Podgorica, (MINA-BUSINESS) – According to the Tax Administration, total revenues from corporate profit tax amounted to €163 million from January to March, down from €167 million collected in the same period last year.

The Tax Administration told Mina-business agency, that deadlines for filing tax returns, including corporate profit tax returns, were adjusted to facilitate taxpayers’ transition to the Integrated Revenue Management System (IRMS), enabling them to exercise their rights and meet their obligations without disruption.

When asked how many companies report losses and whether there are suspicions of underreported profits, the Tax Administration said that data on the number of taxpayers reporting losses will be available after Friday, once the extended deadline for submitting profit tax returns expires.

Corporate profit tax accounted for 34 percent of total tax revenues collected in the first three months of this year.

“From the beginning of the year until the end of February, tax inspectors carried out a total of 56 full audits covering the supervision of the proper calculation, reporting, and payment of taxes and other duties administered by the tax authority over a five-year period, or since the last inspection,” the Tax Administration said.

 In these procedures, adjustments to corporate profit tax were made for 17 taxpayers in a total amount of €366,000.

“The most common form of corporate profit tax evasion is the inaccurate reporting or inflation of expenses, or the underreporting of company revenues,” the TA explained.