Montenegro is the last European country to be hit by the COVID-19 pandemic. While no state of emergency has declared, Montenegrin authorities have unveiled a series of measures to alleviate economic hardship and prevent the country from slipping into recession. In light of the current situation, the Montenegrin Tax Administration is postponing filing deadlines for tax returns and financial statements.
Breathing space
In ordinary circumstances, the statutory filing deadline for financial statements and income tax returns is March 31, 2020.
The latest decision by the Montenegrin Tax Administration moves the deadline back by 15 days to April 15, 2020.
The decision comes on the back of an initiative by the Institute of Certified Accountants and measures adopted by the Ministry of Health of Montenegro, and as a result to the absence of a large number of employees in the accounting sector. Taxpayers are still required to calculate and pay withholding tax on income but they’ll now have additional time to do so.
This goodwill move by Montenegrin authorities will take some of the pressure off companies and entrepreneurs and give them time to get their affairs in order and file on time in these uncertain times.
For more information, please contact us via covid19@geciclaw.com
