Statement of the Deputy Prime Minister and Finance Minister, Mr. Igor Lukšić, PhD., on the occasion of adopting the Proposal of the Law on Business Environment Improvement and the Decree on Deferred Payment of the Corporate Profit Tax

Companies that generated positive business results will have the opportunity to pay out corporate profit tax in six equal monthly installments, which will improve their liquidity. The entire debt is maturing in case companies fail to lodge an installment. The proposal of the Law on Business Environment Improvement is envisaging the abolition of certain procedures, shortening of deadlines, and putting some laws out of force. The provisions in the Business Organizations Law, related to the obligation of companies to extend registration were deleted. In the case of existence of phantom companies, i.e., sanctions are imposed in case of failure to submit financial statements. The Law on Administrative Fees will be amended providing for the simplification of complex provisions. The decline in costs of declaring the foreigners has provided for the better solving of the non – observed economy problem and the increase in state revenues. The Proposal will abolish Laws on public enterprises and state activities, shortening deadlines prescribed by the Electronic Communications Law, correcting certain provisions of the Law on Patterns. This doesn’t imply that the public enterprises will be abolished; they will be given a deadline of two years to transform into shareholder companies or limited liability companies. This transformation will accelerate the reorganization of public enterprises and create conditions for recapitalization or privatization of these companies. It is expected that the Proposal Law on the Business Environment Improvement will positively affect the rating of Montenegro in the World Bank’s Doing Business report...