ABOUT US

History

M&S Financial consulting is founded in 1994, with the main goal of providing accounting services financial consulting and accounting advice to Macedonian businesses. More than 15 years M&S Financial Consulting has been successfully providing these services, developing its team and portfolio, and growing. Throughout the years we have added a number of additional services to or portfolio, such as tax consulting and management, financial management, legal advice and more. Today M&S Financial Consulting provides its services to a large number of businesses and non-profit organizations, both local and international.

 

Mission and Vision

Mission

Our mission is to become the most devoted partner to our clients, and to surpass expectations in the services we provide. The M&S Financial Consulting team achieves this mission through long years of experience and top quality expertise, improving the quality of our services each day.

Vision

Continued growth and development of our team, through specialization, training and education of our current staff, as well as employment of young and capable people. In this manner we wish to achieve a level of high quality of financial and accounting services on national and international level, while continuing to invest in people above all, and the improving the quality of accounting and financial management on the market.

 

Our team

Our team consists of educated and highly-qualified people, from the fields of accounting and economy. The M&S Team has two certified accountants, four accountants with an economic background and great experience and one PR Manager. Along with them, as part of our team we count a number of outside associates from the field of economy, banking, law etc. The entire M&S team is always available to you for any services or information from the field of accounting, financial management, law, tax management and other business areas.

 

Sectors in which we operate

M&S Financial Consulting works with clients from diverse sectors, industries and fields of work. Our clients are usually associated with the following sectors:

-          Wholesale and retail sectors

-          Transport of goods and passengers

-          Accomodation and restaurant businesses

-          IT and software development

-          Manufacturing companies

-          Formal and informal education

-          Non-profit institutions, civil society organizations and non-governmental organizations

M&S Financial consulting cooperates with both Macedonian and international companies.

      SERVICES

M&S Financial consulting offers the following services:

Financial accounting

Cost accounting

Full accounting services to domestic and foreign entities

Preparation of annual accounting reports and financial statements

Financial analysis

Consulting services and expert advice in the field of accounting and financial management

Payroll

Tax accounting (Value added tax, Income tax, Personal income tax and others)

E-tax

Tax consulting

Regulation of employment and employment benefits

Registration and deregistration of legal entities

Legal services

M&S Financial consulting also offers additional services in the accounting, financial and legal areas.

For additional information

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      NEWS

June 2019 percentage for monthly income tax advance

The percentage for calculating monthly net income tax advance for companies is negative 0.1%. Companies will calculate the monthly net income tax advance for June 2019 as a 1/12 portion of the annual net income tax liability established in the Tax report for the year 2018. The deadline for the advance payment for June is July 15th 2019.

Partial VAT return for Macedonian citizens

According to the Law for return of a portion of the value added tax to natural persons, published in North Macedonia’s Official Gazette No.133/19 from June 28th 2019, starting from July 1st 2019 citizens have the right of partial return of VAT from their fiscal purchases. The measure prescribes a 15% return on the VAT included in fiscal purchases of citizens (natural persons), via the mobile phone app ‘’Moj DDV’’ („Мој ДДВ“ ) . Play store (for Android users)

or App store (for IOS users)

New Rulebook for the method of calculation and payment of personal income tax

A new Rulebook for the method of calculation and payment of personal income tax is published in North Macedonia’s Official Gazette No.132/19. The new Rulebook is used starting from June 28th 2019. The new Rulebook can be downloaded on the site of the Public Revenue Office

Annual paid vacation and annual vacation compensation in 2019

According to Article 34 of the Macedonian Constitution, the right to annual paid vacation is one of the basic right and freedoms, which cannot be foregone by an employee. The number of paid vacation days and regulative regarding paid vacation is regulated by the Law for employment relations (Articles 137 and 138). According to Article 139 of the same Law, an employee has the right of between 20 and 26 paid vacation days, excluding weekends and holidays. This right is provided to employees who have at least six months of undivided working experience at the same employee.
Every employee who has the right of paid vacation, has the right of vacation compensation of at least 40% of the average net salary in Macedonia (calculations based on average monthly salary paid in the last three months in Macedonia. This compensation is paid once annually, and the minimum payment amount is determined according to the net average salary on the day of deciding upon payment of compensation

Latest change in the Law for value added tax

A new change and addendum of the Law for value added tax has been published in North Macedonia’s Official gazette No.124/19 of June 18th 2019. The new changed Law for value added tax is in force from June 28th 2019. The full text can be seen here (Public Revenue Office)

 

ARCHIVE

Announcement regarding the deadline for dividend payment

The deadline for dividend payment for Macedonian companies ends on September 30th (Friday), according to Macedonian legislation. Any dividends announced during the year must be paid at the latest on September 30th 2016. Any dividends announced during the year which are not paid within this deadline, will be subjected to interest payments, whit additional legal consequences for the entity. Unpaid dividends may be accrued and paid in following years, when there are financial conditions for dividend payout. Owners may not exercise their right to interest payments, but they cannot decide to cede rights to dividend payment. Unpaid dividends after this deadline can also cause legal liabilities, such as: - Fine in the amount of 3.000 euro for the entity, as well as sanction for operating from one to three years - Fine in the amount of 30% of the fine of the entity for the liable person of the entity, as well as sanction for performing his/her job for up to one year.

