Open AccessEstablishing an Annual Account for Performers of Independent Activity
Author(s) -
Irina Joldeska,
Stevcho Mecheski
Publication year - 2021
Language(s) - English
Resource type - Conference proceedings
DOI - 10.18690/978-961-286-464-4.17
Subject(s) - legislation , balance (ability) , service (business) , order (exchange) , business , income tax , balance sheet , craft , accounting , write off , public economics , economics , gross income , marketing , finance , state income tax , law , geography , tax reform , psychology , political science , archaeology , neuroscience
The preparation of the Annual account is mandatory for all economic entities in the Republic of North Macedonia. Depending on the type of categorized economic entity, special forms are prepared prescribed by law, in order to summarize them in the Annual account. Performers of independent activity are economic entities that include an individual person – entrepreneur, sole proprietorship an individual person who is engaged in performing agricultural, craft activity, as well as a person who performs a service or free occupation. Accordingly, at the end of the year, it is necessary to prepare an Annual account which contains the Income and Expenses Balance, the Annual Tax Balance for determining the income tax from performing an independent activity and the Income Structure by activities. The main purpose of the paper is to reflect the legislation of a certain part of companies registered in accordance with the law in The Republic of North Macedonia for external reporting and tax purposes. Hence, as a conclusion, the practical preparation of the three forms, implemented in the Annual Account of a sole proprietorship can be seen.