1945

Dwindling tax revenues reflected the economic crisis that engulfed the Republic of San Marino in 2020. Tax revenues’ share in GDP decreased from around 16.1 per cent in 2019 to 14.5 per cent in 2020 (IMF, 2022).47 Compounding the impact of the revenue losses is the growing public expenditures, as the Government reallocated funds to finance its COVID-19 emergency response package for supporting the health sector and the most vulnerable segments of the population (see annex 4).

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