At their meeting held today, the Committee on Economy, Finance and Budget decided to propose to the Parliament to adopt the Proposal for the Law on Taxation of Hydrocarbons. The proposed law introduces new tax levy and creates a policy of taxation of profits from oil and gas extraction from the ground, as well as profits from construction or using of facilities and additional equipment for production, delivery and transportation of oil and gas. The Law defines that the tax rate to profits from upstream operations shall be 59%, as well as that the profits from tax to hydrocarbons shall be distributed in 20:80 ratio, meaning that 20% from profits shall belong to the budget of Montenegro, and the remaining 80% to a special hydrocarbons fund that will be formed in the upcoming period. 

Additionally, the Committee, with seven votes “for”, unanimously adopt the Decision to hold a control hearing of on control hearing of the Minister of Finance Mr Radoje Žugić, Minister of Economy Mr Vladimir Kavarić and Bankruptcy Administrator of the Saltworks "Bajo Sekulić" Ulcinj, for the purpose of acquiring information on the bankruptcy procedure in the Saltworks "Bajo Sekulić", with special emphasis on protection of rights of workers in the Saltworks and the property of the Saltworks. The Committee will determine the time of holding of the hearing in one of its future meetings.