Taxes in North Macedonia
The primary laws governing and regulating the tax system of the country are:
- Personal income tax,
- Social insurance,
- Value-added tax,
- Profit tax.
Personal income tax and social insurance contributions deal directly with an individual’s income and obligation, whereas the other two deal with companies and corporations/businesses etc.
We excel in providing support in all the mentioned categories efficiently and effectively. From preparation to submission, we ensure transparency, lucidity, and satisfaction.
Tax solutions in North Macedonia
Whether you are an individual having a stable income, or run a business you will at some point need a tax advisor to file in your tax details into the system. That’s due to the ever-changing tax regulations and laws.
Partnering with us will ensure that your taxes are submitted in a timely fashion and in the manner required and desired by the authorities.
Tax optimization
We plan and execute your taxation in a way that you reap the maximum benefit from your tax liabilities in near and far ahead in the future. Employing the industry best practices and utilizing the industry tested techniques we ensure that every single penny you pay in taxes brings in benefits for your business.
Tax consultation
From the basic tax paper work to optimization we provide on and offline consultation and advisory to all our clients. Negotiating and dealing with the authorities and government officials on behest of our clients, is just a fringe benefit for our clients!
VAT registration
Our seasoned experts will guide you to apply for exactly the VAT that works most beneficently for your business.
Bookkeeping
The diversity of tax and account regulations makes it tricky for the inhouse department to stay on top of the game.
With our solution at hand, you have access to a unit of proactive and expert accountants that will help you navigate through the labyrinthine of accounting procedures.
Applying for tax return
The new Personal Income Tax (PIT) law mandates that all tax returns be filed online through the official portal instead of physical submission. The law also obligates individuals to report taxable income and pay PIT in advance.
Similarly, employers are obligated to withhold and pay tax on behalf of the employees at source, before disbursing taxable income.
These and many other minute details are not only important but play a pivotal role in tax optimization. Time and again our clients endorse that an inhouse team is just not the right approach. Partnering with an expert and renowned tax firm like us is the best way to ease the burden.
Register as a taxpayer
The tax registration number also works as a person’s unique financial identifier. It is important to know what category of taxpayers one falls into prior to applying for the tax number.
An experienced tax consultant would know what category your core business or income source falls into and this can surely lead to tax optimization.
System of taxes and fees in North Macedonia
North Macedonia’s taxation system is crafted to harmonize with national fiscal strategies and global commitments, providing a structured but flexible method of taxation. This system likely incorporates a mix of flat rates, progressive tax scales, and specific exemptions, mirroring the nation’s economic aims and social goals. Grasping the complexities of these tax systems is crucial for maximizing financial results, maintaining compliance, and taking advantage of opportunities within the legal structure.
Tax rates
The table below presents a selection of the most prevalent tax types along with their associated rates.
| Tax | Tax Rate |
|---|---|
| VAT | 18% |
| Corporate income tax | 10% |
| Personal income tax | 10% |
| Dividend tax | 10% |
| Capital Gains tax | 10% – 70% |
| Property tax | 0.1% – 0.2% |
| Inheritance tax | 2% – 5% |
| International tax | 10% (standard corporate tax rate) |
| Cryptocurrency tax | N/A (Cryptocurrencies are currently illegal, so no tax rate is defined) |
Request bookkeeping solution
Whether its simple bookkeeping services you require or advanced accounting solutions, we are characterized as the country’s top few firms in this regard.
Bookkeeping
The Company Law of North Macedonia obligates all businesses to maintain and submit detailed accounts of their business periodically. Our guidance and advice will ensure that the right data is fed to the system and thus reap maximum benefits
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Disclaimer
Tax laws and regulations are continually evolving and can differ depending on personal situations. The information presented here serves as general guidance and may not represent the latest updates. It is strongly advised to seek the counsel of a qualified tax professional for tailored and current advice relevant to your circumstances.