Tax haven to be established in Macedonia

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macedoniaThe Prime Minister of Macedonia Nikola Gruevski is planning to set up a tax haven aiming to attract business and boost employment in the financial and legal sectors. Recently the Macedonian Parliament has given a green light to a package of constitutional changes that, among other things, allows for the opening of such zones. Some politicians warn against turning the country into a destination for illegal capital that may damage the country’s reputation. However the Prime Minister insisted the plan will not attract criminal money, but rather will boost employment. ‘We aim to open an international financial zone on an area of 10 to 20 hectares where we will copy the financial laws from countries such as the United States, Britain or Germany, which will additionally boost its credibility,’ he said. ‘The regulations will be taken from these top economies and companies that decide to move their HQs here will be offered additional tax and other benefits,’ he explained. The draft law will be adopted by the Parliament by mid-October.