Accounting and legal

Accounting and tax

    taxation duty in Montenegro

  1. Corporate tax Montenegro is levied at 9% for both resident and nonresident companies;
  2. Tax holidays of up to 9 years are available for production companies in underdeveloped areas;
  3. The standard Value Added Tax (VAT) in Lithuania is 19%, with reduced rate of 7% for certain goods and services. Exports are VAT exempt;
  4. Tax losses may be carried forward for up to five years and cannot be carried back;
  5. Resident companies suffer a flat tax rate of 9% for payments including: i) dividends; ii) interest; iii) royalties and iv) capital gains;
  6. Montenegro still has in place the former at least 38 double tax treaties signed under the former Union of Serbia and Montenegro. Consequently, withholding taxes can be lowered for certain payments to nonresidents where applicable;
  7. Tax returns must be filed within three months from the end of the fiscal year. Late payments suffer daily penalty of 0.03%;
  8. Progressive personal income tax is levied at a rate of 9% for gross income below US$1,000. Otherwise, fixed rate of 15% applies;
  9. Finally, Healy Consultants will assist the Client with: i) Documenting and implementing accounting procedures ii) Implementing financial accounting software iii) Preparing financial accounting records iv) Preparing forecasts, budgets, sensitivity analysis and other services;
  10. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.

Contact us

For additional information on our accounting and legal services in Montenegro, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
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