Vietnam and San Marino signed an agreement on double tax avoidance between the two governments in Rome, Italy, on February 14.
The agreement aims to prevent tax evasion of taxes on income and assets, helping boost bilateral economic cooperation.
With its clear and transparent tax regulations, the agreement will create a sound legal environment for both sides to conduct business and investment activity, said Truong Chi Trung, Deputy Finance Minister of Vietnam.
It will also help facilitate economic, investment and trade cooperation between the two countries, contributing to tax incentives for foreign investors in Vietnam and opening up economic and investment cooperation between Vietnam and other countries in Europe.
Trung voiced his ministry’s resolve to work closely together with its San Marino counterpart to effectively implement this agreement, thereby facilitating bilateral economic and trade exchanges.
For his part, San Marino Minister for Finance and Budget Claudio Felici stressed that the agreement is of great importance to a small country like San Marino given the current global economic recession.
Despite limited trade exchanges between San Marino and Vietnam, the signing of the document will add fresh impetus to the two countries’ cooperation and development, and help San Marino businesses explore Vietnam’s legal system.
Covering 61.5sq.km and with a population of 30,000, San Marino is one of the smallest countries in the world. This republic has joined the United Nations and developed relations with many countries around the globe.
Vietnam and San Marino established diplomatic ties in 2007.
Vietnam, San Marino ink tax agreement
Vietnam and San Marino signed an agreement on double tax avoidance between the two governments in Rome, Italy, on February 14.
Source: VOV
