Podgorica, (MINA-BUSINESS) – The Employers Federation of Montenegro (UPCG) believes extending the deadline for re-registration, which is mandatory for around 70,000 companies, would be the only reasonable solution to avoid serious consequences for business operations, fiscal stability, and overall legal certainty.

“Maintaining the current deadline, i.e. until the end of March, under conditions of technical disruptions, mass formal re-registration, and unresolved accompanying costs, carries a real risk of an effective blockage of the economy,” UPCG told the Mina-business agency in response to a question about whether transitional deadlines or a postponement of the application of the new Law on Business Organizations, which has been in effect since 1 January, are being considered.

Companies are required to harmonize their internal acts through the new Integrated Revenue Management System (IRMS) of the Tax Administration, which is currently not fully functional.

“Extending the deadline would allow for the stabilization of the IRMS system, alignment of the full application of the Law on Business Organizations and the Law on the Registration of Business and Other Entities, as well as the normative regulation of notary fees,” UPCG explained.

The Federation also point out that the Law on the Governance of State-Owned Enterprises has not yet been adopted, and synchronization of these two laws is of particular importance for state-owned entities in order to avoid double harmonization and additional administrative burden.