Skopje, 17 August 2022 (MIA) - Even if we hadn't opened a debate on tax reforms, there is legislation that should enter into force on Jan. 1, 2023, including revenue taxation of amounts over million denars annually and taxation of deposit interests, Finance Minister Fatmir Besimi tells MIA. "We adopted legislation that enters into force on Jan. 1, 2023, such as 18% progressive tax for amounts over one million denars and 15 percent is an item on all other income based on personal income tax, including from capital or profits. It is a law. Even if we hadn't opened a debate, it would enter into force. As for the tax on interest on deposits, even if we hadn't debates and even if the Ministry hadn't done anything, it would still be enforced as of Jan. 1, 2023. A law had been adopted back in 1996 in our legislation on taxing interests on deposits. It has been prolonged several times so far. The current legislation is to be applied as of January 2023. But, we want to table it and discuss it," Besimi says in an interview with MIA. Regarding the proposed tax on deposit interest rates, the Minister explains it has been proposed that only 12-month time deposits should be taxed, adding it is a small amount of money. "The proposed tax on deposit interest rates involves only 12-month time deposits. It is also the subject of taxation in other countries in Europe and the region. For example, Croatia introduced 10-percent tax, Slovenia 27-percent tax, Hungary and Slovakia 18-percent and 20-percent tax. It is a small amount of money. For example, if someone has a deposit of 100,000 denars with a 12-month time deposit, the tax will be 100 denars for an interest rate for 1,000 denars. Meaning, the tax would amount to 100 denars for a deposit of 100,000 denars annually," explains Besimi adding he doesn't expect deposits to be withdrawn from banks as a result. Commenting on progressive tax, he says that public debate is key leading to find the best solution. The Minister, however, refrained to say whether he personally believes that progressive tax should be introduced now. "Since I now have a role in the government and a responsibility before the citizens, I wouldn't want to give my own opinion ahead of any debate, but I do believe that it is worth debating on the matter before a bill is passed because there are different solutions. Considering this matter, I'm not in favor of reaching a triumphant solution, I'd prefer a solution accepted by all," Minister Besimi responds when asked whether he, as the head of the Finance Ministry, believes that a progressive tax should be introduced. He notes that the Ministry remains open for proposals and argument-based solution resulting from the debate in order to improve the quality of this set of reforms. Interviewer: Biljana Anastasova - Kostikj  Photos by Darko Popov Video by Asllan Vishko