No changes in taxation of remittances

18th December 2017, Skopje – Proposed modifications and amendments to the Law on Providing Fast Money Transfer Services envisage further harmonization with the EU acquis in the field of tax records.

In particular, the modifications and amendments provide for more reliable tax records, within the PRO, of all inflows, regardless of their origin, as well as strengthening of the fight against tax evasion. Thereby, proposed amendments do not bring about any changes in the tax policy, i.e. they do not instigate taxation of remittances.

This mean that the existing legislation will continue to apply, pursuant to which remittances on the basis of personal transfers, assistance and gifts are not taxed, while part of the other inflows will remain to be subject to taxation, such as inflows on the basis of a service provided.