Podgorica, (MINA-BUSINESS) – According to the Ministry of Finance, Montenegro saw a budget deficit of €33.2 million in the January, equivalent to only 0.4 percent of the estimated gross domestic product (GDP).

The Budget Execution Report for January states that budget revenues amounted to €162.6 million, or 1.9 percent of the estimated GDP, and were higher than in January last year by €5.9 million, or 3.8 percent.

“A slight increase of €200,000, or 0.1 percent, was also recorded compared to the planned budget revenues for January,” the Ministry stated in a press release. 

The full potential of budget revenues has not yet been reached, given that the Tax Administration is implementing the IRMS system, which is a complex process of institutional and technological transformation. 

In that context, and in order to accommodate the business sector and allow an adequate transition period to the new system, deadlines for submitting tax returns were extended, which has had a short-term impact on the dynamics of budget inflows.