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San Marino Trusts Used by Italian Companies to Avoid Taxes, Corriere Says

Trust companies in San Marino may be operating as vehicles for tax evasion for about 800 Italian businesses, Corriere della Sera reported, without saying where it got the information.

San Marino’s central bank authorized a total of 51 trust companies to operate in the republic, Corriere said. They represent Italian businesses whose annual sales are more than 1 billion euros ($1.2 billion euros), the Milan-based daily said.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

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