NewsMontenegro's tax policy outlook: Avoiding VAT rate hike amidst reform plans

Montenegro’s tax policy outlook: Avoiding VAT rate hike amidst reform plans

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In the coming period, there are plans to amend specific tax laws in Montenegro, with a key emphasis on avoiding any increase in the general VAT rate, according to Biljana Peranović, Director of the Directorate for Tax and Customs System at the Ministry of Finance. Speaking at the Symposium of Accountants and Auditors in Ulcinj, Peranović underscored the importance of maintaining the current VAT rate.

Sava Laketić, Acting Director of the Tax Administration, stressed the vital role of the accounting and auditing profession in implementing tax regulations. Laketić emphasized ongoing efforts to reform Montenegro’s tax system, with a particular focus on enhancing revenue collection and combating the shadow economy.

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Peranović further noted the forthcoming amendments to certain tax laws, reiterating the commitment to collaboration with stakeholders throughout the process.

Kristina Bukilić, representing the Foreign Investors Council, highlighted the detrimental impact of ambiguous legal and tax regulations on business operations, emphasizing the need for clarity.

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During a panel discussion on the implementation of new tax laws moderated by Anastasija Boljević, Secretary-General of the Institute of Certified Accountants, Anita Radulović and Vesna Radunović, members of the Board of Directors of ISRCG, shared insights into the challenges faced by accounting and auditing practices, including the complexities arising from frequent changes in tax regulations and their associated cost implications.

The Symposium, attended by over 300 participants, provided a platform for addressing the diverse challenges confronting Montenegro’s economy, particularly within the realm of accounting and auditing.

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