News archive - The Parliament of Montenegro passes two reform laws in the field of innovation and technological development
The Proposal for a Law on Innovation Activities and the Proposal for a Law on Incentives for Research and Innovation Development were adopted by the Government of Montenegro on 23 July, only to be passed by the Parliament of Montenegro, under summary procedure as part of the third set of measures of the Government of Montenegro, at the Parliament’s session held on 30 July 2020.
The aforementioned laws constitute a fundamental measure for strengthening IT economy and functioning of the national innovation ecosystem and enable a wide spectrum of incentives and support measures, which are valid for both domestic and international companies. In this manner, new opportunities are created for an increase in foreign investments in Montenegro, as our country is turned into an attractive destination for developing technological entrepreneurship and testing new technologies.
The incentives and support measures include tax exemptions for start-ups for a period of up to five years, reduction in taxes and contributions of up to 50% for employment in innovation activities, as well as 100% income tax exemption for reinvestments in innovative projects and start-ups.
The new legal framework is expected to result in an increased number of start-ups with export potential, as well as in an increase in the number of employees in the technological sector, and significantly larger investments in innovation economy, which will lead to growth in competitiveness and economy while reducing brain-drain.
Law on Innovation Activities.pdf
Law on Incentives for Research and Innovation Development.pdf
Original source: http://www.mna.gov.me/en/news/230218/The-Parliament-of-Montenegro-passes-two-reform-laws-in-the-field-of-innovation-and-technological-development.html
- Montenegro
- Social Sciences
Entry created by Admin WBC-RTI.info on September 14, 2020
Modified on September 14, 2020
