Podgorica, (MINA-BUSINESS) – The Tax Administration says that, according to the new Law on Fiscalization, the Montenegrin companies that do not take cash when selling their products and services are not obliged to have cash registers but will have to harmonize their business systems through software upgrades.
The tax authority told Mina-business agency that the software upgrade will facilitate the fiscal service allowing the invoices to be sent to and verified by the Tax Administration before they are issued.
The Tax Administration reminds that the Law on Fiscalization in the Trade in Products and Services envisages an obligation of all companies involved in the trade in products and services to submit the information on their turnover.
In addition to the companies doing business in cash, this obligation also stands for the ones involved in cashless trade in products and services.
“The technical preconditions allowing the automatic real-time transfer of data on turnover include the internet connection and a digital certificate, as well as an adequate software enabling the data transfer,” the tax authority says.
The law prescribes the type of data to be submitted to the tax authority, while there are no restrictions for the tax payers in terms of the selection of technology and equipment they will be using to transfer data.
The Tax Administration says that the detailed rules for implementation of the electronic fiscalization, especially in the segment of cashless payment, will be defined by a rulebook, which is currently being drafted.
The Law on Fiscalization, which was adopted in late July, envisages automatic registration of every fiscal receipt by the Tax Administration, which is expected to prevent tax evasion.
The practical implementation of this piece of legislation, which will start next year, requires the connection of all fiscal cash registers with the Tax Administration
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