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Montenegro

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About

Montenegro

Capital
Official languages
Population 
Currency

ISO 4217

Podgorica

Montenegrin (official language) and Serbian (recognized language)

622,359 (as of 2019)

Euro

MNE

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Economy

"Montenegro has seen a steady increase in its economy over the past few years. According to the World Bank, the country's GDP grew by 4.2% in 2019, and is projected to grow by 3.5% in 2020. The country's unemployment rate has also decreased from 16.2% in 2017 to 14.2% in 2019. Inflation has remained relatively low, with an average rate of 1.7% in 2019.

The country has also seen an increase in foreign direct investment (FDI). In 2019, FDI inflows reached €1.2 billion, a significant increase from €0.8 billion in 2018. This has been driven by increased investment in the energy, tourism, and real estate sectors.

Overall, Montenegro's economy has seen positive growth in recent years, and is expected to continue to grow in the coming years."

Taxation

Montenegro is a small country in Southeast Europe with a simple tax system. Here's an overview of the tax system in Montenegro:


Corporate taxation:

- Montenegro has a flat corporate income tax rate of 9%.

- Resident companies are taxed on their worldwide income, while non-resident companies are only taxed on their income sourced from Montenegro.

- Capital gains are subject to corporate income tax.

- Montenegro does not have a value-added tax (VAT) or a wealth tax.


Personal taxation:

- Montenegro has a progressive personal income tax system with a maximum rate of 15%.

- The tax rates are as follows: 

  - Income up to 3,000 EUR is taxed at a rate of 9%

  - Income between 3,000 EUR and 6,000 EUR is taxed at a rate of 11%

  - Income between 6,000 EUR and 10,000 EUR is taxed at a rate of 13%

  - Income over 10,000 EUR is taxed at a rate of 15%

- Capital gains are subject to personal income tax.

- Montenegro does not have a wealth tax.


Tax payment process and calendar:

- The tax year in Montenegro runs from January 1st to December 31st of the same year.

- Corporate income tax returns and payments are due by March 31st of the year following the tax year.

- Personal income tax returns and payments are due by April 30th of the year following the tax year.

- Montenegro also has a value-added tax (VAT) system with a standard rate of 21%. VAT returns and payments are due on a monthly basis.


It's worth noting that Montenegro's tax system is relatively simple and offers low tax rates, making it an attractive destination for foreign investment. However, the country is also working to improve its tax collection and combat tax evasion to ensure the sustainability of its tax system.

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