Measures to protect and support the economy and companies

According to the basic provisions of the Constitution of the Republic of North Macedonia article 125 and article 126, the President proclaimed a State of Emergency on the territory of the Republic of North Macedonia in order to contain the possibility of spread of the virus COVID-19 (coronavirus).

We would like to inform you that the Government of the Republic of North Macedonia adopted a set of measures to support the business sector aimed at reducing the economic damage caused by proclaiming a coronavirus pandemic - COVID 19.

Support for companies in the area of payment of salaries

Тhe Government of the Republic of North Macedonia adopted a measure on:

  • Subsidizing Compulsory Social Insurance Contributions in the sectors of tourism, transport, hospitality and all other companies affected by the government measures for April, May, and June, up to 50 percent of the compulsory social insurance contributions, in the amount of an average salary paid in 2019.

The terms of use of this measure are the following:

  • The company should not reduce the number of employees compared to the number it had in February 2020 and this shall apply from the date of use of the measure;
  • The company should not pay dividends during 2020 to the date of submission of the annual account, that is financial statements for 2020;
  • The company should not pay any rewards and bonuses since the measure came into force.

*The Companies that will make a profit as a financial result of their operations in 2020, will refund the subsidized compulsory social insurance in the amount of 50 percent of pre-tax profits. This means that the measure is directly aimed at helping companies that generated lower financial results in 2020 due to the COVID-19 (coronavirus).

In the upcoming period, we expect the procedure for realizing the measure set to be defined on which You will be duly informed.

Additionally, we would like to inform you that the Public Revenue Office will not undertake any additional measures and will not submit decisions on the enforced collection of all taxes and other public charges (fines, court fees), for all taxpayers who have not settled its obligations with the Public Revenue Office. This measure will be valid as long as the recommendations and measures of the Government of the Republic of North Macedonia last.

 

Disclaimer Notice: The information contained in this document is provided “as is” without warranty of any kind, either express or implied, including without limitation warranties of merchantability, fitness for a particular purpose, and non-infringement. RSM Makedonija assumes no liability or responsibility for any errors or omissions in the content of this document. Your use of the information contained in this document is at your own risk. UNDER NO CIRCUMSTANCES SHALL RSM Makedonija BE LIABLE FOR ANY DAMAGES TO YOU, INCLUDING ANY INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES THAT MAY RESULT FROM YOUR USE OF THE INFORMATION IN THIS DOCUMENT EVEN IF YOU WERE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES

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Authors

Tamara Gaber
Business Development Assistant