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THE COUNTRY: ECONOMIC POLICY Tax debt doubled At the end of 2005, the tax debt was 258.8 million euros. At the time of the restoration of Montenegrin independence, this debt increased by more than 76 million and was 334.9 million euros. The latest data on tax debt, from the beginning of 2016, indicate that this amount is more than 541 million euros. According to the National Audit Institution at the end of 2014, tax debt was 720.1 million euros. This amount does not include debt of public bodies – 85.9 million (due to subscription because of the wrong payment of the national treasury), reprogram from 2003 – 25.97 million euros, deferred payment 39.9 million, unrealized redirection 8.5 million, and legacy of debt of the National Ministry of Defense 8 million euros. Supreme National Audit stated that it could not be sure about accuracy of data about the structure and the total amount of tax debt at the end of 2014 because the record of duties related to tax debt was not unique and sufficiently updated. Millions profits of tax debtors According to Tax Administration data from April 2016, overall tax debt of the company Pljevlja Coal Mine (“Rudnik uglja - Pljevlja”) was 12.2 million euros. According to data about the business that was published on the website of Montenegroberza, profit of this company in 2015 was 4.92 million euros. Even the company “13 jul, Plantaže”, Podgorica, completed last year with the net income of 1.61 million euros. At the same time, its tax debt is 3.2 million euros. Ownership structure of Pljevlja Coal mine Ownership structure of Plantaže Physical persons 16.23% Aco Đukanović 11.15% Other legal entities 2.02% A2A S.P.A 39.49% Fund Trend 1.20% Other Stockholders (less then 1%) 32.31% Investment Development Fund 22.23% Owners hidden behind CK 1.34% Country 31.11% the Government of Montenegro 3.67% Employment Agency 8.53% SocieteGenerale Bank Montenegro 9.23% Pension and Disability Insurance Fund 21.49% Source: web site of Pljevlja Coal mine Source: Central Depositary Agency 47
10 YEARS OF INDEPENDENCE - INSIGHT VIEW Tax debt and income tax from and on personal incomes Name of the company Debt in euros Responsible persons AD Montenegro airlines 12,367,582 Daliborka Pejović, President of the Board of Directors AD Radoje Dakić 9,079,001 deleted from CRPS-a AD Railway infrastructure Montenegro 3,444,300 Žarko Šturanović, President of Board of Directors AD Željeznički prevoz Crne Gore 2,778,849 Dušan Radonjić predsjednik Odbora direktora AD 13 – jul Plantaže 2,720,478 Veselin Vukotić Preident of Board of Directors AD Tara – precision works, Mojkovac 1,700,974 deleted from CRPS DOO Galenika Crna Gora 1,599,530 Nedeljko Pantić, President of Board of Directors AD Bjelasica Rada – Bijelo Polje 1,533,116 Boiša Šotra – President of Board of Directors DOO Work Finder 1,520,641 founder Kadri Hadžilari AD Maintenance of railroad stock 1,498,059 Momčilo Mićunović, President of Board of Directors AD Luka Bar 1,221,115 Predrag Ivanović, President of Board of Directors DOO Tehnoput 1,180,883 Saša Aćimić, founder Debt based on unpaid value added tax, on income, real estate transfer, concessions, and excise tax (in euros) Name of the company Debt in euros Responsible persons DOO Ave Maria Koljčević 7,051,707 Miloš Živaljević, founder DOO Mercur Budva 4,443,465 Milan Mrvaljević, founder DOO Vektra Montenegro 4,210,170 Dragan Brković, founder and President of Board of Directors DOO Tehnoput 2,853,123 Saša Aćimić, founder AD Mercur system 2,608,498 Stevan Čenić, President of Board of Directors DOO Vektra - Jakić 2,533,465 Dragan Brković, founder and President of Board of Directors DOO Džemo 2,194,781 Branka Otašević, founder and Executive Director DOO Mercantura 1,753,838 Predrag Bulajić, founder and Executive Director Emona Stambena zadruga Budva 1,405,371 Ljuboje Martić, person authorized for representation DOO Astra Montenegro trade 1,399,234 MAIONIA MARINE INC, SCOFIELD LLC, founders DOO M & P Engineering 1,243,586 Milan Pribić, founder DOO "Monterra Construction" 1,227,022 ROXBURGH BUSINESS INC. LIMITED, founder Sources: Tax Administration and Central Register of the Commercial court, April 2016 48
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