Montenegro — law on prevention of illegal business
The recently adopted Montenegrin Law on Prevention of Illegal Business introduces a number of new concepts in the process of fiscal consolidation and combating grey market, as well as closing some loopholes and providing more clearly defined competences of inspection bodies. The law was published in Official Journal of Montenegro No 29/2013 as of 22 June 2013, and came into force as of 23 June 2013.
The principal aim of the Law is to prevent the acts of participants in trading that have been permitted so far, mostly referring to evasion of liabilities to the state and abuse of debt collection from the bankruptcy estate in liquidation proceedings, in particular regarding the debtors whose accounts are frozen in forced collection actions under the Law on Enforcement and Security. Below are presented groups of new concepts which will have far-reaching implications on business activities in Montenegro.
The public is granted access to any information or datum about tax payers held by the tax authority, according to the law on public access to information, which actually means that, upon a reasoned request of any person, the tax administration is obliged to provide all the information it has about the tax payer: the amount of tax paid, tax debt etc…
Click on the link below to read the rest of the Karanovic & Nikolic briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Karanovic & Nikolic
News from The Lawyer
Briefings from Karanovic & Nikolic
Converting right of use into ownership rights over construction land, for a fee.
Focus on leading market players – brush up on your compliance procedures.
Analysis from The Lawyer
‘Exotic’ investors and opportunities for legal work beyond M&A feature in The Lawyer’s high-level roundtable debate on south-east Europe
Croatia is about to enter the EU, but the path to integration may not be smooth for the Balkan states