North Macedonian legal and accounting and tax considerations in 2024

1. North Macedonia has a corporate income tax rate of 10%. Resident companies are liable to pay tax for their global income while non-resident companies are only taxed on income generated within North Macedonia;
2. The standard VAT rate in Macedonia is 18%. Goods such as food, water, computer software, newspapers and books are eligible for a reduced VAT rate of 5%;
3. Both residents and non-residents are obliged to pay inheritance tax of 2%-5% on property inherited in North Macedonia. This tax does not apply to immediate relatives;
4. North Macedonia has 37 double tax treaties with countries such as Albania, Germany, France, Netherlands, Qatar, United Kingdom, etc.;
5. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.

Legal and compliance

1. Foreign attorneys are not allowed to practice in North Macedonia. Therefore, foreign companies operating in North Macedonia are advised to consult local attorneys on all legal aspects of their businesses;
2. Credit transactions between North Macedonian residents and non-residents are allowed. However, the loans must be registered with the Central Bank;
3. Name of a North Macedonian company can include foreign words, but must be written in Cyrillic script to submit to the Trade Registry upon company incorporation;
4. The process of deregistering a company is dictated by the Government. This process will take a minimum of 6 months. Healy Consultants fee to project manage company de-registration is US$1450. During this 6 months period it is mandatory to maintain a resident company secretary and a legal registered office;
5. In North Macedonia, only employees are subject to pay social security contributions, which are at 18% for pension, 7.3% for health, 1.2% for unemployment fund, and 0.5% for additional health contribution.