North Macedonia: Amendments to corporate income tax and VAT, windfall profits tax adopted
Parliament adopted amendments to corporate income tax law and VAT law as well as windfall profits tax
Amendments to corporate income tax and VAT, windfall profits tax adopted
The parliament adopted the amendments to the corporate income tax law and the value added tax (VAT) law (with exception of the measure that would have repealed the 5% preferential VAT rate for pellets, pellet stoves and pellet kettles), as well as the law on the temporary solidarity (windfall profits) tax, submitted by the government to the parliament in July. Read TaxNewsFlash
The amendments and the rulebook on the tax return for the solidarity tax were promulgated in the official gazette on 25 September 2023. Because the deadline for filing the solidarity tax return was also 25 September 2023, the tax authority published an announcement on its website that the filing deadline was postponed to 4 October 2023.
The parliament also adopted a clarification to Article 9 paragraph 1 point 7a of the corporate income tax law confirming that losses of electricity in the electricity distribution network approved by the Energy Regulatory Commission in accordance with the applicable law are deductible for corporate income tax purposes.
Read a September 2023 report prepared by the KPMG member firm in North Macedonia
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