North Macedonia declares Fourth round of tax relief measures amid Covid-19 outbreak

09 October, 2020

On 24 September 2020, the Ministry of Finance has issued a release announcing the adoption of the fourth round of relief measures in response to the Covid-19 pandemic. The key tax measures are following:

The reduction of interest rate from 0.03% to 0.015% is extended to the end of 2020;
A continued deferral of profit tax advance payment until March 2021 for corporates that have experienced a decline in revenue of more than 40%;
The extension of the loss carry-forward period to 5 years from 3 years for the tax years 2020 and 2021; and
An increase in the annual income threshold under which entities are exempt from profit tax to MKD 5 million (up from MKD 3 million), with the option for the simplified tax regime (1% flat tax on income) allowed for taxpayers with annual income between MKD 5 million and MKD 10 million (up from MKD 3 million to MKD 6 million).

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