6 October 2015

Delegated Decree No. 133 of 4 August 2015 has introduced an IPT exemption relating to “Aviation Insurance”, which came into effect for premium collected on or after 4 August 2015. This is the only IPT exemption in San Marino (other than a specific exemption relating to policyholders of Public Bodies).  
The San Marinese Tax Authorities confirmed to us that the exemption relates to all non-life insurance covering Aircraft registered in San Marino. Aviation Hull (Class 5) and Aviation Liability (Class 11) are therefore IPT exempt; however the applicability of the exemption to any other Aviation related Insurance business, such as Accident (Class 1) or Legal Expenses (Class 17), should be evaluated on a case by case basis.