Our accountants in North Macedonia can help foreign and local entrepreneurs prepare and examine financial records of their companies and provide solutions for their accounting issues. Below, our specialists offer a comprehensive guide regarding accounting regulations in this country, bookeeping requirements, documentation obligations and more.
| Quick Facts | |
|---|---|
| Who requires accounting services in Macedonia? |
Companies with activities in Macedonia |
|
Applicable accounting legislation |
– International Accounting Standards (IAS), – International Financial Reporting Standards (IFRS) |
|
Types of accounting services we offer |
– bookkeeping, – payroll, – annual financial statements, – tax returns, – debt monitoring |
| Tax advice and compliance (YES/NO) | Yes |
| We offer support for tax registration |
Our accountants in Macedonia can help business owners with tax registration. |
| Financial planning for company owners |
Dedicated planes are available for our customers. |
| Risk assessment and evaluation |
On request |
| Types of audit services |
– internal, – external, – financial, – compliance, – operational |
| Tax minimization methods available |
– tax credit planning, – charities, – retirement plans, – selling investments that lost their value |
| Personalized financial consultancy services | Local and foreign entrepreneurs can solicit this type of services. |
| Investment consultancy for high-net-worth individuals |
Our accountants in Macedonia can offer dedicated plans to our customers. |
| Financial and analysis reports for companies |
If solicited |
| Human resources services available | We can draft the employment contracts, register the medical leave, maternity and related aspects. |
| Expertise provided by certified accountants in Macedonia (YES/NO) |
Yes |
| Free case evaluation (YES/NO) |
Yes |
| VAT registration |
Mandatory if the annual turnover exceeds 2 million denars |
|
Assistance with accounting documents |
– invoice issuance, – maintain accounting records, – maintain general ledgers, – file tax returns, – prepare financial statements, etc. |
|
Financial year |
From January 1st to December 31st |
| Accounting services for sole proprietors (YES/NO) |
YES |
| Audit required for |
– large and medium-sized limited liability companies, – joint-stock companies, – companies listed on the stock exchange |
| Tax incentives |
– foreign tax credits, – reinvestment-based tax relief, – CIT exemptions if you open a company in technological industrial development zones |
| Forensic accounting (YES/NO) |
YES |
| Property financial matters |
– budget for income and expenses, – assist with property taxes, – conduct financial due diligence on properties, – assist with housing loans, etc. |
| Number of double taxation treaties |
49 (approx.) |
| Corporate income tax rate | 10% |
| VAT rates |
– 18% (standard), – 5% and 10% (reduced rates) |
| Other taxes in Macedonia |
– customs duties, – excise duties, – withholding taxes, etc. |
| Social security contributions |
– pension and disability insurance, – health insurance, – employment insurance, – additional health insurance. Our accountants can give you the exact rates. |
| Tax representative |
Required for foreign companies for VAT registration |
| Why choose our accountants in North Macedonia |
– qualified team, – experienced accountants, – knowledge of specific industries, – personalized services, – budget-friendly services, – assistance in tax matters with company incorporation, etc. |
Table of Contents
Why hire an accounting firm in Macedonia?
Each company incorporated in Macedonia must be aligned 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 can benefit from the external services offered by an accounting firm in North Macedonia. The following services can be offered by our accountants in Macedonia 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, 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 receives 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 of accountants in Macedonia is everything you need at the time your business is registered in North Macedonia, so feel free to ask for support in this direction.
Does any company need audits in Macedonia?
No, audits are mandatory only 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.
Accounting for non-profit organizations in Macedonia
Non-profit entities, such as NGOs and foundations, also have to adhere to specific accounting and reporting requirements in Macedonia. These include tracking donor funds, ensuring transparency in spending, and filing annual financial statements with the Central Registry. A specialized Macedonian accountant familiar with the regulatory landscape for non-profits can be crucial in ensuring ongoing compliance and avoiding legal complications, particularly for foreign-funded initiatives.