Public call for application for documentation for accountants and chartered accountants

On September 7th the Institute of accountants and chartered accountants has announced a public call for documentation and registration of persons with status accountant or chartered accountant as prescribed by the Law for accounting, and have a valid accounting permit, issued by the Ministry of finance. In accordance with the decision of the Institute from August 30th, the public call will be open until October 10th. All accountants and chartered accountants with valid permits need to submit to the Institute the following: - Permit for chartered accountant, or accountant, issued by the Ministry of finance, in original or notarized copy - Proof of payment of permit fee Additionally, all persons with auditor license can acquire status of chartered accountant by submitting the following documentation: - Auditor license, in original or notarized copy - Proof of payment of permit fee for permit for chartered accountant. All documentation is submitted via mail, by sending it on the following address: Institute of accountants and chartered accountants, Gjuro Strugar 5, 1st floor, 123/133, Skopje, noted назнака За јавен повик за достава на документација 001/2016. For more information and enquiries you can contact the Institute at info@smetkovoditel.mk.

Announcement for changes in working hours for catering establishments

Starting from September 1st 2016, according to the Law for Catering Establishments of the Republic of Macedonia, working hours in all catering establishments is decreased by an hour. This prescribed change in working hours for catering objects and establishments is in effect until May 31st 2016. Depending on the specific type of catering establishments, working hours are as follows: 1. Accommodation catering establishments Food related services in these establishments can be provided only until 00AM. After 00AM food related services can be provided only by fast food establishments. 2. Food serving facilities Regardless of the type of food catering services provided, these establishments can provide services only until 00AM, with the exception of Friday, Saturday, days before national holidays and national holidays, when working hours are until 1AM. On December 31st these establishments can provide services from 07AM until 07AM the following day, whereas on January 1st and January 2nd they can provide services until 3AM the following day. 3. Disco clubs Working hours for these establishments is from 7PM to 4AM the following day. On Friday, Saturday, days before national holidays and national holidays working hours are until 5AM the following day. On December 31st these establishments can provide services from 7PM until 7PM the following day, whereas on January 1st and January 2nd they can provide services until 6AM the following day. 4. Bars and cabaret clubs Working hours for these establishments are from 8PM until 4AM the following day. On Friday, Saturday, days before national holidays and national holidays working hours are until 5AM the following day. On December 31st these establishments can provide services from 8PM until 8PM the following day, whereas on January 1st and January 2nd they can provide services until 6AM the following day.

Announcement regarding recent flooding

The Ministry of labor and social policy, according to instructions by the Government of the Republic of Macedonia from August 13th 2016, announces that all governmental institutions are required to allow leave of absence from work for employees coming from flooded areas of Stajkovci and Singelic. This announcement recommends such measures for all public institutions and units of local self-government, for the period until August 19th 2016. An additional recommendation for the same measure is extended to private companies as well. An Agreement for changing and complementing the General collective agreement is published in the the Official Gazette of the Republic of Macedonia Issue 150/16, allowing a higher number of paid leave days for natural disasters, being 7 days instead of the previously allowed 3 days. This Agreement is in effect starting from August 10th 2016.

Announcement regarding the initialization of activities for the Institute of accountants and chartered accountants

The Institute of accountants and chartered accountants of Macedonia has officially started working, with the launch of its official website www.smetkovoditel.mk. The Institute welcomes all members and interested parties to send and share their initiatives and participate in public debate regarding the improvement of working conditions and defending the interests of professional accountants. Two of the first initiatives shared with the Institute, regarding the transformation of temporary work permits into permanent work permits and the promotion of mechanisms for tackling unfair competition have already been accepted and will be officially published on the web site of the Institute after formal acceptance decisions are made.

