Montenegro released a draft law which would introduce a temporary windfall profits tax (officially dubbed “solidarity contribution”). Salient features of the draft include:

• The tax would be due at the rate of 33% on “excess profits” generated in 2022 and 2023 by companies whose revenues exceeded EUR 5 million in 2022 and/or 2023;
• Excess profits are defined as taxable profits as determined for corporate tax purposes in 2022 and 23, that are in excess by more than 20% of the profits generated in the years 2018 to 2021 (excluding any loss making year); and
• The filing and remittance due dates would be 30 June 2023 (with respect to excess 2022 profits) and 30 June 2024 (with respect to excess 2024 profits).

The draft law does not identify specific targeted economic sectors and it appears that the proposed windfall profits tax would apply across all sectors.