Minoski: Taxes are three times lower today than 10 years ago

Kicevo, 6th December 2016 (MIA) – Businessmen pay three-times lower taxes today compared to ten years ago. Effective tax rate was 43.5% in 2006 according to World Bank “Doing Business Report” and today it accounts for 13% or three times less.

Minister of Finance, Kiril Minoski, pointed this out at the meeting with the representatives from the Chamber of Commerce from Kicevo.

As he said, it was a matter of a huge amount, ten or so, hundred or so, millions of euros for the companies to invest and allocate in the manner most appropriate for the companies.

Minoski pointed out that zero percentage tax on reinvested profit proved to be an exceptionally good measure, both the companies and the economy in general benefiting therefrom. As he explained, the company is exempted from paying tax on one hand, expanding its business, its capacities and creating jobs on the other, all thanks to the tax policy.

According to him, this is a good example of the positive effects low tax policy has on the investment activity of the companies.

Minoski underlined that the meeting with the businessmen from Kicevo on Tuesday is a practice established in the past years, all to the end of going on the field and hearing first-hand the business community’s needs, ideas and suggestions.

On the basis of such meetings, as the Minister said, we have created policies and measures aimed at improving the business environment, as well as measures to stimulate the businesses in the Republic of Macedonia.

Minoski pointed out that low tax policy was discussed at the meeting with the businessmen held on Tuesday, the main objective of which was for most of the funds to be made available to the private sector, as a driving force of the economic development.