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Accounting in Macedonia

Updated on Tuesday 25th June 2019

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Accounting-in-Macedonia.jpgMacedonia is home to numerous companies established whether by nationals or foreign investors. Having a thriving business climate and offering the necessary assistance when it comes to setting up firms in this country, make Macedonia a preferred destination for all types of entrepreneurs who also need to respect the accounting standards in this sense. Our company formation agents in Macedonia can help foreigners establish the business presence in the country and can offer assistance for the accounting matters of the business.
 

Why hire an accounting firm in Macedonia?

 
Each company registered in Macedonia must respect the business requirements and needs to align with the accounting conditions imposed. An accounting firm in Macedonia can properly control the financial operations of a company under the rules imposed by the Accounting Law in Macedonia.
 

What are the rules for accounting in Macedonia?

 
The Macedonian accounting standards should be in the attention of all foreign entrepreneurs willing to operate in this country. It is good to know that Macedonia respects the IFRS (International Financial Reporting Standards) rules and regulations in matters of accounting and business operations in optimal conditions.
 

Accounting services for your company in Macedonia

 
As soon as the business structure has been established, your company in Macedonia needs to have an accounting department or better yet, it can benefit from the external services offered by an accounting firm in Macedonia. The following accounting services can be offered by our Macedonia team of accountants as soon as you registered your business:
 
  • •    payroll services (related to calculation and payment of salaries of employees);
  • •    bookkeeping is extremely important for any business in Macedonia and it is related to keeping all accounting documents;
  • •    preparation and filing of annual taxes;
  • •    VAT registration;
  • •    tax filings and tax advice are recommended to new investors and business owners of Macedonian companies;
  • •    tax minimization methods are employed when the company wants to reduce the taxes it pays;
  • •    audits which need to be completed in accordance with the Macedonian legislation.
 

What is an accounting report for a company in Macedonia?

 
All the accounting operations in a firm are maintained in a specific journal and serve, alongside annexes to varied financial reports. Such reports are submitted on a yearly basis, in compliance with the applicable accounting laws. An accounting report normally contains information about the income statements in the firm, the liquid assets, information about the capital of the company if changes intervened and the financial standing of the firm. 
 

Where do I file the annual accounting report in Macedonia?

 
The Ministry of Finance of the Republic of Macedonia is the relevant jurisdictional authority that accepts the annual accounting reports of companies established in this country. Moreover, the authority can prescribe rules and regulations for keeping the accounting records of companies, in respect with the International Financial Reporting Standards. If you need support for annual statements in your company, please do not hesitate to address your inquiries to our team of accountants in Macedonia.
 

Are IFRS standards applicable to companies with securities not traded in a public market?

 
Yes, according to the Company Law of the Republic of Macedonia, commercial entities, large and medium commercial companies, firms in the banking sector, branches and subsidiaries must respect the IFRS standards in matters of accounting.
 

Bookkeeping documents for companies in Macedonia

 
An accounting firm in charge of your company’s daily operations will have to take care of documents like payment slips, traveling orders, entry notifications, payroll outgoing invoices or supplier invoices. Accounting services are important for any kind of company, whether it is a large one (subsidiaries, branches, joint-stock companies), or a small one. Even sole proprietorships will have to respect the accounting standards when having operations in Macedonia. A specialized team in accounting matters is everything you need at the time your business is registered in Macedonia, so feel free to ask for support in this direction.
 

Does a company need audits in Macedonia?

 
Yes, audits are mandatory for medium and large companies in Macedonia and are overseen by the financial institutions in the country, in respect with the legal framework. As an important change in the audit system in Macedonia in recent years, we mention that the auditor is obliged to include the description of the audit matters and of the audit procedures made, highlighting the important facts and avoiding the technical language. Audits will reveal the financial status in the firm, the profit and losses, the financial risks and other related aspects.
 

Do I need transaction advisory for my company in Macedonia?

 
Yes, it is recommended to ask for a comprehensive financial analysis as part of the transaction advisory for companies in Macedonia. The risks and the business opportunities in the firm can be revealed by a financial due diligence report which also shows if the main cash-flow indicators need to be adjusted or not. In most cases, a fiscal and financial analysis in a company is more than welcomed and that because the business owners will know if it is necessary to implement new strategies and solutions in order to achieve the established targets. It is important to know that an experienced accountant in Macedonia can provide support in transaction advisory and connected aspects. You might want to solicit such services from our accounting firm in Macedonia.
 
 

Why do I need accounting services in Macedonia?

 
A company owner in Macedonia knows that the market and the business climate are challenging and in a continuous development. Sometimes, cutting costs may be an effective solution for your company, therefore, an accounting firm can highlight the sectors in which improvements can be made. All accounting services we can provide in Macedonia are tailored to the client’s needs in the business field he/she operates. 
 

Why choose our accounting services in Macedonia?

 
 
All the accounting aspects in a business need to be respected regardless of the country in which the company is registered. In the case of Macedonia, international entrepreneurs can choose to set up an accounting department in the firm or better yet, they can hire the services of an accounting company in Macedonia. Our team of experienced accountants in Macedonia is ready to offer immediate and necessary support in matters like financial records, bookkeeping, financial advice, tax compliance, financial statements, audits and many more. Also, you might want to know a little bit about the taxation structure in Macedonia:
 
  • The standard VAT rate is set at 18% for most of goods and services in Macedonia.
  • The corporate income tax in Macedonia is the lowest in the world and set at 10% rate.
  • The personal income tax of 18% is applicable to earnings of more than MKD 90,000/month.
  • 15% income tax is imposed since January 2019 on industrial property rights, capital gains, insurance and rentals.
 
In need of professional accounting services for your business in Macedonia? You can ask our team of advisors for support in this sense, so please feel free to contact us for in-depth information about the accounting services in Macedonia we can provide for your firm.
 
 
 

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Mihai Cuc, Partner of
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www.romanianlawoffice.com

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