Karanovic & Nikolic

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…

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