Submission of consolidated financial statements

The deadline for submission of consolidated financial statements is March 31st 2014. All large and medium-sized entities, entities in the banking sector, insurance sector, publicly traded companies as well as other entities whose financial statements are part of consolidated financial statements under the International Accounting Standards (IAS), need to submit financial statements, consolidated annual reports, as well as revised and board-approved consolidated annual report and financial statements. This year, all consolidated reports are submitted electronically. More (Central Registry of RM)

Announcement regarding the admission of holders of work contracts and/or copyright agreements into obligatory social security system

The Pension and disability insurance fund of the Republic of Macedonia published the form for admission of holders of work contracts and/or copyright agreements into the obligatory social security system. All holders of work contracts and/or copyright agreements which exceed the average monthly net salary in the Republic of Macedonia have the obligation to enter the social security system. The request for admission is available at (Pension and disability insurance fund)

Announcement for a non-working day (Tree day)

In accordance with the Decision of the Government of the Republic of Macedonia, due to enforcing Tree Day – the project for mass forestation, December 3rd 2014 (Wednesday) has been proclaimed as non-working day. (Ministry of labor and social policy)

Announcement for holidays and non-working days in 2015

The Ministry for labor and social policy of the Republic of Macedonia has announced the Programme of holidays for 2015. More (Ministry of labor and social policy)

Announcement regarding social security payment

The Pension and disability insurance fund of the Republic of Macedonia published an announcement regarding the submission of holders of work contracts and/or copyright agreements into obligatory social security system and payment of social contributions and personal income tax on fees higher than the minimum salary. The announcement stresses the types of contracts subject to the articles of the Law on pension and mandatory social security, as well as the types of contracts excluded from this Law. Additionally, on its website, the Pension and disability insurance fund published the procedure for adding persons subject to this Law to the social security system. More (Pension and disability insurance)

Submission of consolidated financial statements

The deadline for submission of consolidated financial statements is March 31st 2014. All large and medium-sized entities, entities in the banking sector, insurance sector, publicly traded companies as well as other entities whose financial statements are part of consolidated financial statements under the International Accounting Standards (IAS), need to submit financial statements, consolidated annual reports, as well as revised and board-approved consolidated annual report and financial statements. This year, all consolidated reports are submitted electronically. More (Central Registry of RM)

Preparation and submission of annual reports

The deadline for submitting the annual report for 2013 is February 28th, if submitting in hard copy (allowed only for micro and small entities), or March 15th if submitting electronically (compulsory for medium and large entities). More (Central Registry of RM)

M&S Financial Consulting has published its website

Welcome to our web site. For more information regarding our company please see the meny on the left. You can also check our website in Macedonian at msconsulting.mk, and you can follow our Facebook page

Public Revenue Office publishes a brochure on personal income tax reporting

The Public Revenue Office has published a brochure for reporting personal income tax and filing adequate forms for its submission (PDD-GDP). The deadline for reporting personal income tax (for all natural persons which have acquired income other than salary or pension) is March 15th 2014. More (Public Revenue Office)

  INTERNATIONAL

INFORMATION

- Useful links

 

Institutions

Central Registry of the Republic of Macedonia

Internal Revenue Direction of the Republic of Macedonia

Ministry of Finance

Ministry of Economy

Министерство за Труд и Социјална Политика

Државен Завод за Статистика на Република Македонија

Државен Архив на Република Македонија

Consulting houses

 

- Useful documents

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      CONTACT

contact blvd. St. Kliment Ohridski 13a-4

tel./fax +389 2 3117274
tel. +389 2 3117576

email: contact@msconsulting.mk

 

 

 

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      CAREER

M&S Financial consulting is always in search of young, tallented and ambitious persons, interested to join our team. If you are such a person, you can send your resume on career@msconsulting.mk and it will be considered for the next opening.

Students who want to gain practical knowledge can also join our team for a one-month internship. You can write to us at praksa@msconsulting.mk, sending your resume and a letter of confirmation from your university. We are expecting you!

June 2019 percentage for monthly income tax advance

The percentage for calculating monthly net income tax advance for companies is negative 0.1%. Companies will calculate the monthly net income tax advance for June 2019 as a 1/12 portion of the annual net income tax liability established in the Tax report for the year 2018. The deadline for the advance payment for June is July 15th 2019.

Partial VAT return for Macedonian citizens

According to the Law for return of a portion of the value added tax to natural persons, published in North Macedonia’s Official Gazette No.133/19 from June 28th 2019, starting from July 1st 2019 citizens have the right of partial return of VAT from their fiscal purchases. The measure prescribes a 15% return on the VAT included in fiscal purchases of citizens (natural persons), via the mobile phone app ‘’Moj DDV’’ („Мој ДДВ“ ) . Play store (for Android users)

or App store (for IOS users)

New Rulebook for the method of calculation and payment of personal income tax

A new Rulebook for the method of calculation and payment of personal income tax is published in North Macedonia’s Official Gazette No.132/19. The new Rulebook is used starting from June 28th 2019. The new Rulebook can be downloaded on the site of the Public Revenue Office