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flag FYROM FYROM: Business Environment

In this page: Accounting Rules | Tax Rates | Intellectual Property | Legal Framework | Standards | Business Practices


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 and 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 registered 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 and KPMG.
Accounting News
Ministry of Finance

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Tax Rates

Consumption Taxes

Nature of the Tax
Value added tax (VAT) - Danok na dodadena vrednost (Local name)
Tax Rate
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.
1/ The excise duty for tobacco products is calculated both per peace/kilo and as a percentage from the retail price:
- MKD 1.35 per cigar and 0% from its retail price.
- MKD 0.10 per cigarette and 35% of from its retail price.
- MKD 1,350 per kilo smoking tobacco and 0% from its retail price.
2/ The excise duty for passenger motor vehicles is calculated as a percentage of the market value or the custom value of the vehicle. The rate ranges from 0% for vehicles valued up to EUR 3,000  to 18% for vehicles valued above EUR 30,000.
3/ The excise duty for alcoholic beverages is calculated per litre or percentage of alcohol. Maximum excise duty payable is up to MKD 300 per litre on alcohol.

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Corporate Taxes

Company Tax
Tax Rate For Foreign Companies
Capital Gains Taxation
Capital gains are taxed as a part of income tax.
Main Allowable Deductions and Tax Credits
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, collection fee.
Other Domestic Resources
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.

Country Comparison For Corporate Taxation

  FYROM Eastern Europe & Central Asia United States Germany
Number of Payments of Taxes per Year 29.0 28.0 11.0 9.0
Time Taken For Administrative Formalities (Hours) 119.0 260.0 175.0 207.0
Total Share of Taxes (% of Profit) 9.4 40.5 46.7 46.8

Source: Doing Business - Last Available Data.

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Individual Taxes

Tax Rate

Income tax 10%
Allowable Deductions and Tax Credits
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 expatriates.

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Double Taxation Treaties

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%

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Sources of Fiscal Information

Tax Authorities
Ministry of Finance
Other Domestic Resources
Tax information
Public Revenue Office

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Intellectual Property

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

National Regulation and International Agreements

Type of property and law Validity International Agreements Signed
Industrial Property Law
20 years. Patent Cooperation Treaty (PCT)
Industrial Property Law
10 years. Trademark Law Treaty
Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks
Industrial Property Law
10 years.  
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.  

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Legal Framework

Independence of Justice
Equal Treatment of Nationals and Foreigners
Yes, but with awareness, since there is always some corruption.
The Language of Justice
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

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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

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Business Practices

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.

Public Holidays

New Year's Day January 1st
Christmas Eve (Orthodox) January 6
Christmas Day (Orthodox) January 7
Easter Monday (Orthodox) Varies
Labor Day May 1st
St. Cyril and St. Methodius' Day May 25
Iliden Day (Republic Day) August 3
Independence Day September 8
End of Ramadan Varies
Uprising Day October 12
Revolution Day (National Day) October 23
Feast of the Sheep Varies
St. Clement of Ohrid December 8

Periods When Companies Usually Close

Vacation Holidays August (one or two weeks).

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Last Updates: October 2014