Podgorica, (MINA-BUSINESS) – The Tax Administration collected €1.1 billion in gross tax revenues during the first eight months of the year, which is €2.5 million more than in the same period last year.

The tax authority reported that the most significant growth was recorded in value-added tax (VAT), which amounted to €361 million in this period, up 21 percent year on year.

“Corporate income tax registered growth, with total revenues reaching €219 million in this segment, which is €18 million more than in the same period last year. Contributions amounted to €267 million, which is €122 million less than in the same period last year,” the Tax Administration stated in a press release.

According to the press release, this decrease is an expected consequence of reduced mandatory social security contribution rates, but the growth in other categories of revenues fully offset the negative effect, ensuring an overall increase in total budget revenues.

“During the summer tourist season, significant growth in budget revenues was achieved through intensified activities aimed at increasing voluntary tax reporting and payment compliance, strengthening proactive communication and service-oriented approaches to taxpayers, as well as through enhanced inspections,” the press release reads.