The effects of the global minimum tax on the profits of companies in North Macedonia
➢ News (29.03.2024, во 11:40:00)
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The effects of the global minimum tax on the profits of companies in North MacedoniaClick for more

Foreign Investors Council together with PwC North Macedonia on 28.03.2024 in the Economic Chamber of Macedonia organized a presentation on the topic "The effects of the global minimum tax on the profits of companies in North Macedonia".

They discussed the GloBe rules and the method of calculating and paying the global minimum tax, as well as the effects it would cause on the profits of companies operating in Macedonia.

According to Viktor Mizo, president of the Foreign Investors Council, we should first inform ourselves about all these things and then, based on the conversations and ideas that will arise, talk to all the policy makers, give our thoughts and proposals in order to make certain adaptations in tax policy and state aid, in order to optimize conditions and payments in the state.

The Council of Foreign Investors raised this discussion with the economic team of the Government last year and, although it was said then that there will be at least some transition period during which we will not introduce it as a country, nevertheless, since January 1 of this year, the tax has been introduced at the global level.
For a large number of companies, regardless of whether they operate in technological industrial development zones or not, whether they receive state aid or not, all the effects will need to be considered in detail. We are talking about a number of over 50 companies coming from many different countries, from North America and from Europe, above all, Mizo said.

About 140 countries around the world supported the OECD initiative in principle, including Macedonia. From 01.01.2024, the basic rule for calculating the additional tax at the level of the ultimate parent company is applied, and from 01.01.2025, application of the reserve rule is expected.

The first payments of this tax will take place in 2026, and will refer to 2024.

Thirty million euros a year in taxes can be lost by the state, if it does not adapt to the new global minimum profit tax of 15 percent, which the International Organization for Economic Cooperation and Development OECD imposed on companies with annual revenues of more than 750 on January 1. millions of euros.
 

About fifty companies operating in the country, most of which are foreign, will be covered by this new global tax, according to the simulations of one of the largest accounting firms in the world, Price Waterhouse Coopers.

Miroslav Mirchev from PwC North Macedonia announced that they will present the complex rules to the companies so that they can prepare for their application.

As part of the discussion, I expect to think and formulate what can be done related to the fiscal aspects, to the economic policy - each company can think about the implications and then decide how to act - collectively, alone, if they want to talk with some.

Chamber Informational department