San Marino has published Law No. 194 of 22 December 2023 on the Budget for 2024 and the Multiannual Budget for 2024/2026. The main tax measures include: The extension of certain step-up (revaluation) measures, including that: qualifying enterprises may elect to step up the value of certain business assets held on 31 December 2023, by paying a substitute tax varying between 3% and 5%, depending on the type of assets and the relevant revaluation balance, with the election required by 31 October 2024; and qualifying taxpayers may elect to step up the value of certain equity investments (participations) and financial...