12th April 2021, Skopje – Ministry of Finance announced Tax Compliance Calendar on its website, a new tool on transparency and increased certainty of the business climate in the country. All envisaged changes in the tax regulations, to be undertaken by the end of the year, are contained in the Calendar. The goal is to inform the business community, as well as the general public, for they to be able to plan their activities more efficiently ad more effectively throughout the year.

The new tool is geared towards meeting the requests of the Chamber of Commerce of North Macedonia to set a Tax Calendar, i.e. to set a grace period from the adoption of the tax regulation till its application. Application of the laws, regulating the tax area, to be adopted in the course of the year will be postponed for at least 6-month period between the adoption of the respective laws by the Government and their application. Thus, the laws, to be adopted during the year, will come into force starting 1st January the following year or, optionally, on 1st June in the course of the following year, even earlier in exceptional cases should it be a matter of tax exemptions or should it be necessary due to any reason, however, under a prior determined, transparent and inclusive process. Thus, companies can more easily prepare their financial plans.

Amendments to 15 laws and bylaws, to take place in the course of the year, are announced in the Tax Compliance Calendar. Among them is the amendment to the Law on Value Added Tax, aimed at further harmonization with the EU VAT Directive as regards determining the place of supply of services, introduction of the term “tax representative”, providing voluntary registration for VAT purposes throughout the whole year and analysis for the purpose of increasing the mandatory VAT registration threshold. Amendments to the Corporate Income Tax Law are also envisaged, geared towards increasing the amount of vacation allowance treated as recognized expenditure for tax purposes, analysis for precise regulating of the manner of tax loss carry forward and simplifying certain procedures when writing-off intangible and tangible assets.

Оваа вест е достапна и на: Macedonian Albanian

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