Podgorica, (MINA-BUSINESS) – The Tax Administration announced that several tax regulations were published in the Official Gazette of Montenegro on 17 July, including amendments to the Law on Tax Administration.

"The law further aligns Montenegro's legislation with the EU acquis, particularly in the field of information exchange and reporting.," the Tax Administration said in a press release.

According to the press release, It also establishes the legal basis for the establishment of a Central Liaison Office and amends the provisions governing the calculation of default interest rates.

The law entered into force the day after its publication in the Official Gazette.

The Official Gazette also published amendments to the Corporate Income Tax Law, which further harmonize Montenegro's legislation with the EU acquis and clarify provisions relating to the calculation of withholding tax on loans and borrowings, as well as the calculation of tax by non-resident entities.

The law entered into force on the day of its publication and will apply from 1 January next year.

The Value Added Tax (VAT) Law was also published, bringing Montenegro's VAT legislation into line with the EU acquis.

“The law enters into force on the eighth day following its publication in the Official Gazette and will apply from the date of Montenegro’s accession to the European Union,” the press release reads.

The Tax Administration also announced the publication of the Law on the Implementation of Regulation (EU) No. 904/2010 on Administrative Cooperation and Combating Fraud in the Field of Value Added Tax.

The Official Gazette also published the Law on Tax Exemptions for Certain Means of Transport Temporarily Imported from One Member State to Another.