Best Accounting & Auditing Lawyers in Ohrid

About Accounting & Auditing Law in Ohrid, North Macedonia

Accounting and auditing law in North Macedonia, specifically for the city of Ohrid, conform to international accounting and financial reporting standards (IFRS) along with local legislation. The main institutions responsible for monitoring these activities are the Council for Advancement and Oversight of Auditing and the Institute of Certified Accountants, in liaison with the Ministry of Finance. This structure ensures the robustness and credibility of the auditing and accounting systems in North Macedonia.

Why You May Need a Lawyer

Common situations in which you may require legal help include setting up a new business, filing tax returns, performing a financial audit for your business or procuring funds through investments. In these scenarios, proper understanding and compliance with accounting laws is crucial to avoid legal implications. Lawyers specialized in accounting and auditing law can provide necessary guidance, consultation and represent you efficiently in any legal matter pertaining to the same.

Local Laws Overview

The Companies Law stipulates that all businesses need to maintain proper bookkeeping records. Tax obligations, statutory audits, and financial reporting are regulated by the Law on Value Added Tax, Law on Personal Income Tax, and Law on Profit Tax. The audit of financial statements of public interest entities and companies exceeding a certain size is mandated by the Law on Audit.

Frequently Asked Questions

1. Is it necessary for all companies to conduct an audit in Ohrid?

Only companies that cross a specific threshold in terms of turnover or balance sheet size, or those that are of public interest, are required to have an audit performed.

2. Can foreigners open a company in Ohrid, North Macedonia?

Yes. Foreign investors are treated equally to national investors under North Macedonia law and can establish a company with minimal restrictions.

3. Are the accounting standards in North Macedonia consistent with international norms?

Yes. North Macedonia has adopted the International Financial Reporting Standards (IFRS) and ensures their implementation.

4. What is the corporate tax rate?

The general corporate tax rate in North Macedonia is 10%. This is subject to change and for the most accurate information, one should consult the tax authorities or a legal advisor.

5. Can I get tax incentives for my startup in Ohrid?

Yes, North Macedonia, including Ohrid, offers certain tax benefits to startups and investors. However, it is best to take advice from a tax consultant to ensure accurate understanding and compliance.

Additional Resources

You can consult the Ministry of Finance, Public Revenue Office, Institute of Accountants and Authorized Auditors of the Republic of Macedonia, and the Economic Chamber of Macedonia. There are also some law firms and consultancies that offer services in relevant legal matters.

Next Steps

If you require legal assistance in Accounting & Auditing in Ohrid, start by contacting a lawyer well-versed in this area. They can offer guidance about your specific situation, assist in any litigation, or help in dealing with professional bodies.