Parliament of Montenegro has adopted Law on Fiscalization in the turnover of goods and services and this provided legal basis for the implementation of e-fiscalization project which will enable delivery of the data about the turnover of products and services to the Tax Administration in real time, via Internet connection and fiscal service. This means that the Tax office will be notified about issued invoices a few minutes after they are issued.
Representatives of Tax Administration say that adoption of this Law was initiated with the aim of fighting grey economy more efficiently, improving higher level of respect for tax regulations and modernizing communication between state administration and economy, in accordance with technological development and automation trends in business processes. Successful implementation of legal and technical solution will have considerable benefits for the state and the economy. ‘We expect significant growth of public revenues, improvement of business environment and elimination of unfair competition’. While drafting the law, lawmakers used the comparative experiences of Croatia, Slovenia and other countries where similar legal solutions proved to be very efficient.
In order for the legal and technical solution to be implemented successfully, it is necessary that Tax Administration and taxpayers adjust their turnover recording systems (fiscal printer).
All issued accounts, cash and non-cash, through fiscal service and internet connection are sent to the Tax Administration, which will create a unique account code upon receipt of the account and sends it as feedback to the taxpayer, which is also a confirmation that the account has been fiscalized.
The transitional period for the implementation of the new system will last until 1ST of June 2021, when it will be possible to use the old and new methods of issuing invoices together.
Practically, this means that all sellers of services or products will have to have a digital certificate, a permanent internet connection and special fixed printers through which they will issue invoices in real time. Each invoice will have to be approved by the tax administration before printing. The verification process itself will take only a few seconds.
Additional information can be found on the website of Tax Administration Department of Public Revenues:
https://upravaprihoda.gov.me/rubrike/aktuelnosti/232806/Sve-o-ELEKTRONSKOJ-FISKALIZACIJI-na-jednom-mjestu.html
