FYR Macedonia.

The article discusses an initiative by the Former Yugoslav Republic (FYR) of Macedonia to develop its tax system to attract more foreign direct investments. The Macedonian government has introduced several tax reforms and incentives favoring domestic and foreign companies and investors in order to establish itself as one of the preferred jurisdictions in Europe for tax structuring. Under its Foreign Exchange Law, banks are allowed to make payments to or from foreign countries with no restrictions. In 2008, the country implemented a 10% corporate income tax flat rate.