Although San Marino is not a European Union member, it is allowed to use the euro as its currency by arrangement with the Council of the European Union; it is also granted the right to use its own designs on the national side of the euro coins. Before the euro, the Sammarinese lira was pegged to, and exchangeable with, the Italian lira. The small number of Sammarinese euro coins, as was the case with the lira before it, are primarily of interest to coin collectors.
Other key industries are banking, electronics, and ceramics. The main agricultural products are wine and cheese.
San Marino's postage stamps, which are valid for mail only within the country, are mostly sold to philatelists and are a source of income. San Marino is a member of the Small European Postal Administration Cooperation.
The per capita level of US$55,449 and standard of living are comparable to those of Denmark or Germany. San Marino imports goods such as food from Italy.
Taxation
The corporate profits tax rate in San Marino is 19 percent. Capital gains are subject to a five percent tax; interest is subject to a 13 percent withholding tax.
In 1972, a value added taxation (VAT) system was introduced in Italy, and was applied in San Marino, in accordance with the 1939 friendship treaty. In addition, a tax on imported goods, to be levied by San Marino, was established. Such taxes, however, were not, and are not, applied to national products. Until 1996, goods manufactured and sold in San Marino were not subject to indirect taxation.
Under the European Union customs agreement, San Marino continues to levy taxes, the equivalent of an import duty, on imported goods. Also, a general VAT was introduced, in replacement of the Italian VAT.
Tourism
The tourist sector contributes over 2.2% of San Marino's GDP, with approximately 2 million tourists visiting in 2009
