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Montenegro To Overhaul Tax Administration With WB Support

by Ulrika Lomas, Tax-News.com, Brussels

03 August 2017


The World Bank has approved a EUR14m (USD16.5m) loan for Montenegro to fund tax administration reforms.

Approved by the World Bank's Board of Directors on July 31, the loan will be used to implement Montenegro's Revenue Administration Reform Project, which aims to improve the "effectiveness of operational functions of Montenegro's tax administration and reduce compliance costs for corporate taxpayers."

The funds will be used to devise and implement a strategy for the tax authority, to improve its monitoring of tax risks, modernize its systems, and fund training for management. It will also support authorities to better tackle fraud and fiscal crimes.

Montenegro's long-term vision is of a revenue administration that operates with streamlined risk-based business processes that contribute to the efficient collection of taxes and social contributions from all sources of economic activity, the World Bank said. Increased compliance will generate a more robust revenue stream to provide essential services to citizens. Improvements in revenue administration capacity will also support the country's goal for EU accession and economic integration with EU member states, it added.

TAGS: compliance | tax | business | value added tax (VAT) | training | audit | Montenegro | enforcement | tax authority | construction | services

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