Skopje, 13th November 2012 (MIA) – Deadline for revenues on the basis of interest on saving deposits not to be taxed is extended. Government adopted amendments to the Law on Personal Income Tax, extending the deadline by the time Macedonia joins the European Union, rather than as envisaged at the beginning of 2013.
This was announced by Vice Prime Minister and Minister of Finance Zoran Stavreski, pointing out that it was an exceptionally positive measure contributing to stimulating and keeping of the positive trend at saving, but it would also mean provision of fresh capital to the economy.
– The measure will provide for the overall economy and the banks, i.e. it provides for a stable deposit base of the banks which they use to finance the economic entities. It is also a positive measure for the banks, since they keep the whole income they receive on the basis of interest and pay no tax thereto, and it is positive for the business sector as well, since, at the same time, they pay no tax on their deposits. Thus, larger deposit potential will be created to provide for easier access to credits, Minister of Finance said at the press conference on Tuesday.
According to him, this is a measure which, as a whole, is positive from all aspects of the economy, although, in a way, the budget is left without a potential revenue, which, according to certain assessments, amounts to around EUR 20 million. – With this measure, the Government practically gives up the potential revenues, the Minister explained. It is a practice in the European countries for these revenues to be taxed, which would mean regular revenues in the budget. However, as many other measures previously adopted, the Government decided to give up part of these revenues to the benefit of the Macedonian economy, the citizens, the banks and above all the companies, which have multiple far more useful and significant effects.
Total deposits in Macedonia, as the Minister said, amounted to Denar 238 billion, 71%, i.e. Denar 171 billion, out of which were saving deposits of households, experiencing 9% increase compared to September 2011, whereby total deposits surged by 5.7%. According to him, measures undertaken are aimed at maintaining the good positive trend at the saving.
– Republic of Macedonia experienced positive trends as regards saving. During all these years, despite the crisis in Europe, saving in Macedonia registered growth, which was is not acciddental since back in 2007 and 2008, when saving rates were high and saving surged by more than 30 percent, due to the crisis saving was threatened and the Government then intervened with measures such as increase of insured saving deposits, which contributed for increase in saving to continue in a period of crisis as well. Now, the Government also intervenes with a measure to tax exempt interest on saving deposits, which will provide for the positive trend to continue in the course of the coming years as well, Minister Stavreski underlined.