Recovery of personal income tax of members having voluntary individual accounts

In line with the Law on Voluntary Fully Funded Pension Insurance, a member of a Voluntary Pension Fund who has a voluntary individual account and pays his/her own funds previously taxed with personal income tax, shall be entitled to a return of his/her personal income tax calculated on the amount of contributions paid into the Voluntary Pension Fund.
The amount on which the tax recovery for one calendar year is calculated may not exceed four average monthly gross wages in the Republic of Macedonia published for the previous year.
Personal income tax recovery of these members shall be made on an annual basis and directly to their voluntary individual accounts at the Pension Fund by submitting a Tax Refund Application by the member or another individual on behalf of the member.
The right of refund shall also apply in cases where a third individual in the name of the Voluntary Pension Fund’s memberhas paid funds to his/her personal account, which have been previously taxed with personal income tax.