Ease of Doing Business 2013 Global Rank

2335

46 51 54 5565 66 71 72

84 86

126

Best Countries for Business 2012

Forbs Magazine Global Rankings

2337 38 41 43 45 46 47 49 52

60

85 90

2013 Index of Economic Freedom

World Rankings

Ease of Paying Taxes 2012

Total Tax Rate World Rankings

PwC and World Bank Group Study

Mac

edon

ia

Mon

teneg

ro

Bosnia

and H

erze

govin

a

Bulgar

ia

Croat

ia

Serbia

Slove

nia

Turk

ey

Polan

d

Roman

ia

Czech

Rep

ublic

Hungar

y

4 21 28 3654 63 68

102 112 119137 143

Economic Indicators

AVERAGE GROSS SALARY IN 2012

€ 498 per month

CURRENCY

Macedonian Denar pegged to the DM/€

for the last 15 years (€1= MKD 61.3)

EXPORT BY YEAR (US$ bn)

INFLATION

Low inflation: average 2% annually over the last 4 years

2009:-0.8%; 2010:1.6%; 2011:3.9%; 2012:3.3%

Source: National Bank of the Republic of Macedonia

CREDIT RATINGS 2012

Standard & Poor’s: BBFitch: BB+

BUDGET DEFICIT & STATE DEBT

Budget Deficit, 2012: 3.3 % of GDPState Debt,2012: 33.8 % of GDP

FDI BY YEAR (US$ m)

GDP GROWTH(%)

2006 2007 2008 2009 2010 2011 2012

5.06.1

5.0

-0.9

2.9 2.8

-0,3

2007 2008 2009 2010 2011 2012

699 587

197 211410

132

3.44.0

2.73.3

4.4

3,9

2007 2008 2009 2010 2011 2012

Unbeatable Fiscal Benefits

General VAT Rates

* Flat rateSource: PricewaterhouseCoopers (Taxes at a glance 2012), National Investment Promotion Agencies

• 10% Corporate & Personal income tax (among the lowest in Europe)• 0% Tax on retained earnings• Double taxation treaties with many European countries• 0% tax for operation in a Technological Industrial Development Zone• Real estate taxes at 2% - 4%• VAT at 18%, with 5% on specific items• FTAs with EU, EFTA, CEFTA countries; Turkey and the Ukraine; providing

access to over 650m customers

Ukraine

Turkey

Croatia

Slovakia*

Poland

Hungary

Czech Republic

Romania*

Macedonia*

21%

20%

20%

19%

19%

19%

19%

16%

10%

Corporate Income Tax Personal Income Tax

Hungary

Croatia

Romania

Poland

Ukraine

Slovakia

Czech Republic

Turkey

Macedonia

27%

25%

24%

23%

20%

20%

20%

18%

18%