Tax Example: Rent
Taxation Researcher | August 01, 2017
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 EUR = 62.00 MKD
3 Income-generating expenses are deductible when calculating taxable income. A statutory deduction of gross rent is given to account for income- generating expenses. Alternatively, taxpayers can opt for itemized deduction instead of availing the standard deduction.
4 Rental income is taxed at a flat rate of 10%.