Update to VAT legislation.

The article focuses on changes to the FYR Macedonian law on value added tax (VAT) in 2009. The reform is expected to affect VAT registered and non-registered firms as well as the real estate market. The taxable turnover of 1.3 million Macedonian denar (MKD) is the threshold that determines the need for a company to register for VAT. Full or partial transfers of assets are classified as supply of goods when the recipient continues performing the same trading activity under the VAT law change.