Macedonia pursues tax haven zone

Macedonia pursues tax haven zone

Financial experts have broadly welcomed plans by Prime Minister Nikola Gruevski to set up tax havens that will boost employment in the financial and legal sectors.

On July 16, 2014 the parliament gave a green light to a package of constitutional changes that, among other things, allows for the opening of such zones.

“Investment funds might choose to open custody accounts in Macedonia due to the lower expenses… which would mean employment for economists and lawyers,” Goran Markovski, head of KB Publikum Invest, said.

Others, however, warn against turning the country into a destination for illegal capital that may damage the country’s reputation.

Nikola Gruevski said that the government aims to open an international financial zone where the financial laws from countries such as the United States, Britain or Germany, will be copied from. It is estimated that setting up such a zone will attract top economies and companies that will be offered additional tax and other benefits.

The government plans to give more details about the draft law soon after the constitutional changes are adopted by the parliament, which should happen by mid-October current year.

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