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When purchasing an automobile, if one trades in a car, the state subtracts the price of the trade when calculating the sales tax to be paid on the automobile (e.g., purchasing a $40,000 car, and trading a $10,000 car, a person would be taxed on the difference of $30,000 only, not the full amount of the new vehicle).
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The financial system comprises five banking groups, one specialised credit entity, 8 investment undertaking management entities, 3 asset management companies and 29 insurance companies, 14 of which are branches of foreign insurance companies authorised to operate in the principality.
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