Tuesday, 13 July 2010
69TH MEETING Of THe COMMITTEE ON FINANCING AND BUDGET
The Committee on Financing and Budget from the Assembly of the Republic of Macedonia as a competent working body, on its 69th Meeting, held today reviewed the Draft-law Amending the Law on Value Added Tax (shortened procedure).
Ms. Borche Smilevski, Government Trustee, elaborated the proposed Law. He underlined that the amendments provide continuation of the applied tax rate of 5% for the trade of imported agriculture mechanization until the Republic of Macedonia becomes Member State of EU.
This measure is in direction of the development of the agriculture and aims to stimulate the procurements of the agriculture mechanization which will increase the productivity. This is especially important for the individual agriculture producers who are not registered entities for the purpose of the VAT and who do not have the right of refunding of the previously paid VAT. This Law proposes application of the 5% VAT from 1 July 2010.
The Committee unanimously concluded that, according to the Rules of Procedure, the conditions for drafting a Law, with amendments, are not fulfilled and proposed the Assembly of the Republic of Macedonia to review and to adopt the Draft-law Amending the Law on Value Added Tax.