FYROM: Business Environment

Accounting Rules

Tax Year: From January 1st to December 31.
Accounting Standards: FYROM uses the standards IAS/IFRS.
Accounting Regulation Bodies: Ministry of Finance
Accounting Reports: The financial statements include: balance sheet, income statement, statement of changes in equity, cash flow statement, significant accounting policies, notes to the related financial statements.
Publication Requirements: All enterprises must submit their activity financial reports annually, at the end of the calendar year.
Professional Accountancy Bodies
Certification and Auditing: Audits must be performed by an audit company registred with the Central Register or by a certified auditor that operates as a sole proprietor. Entities with more than 50 employees and/or turnover and total assets exceeding EUR 2 million must submit financial and accounting statements for a statutory audit.
You can consult an external auditor: Deloitte; PricewaterhouseCoopers; Ernst & Young; KPMG.
Accounting News: Einnews
Ministry of Finance
OECD

Nature of the Tax: VAT (Value added tax).
Tax Rate: 18%
Reduced Tax Rate: A reduced 5% rate applies to food, water, books and newspapers. Exports are zero-rated. Exemptions include the supply and renting of dwellings, banking and financial services, insurance, health and education.
Other Consumption Taxes: Petroleum products, alcohol and alcoholic beverages, tobacco products, and motor vehicles are subject to excise duty at a flat or percentage rate.
For more information, consult the Law on Excise.

Learn more about Service Providers in FYROM on Globaltrade.net, the Directory for International Trade Service Providers.

Company Tax: 10%
Tax Rate For Foreign Companies: 18%
Capital Gains Taxation: Capital gains are taxed as a part of income tax.
Main Allowable Deductions and Tax Credit: Taxes on reinvested profits are 0%. Enterprises on the technology industry sector benefit from an exemption on corporate tax for a period of 10 years and a deduction of 50% on income tax for 5 years.
Other Corporate Taxes: Property tax, transfer tax, inheritance and gift tax, garbage collection fee.

	FYROM	Eastern Europe & Central Asia	الولايات المتحدة	Germany
Number of Payments of Taxes per Year	40.0	41.7	11.0	16.0
Time Taken For Administrative Formalities (Hours)	119.0	313.9	187.0	215.0
Total Share of Taxes (% of Profit)	10.6	41.2	46.8	48.2

Source: Doing Business - Last Available Data.

Income tax

10%

Allowable Deductions and Tax Credit: A tax payer, resident of FYROM, who has paid foreign income taxes for a job performed outside the country, has the right to a tax deduction equivalent to the amount paid, not exceeding 15%. Compulsory health, pension, unemployment, and other related contributions borne by individuals are tax deductible in full.
Special Expatriate Tax Regime: No Special tax regime for expatraites.

Countries With Whom a Double Taxation Treaty Have Been Signed: See the list of the Convention's signatures
Withholding Taxes: Dividends: 10%, Interest: 10%, Royalties: 10%
Bilateral Agreement: Macedonia and Egypt are bound by a double taxation treaty. Publication in the Official Gazette of the RM No. 7/2000
Withholding tax rates under the tax treaty are: 10% for dividends, 10% for interest and 10% for royalties.
Download the treaty in English.

National Organizations: SOIP, State Office of Industrial Property.
International Membership: Member of the WIPO (World Intellectual Property Organization)
Signatory to the Paris Convention For the Protection of Intellectual Property

Type of property and law	Validity	International Agreements Signed
Patent Industrial Property Law	20 years.	Patent Cooperation Treaty (PCT)
Trademark Industrial Property Law	10 years.	Trademark Law Treaty Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks
Design Industrial Property Law.	10 years.
Copyright Copyright Laws	70 years	Berne convention For the Protection of Literary and Artistic Works Convention for the Protection of Producers of Phonograms Against Unauthorized Duplication of Their Phonograms Rome ConventionFor the Protection of Performers, Producers of Phonograms and Broadcasting Organizations WIPO Copyright Treaty WIPO Performances and Phonograms Treaty
Industrial Models Industrial Property Law.	10 years.

Independence of Justice: Yes.
Equal Treatment of Nationals and Foreigners: Yes, but with awareness, since there is always some corruption.
The Language of Justice: Slavomacedonian
Recourse to an Interpreter: It is easy to obtain the right to have an interpreter.
Sources of the Law and Legal Similarities: Justice is based on civil code. The judiciary system is formed by courts headed by the Judicial Supreme Court, Constitutional Court and the Republic's Judicial Council. Parliament appoints the judges.
Checking National Laws Online: World Law: FYROM

Learn more about Lawyers and Legal in FYROM on Globaltrade.net, the Directory for International Trade Service Providers.

National Standards Organizations: ISRM, National Standards Organization.
Integration in the International Standards Network: FYROM is member of ISO, affiliated to CENELEC, associated to IEC.
Classification of Standards: FYROM standards are the MKS.
Online Consultation of Standards: Go to site: ISO.
Certification Organizations: ISRM Standardization Institute

General Information: Invest in FYROM
Ministry of Finance
Opening Hours and Days: Business stores and banks are open from 9 AM to 5 PM from Monday to Friday, and from 9 AM to 12 PM on Saturday.

Vacation Holidays

August (one or two weeks).

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