Half a billion euros of taxable profit reported

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Tax Administration has so far received taxable gain of about 501 million euros reported for last year by a total of 7,999 companies. On this profit, 38 million euros of income tax has been reported.

TA said for Pobjeda daily that they have received and processed 20,146 annual income tax reports, and that 200 such applications are still being reviewed.

“Of the total number of applications, 7.999 stated taxable income. All other taxpayers did not express taxable income for the aforementioned period”, explained the institution.

TA added that in 2014, a total of 21.432 taxpayers filed such reports, out of which 7.976 reported taxable income.

Tax Administration could not disclose precisely who the “best” taxpayers are, but noted the field of telecommunications generated the most taxable income (25.1 million euros), followed by cable TV operators (18,818,330), electricity providers (17,867,865 euros), producers of fresh concrete (12,712,514 euros) and miners of brown coal and lignite (12,152,833 euros).

Income tax rate in Montenegro is nine percent. Companies/tax payers have until March 31 of the current year to submit their tax reports and pay tax for income generated in the previous year.

“TA requires that reports be submitted electronically, because this reduces the possibility of errors.. Furthermore, a major advantage of using the electronic submission of applications is that you can do it from any place, at any time, because the TA Portal is available 24 hours, every day of the week”, explained the TA, adding that this also reduces costs and eliminates queuing.

Source: Cafe Del Montenegro