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PRO TO CONTROL WIRE TRANSFERS.

The Ministry of Finance is drafting amendments to the wire transfer law so that the Public Revenue Office (RPO) can also have access to all the money that citizens receive from their family and friends abroad.

The goal is to harmonize the home legislation with the European laws and avoid tax evasion.

"This doesn't mean that the tax policy will change.

These remittances won't be taxed. The extant legislation - under which personal transfers, aid and gifts are not taxed - will stay in effect," the Ministry of Finance explains.

Over a billion euros come to Macedonia yearly in wire transfers from abroad. Most of these remittances are sent by economic migrants from Tetovo, Kumanovo and Debar.

National Bank Governor Dimitar Bogov said he didn't know the details of this novelty. Until now, the National Bank didn't share with other institutions its wire transfer information.

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Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Date:Dec 19, 2017
Words:143
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