Digital transformation in accounting services
In recent years, Macedonia has embraced digital transformation across multiple sectors, including accounting. Many accounting firms in Macedonia now offer cloud-based services, allowing real-time collaboration, automated data entry, and secure document sharing between clients and accountants for a successful company incorporation in Macedonia. This shift not only enhances accuracy, but also improves transparency and accessibility for both local and foreign entrepreneurs. Companies can now integrate accounting software programs that comply with IFRS standards and Macedonian tax laws.
Why do I need accounting services in Macedonia?
Based on the Law on Accounting from 2022, the accounting requirements for companies represent a legal obligation for legal entities in Macedonia. 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 the services our accountants in Macedonia can provide are tailored to the client’s needs in the business field he/she operates.
Choosing 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 this country, international entrepreneurs can hire the services of an accounting company in Macedonia. Our team of experienced Macedonian accountants is ready to offer immediate and necessary support in matters like: financial records, bookkeeping, financial advice, tax compliance, financial statements, audits and many more.
We invite you to have a better look on our main accouting services in Macedonia from this infographic:
Taxation structure in Macedonia
With the help of our accountants you can also get guidance regarding 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.
Frequently Asked Questions
Our accounting specialists have created a set of questions and answers that will be helpful to foreign entrepreneurs interested in the taxation system in Macedonia and also in the accounting rules. We present some of these questions, hoping that they will be useful before collaborating with us.
Payroll services, bookkeeping, and preparation of annual taxes are the most important aspects of a company’s accounting in Macedonia. A specialized accountant can also deal with the registration for the payment of taxes of a company in this country.
Bookkeeping is one of the most important parts of a company’s primary accounting. All the operations within the company are registered with the help of bookkeeping, and here we mention: outgoing invoices, payment slips, invoice issuance, vendors and suppliers payments, account receivables, and many others.
Annual accounting reports are verified by the Macedonian Ministry of Finance. This institution complies with IFRS (International Financial Reporting Standards) rules. In order to make a correct report, you are invited to get in touch with our team of accounting specialists in Macedonia.
The audit process reveals the financial situation of a company registered in Macedonia. All financial operations are mentioned in this type of report, but you can find more details about the audit process from our accountants.
Of course, investors and entrepreneurs can benefit from financial advice for the companies they own in Macedonia. In addition, they can receive support for tax compliance in Macedonia.
The costs of complete accounting services can be weighed against those dedicated to an entire department of specialists, employed in a company. The outsourcing of these services is much more advantageous, not only in terms of costs, but also due to the extra facilities offered. In addition, confidentiality is guaranteed.
Transaction advisory involves several financial analyzes in which the possible risks in the company are evident and also the methods by which they can be avoided. Our accountants with experience in the field can also offer you customized strategies for a good functioning of the company.
Of course, this aspect also comes to the attention of our experts. Company owners can pay fewer taxes if they resort to tax minimization methods.
Small, medium and large companies are required to comply with international accounting rules and also with local legislation in Macedonia. We remind you that our team of specialists can offer you the necessary support in this direction.
With extensive experience behind us, our accountants can provide the services needed for any kind of company registered in Macedonia. Our clients can receive personalized offers and can rely on professionalism from the very beginning
Training and certification for accountants in Macedonia
Accountants in Macedonia are required to undergo continuous professional development in order to maintain their licenses and stay up to date with evolving standards. The Institute of Certified Auditors of the Republic of North Macedonia (ICARM) oversees the certification and ethical guidelines of the profession. Foreign business owners working with local firms can expect a high level of professionalism and competence from certified accountants in Macedonia who are trained in international accounting practices and local tax law.
Economic and labor market data in Macedonia
To better understand the current economic landscape and business environment in Macedonia, here are some up-to-date statistical indicators that reflect the country’s labor market, population, and business activity:
- Average monthly net salary (January 2025): 43,050 MKD (approx. 700 EUR);
- Average monthly gross salary (January 2025): 64,697 MKD (approx. 1,050 EUR);
- Total number of employees (February 2024): 691,736;
- Number of active business entities (2022): 71,228;
- Total population (2023): 1,826,247.
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.