exceed that part of the income tax or capital tax, as computed before the deduction is given, which is attributable, as the case may be, to the income or the capital which may be taxed in San Marino.