North Macedonia Tax Agency Clarifies Taxation of Realty Rental Income

The North Macedonian Public Revenue Office Jan. 3 clarified the taxation of rental income. The agency clarified that: 1) a 10 percent tax rate applies to all realty rental income; 2) taxpayers can take a 10 percent deduction for general rental expenses, and a 15 percent deduction for expenses related to leasing furnished premises; 3) citizens with an annual turnover exceeding 2 million Macedonian denars (US$36,308) from leasing property are required to register for VAT; and 4) all 2020 rental income must be declared by May 31, 2021. [North Macedonia, Public Revenue Office, 01/03/20]

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