Macedonia not to levy personal income tax on capital gains.

By bne IntelliNews November 20, 2012
The government adopted amendments to the law on personal income tax, which envisage exempting capital gains from bourse trading, a release on the cabinets website informs. The exemption is proposed to be valid over the three-year period 2013-2015. The personal income tax rate is 10% and the state currently taxes some 70% of the capital gains. The Macedonian bourses blue-chip index MBI10 has dropped by 23.7% since the end of 2010.
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