Straight Line Depreciation in Northern Macedonia
Pls share insights into how straight line depreciation is treated under the tax code in Northern Macedonia. I want to know how assets are depreciated for tax purposes, including any limits or specific rates that apply to different types of assets. Appreciate quick responses. Thx
Not sure it answers your question but as per PwC:
“Under the CIT Law amendments applicable as of 1 January 2019, the expenses for depreciation of the re-valuated amount of tangible and intangible assets are deemed as tax non-deductible expenses.
CIT is payable in case revaluation reserves of tangible and intangible assets are transferred into accumulated profit. The tax base is the transferred amount into accumulated profit less the amount of depreciation of the revaluated value of assets from 1 January 2019 until the date of write-off or disposal of the assets.
The depreciation expenses of assets are tax deductible if calculated within the statutory-prescribed depreciation rates and rules. Taxpayers should include in the tax base the portion of depreciation that exceeds the amount calculated based on the prescribed tax rates. At the end of December 2019, the government has published the Guidelines for depreciation rates and the methodology for calculating the depreciation for tax purposes.
On the other hand, based on the recent amendments, the taxation of depreciation became a temporary difference. Taxpayers are allowed to decrease the tax base in the following year for the amount of taxed depreciation in the previous tax period.
Furthermore, the write-off of the residual value of assets that can no longer be used is tax deductible, following an approval issued by the Macedonian tax authorities. Such approval is subject to submitting a request by the taxpayer by 31 January of the following year.”
Thanks for the copy paste… doesn’t answer my question though
bro wants free tax analysis
How many Northern Macedonian accountants that work for free do you think this forum has?
bruh…
n North Macedonia, straight-line depreciation is a commonly used method for depreciating assets for tax purposes. Here's a breakdown of how assets are typically depreciated under the tax code:
1. Depreciation Rates and Categories
2. Asset Classes and Depreciation Periods
3. Limits and Special Conditions
4. Tax Compliance
5. Changes and Updates
This information provides a general overview, but specific applications can vary based on the asset type, industry, and any special provisions that might apply.
hi would you mind sharing source for this quote? / is there a table that shows how this works in various countries?
Here you go man, you can select any other country:
https:// taxsummaries . pwc .com /north-macedonia/corporate/deductions
(remove the spaces in the link above - only way the forum would let me post it)
That’s it, we’re in a recession.
You take the estimated value of the asset and divide that by how many cigs are left in your carton. Pretty standard in that region.
The fact you said this was racist just invalidates your existence on this forum. Nothing was racist.
What do you mean??
Between this and the Mozambique post??? What are investors cooking
Don’t understand the Mozambique link you are referring to, but I can tell you I’m cooking some dope sh*t. Pumping up my net profit margins with them Macedonian depreciation rules… Thanks guys
Put me on
I would like to sincerely thank everybody for their contributions, I am now close to finalizing my model.
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