Montenegro Budget Execution Report – September 2026

Growth was recorded across all major revenue categories: personal income tax, corporate income tax, value-added tax, excise duties, and contributions. In addition to making a significant contribution to the overall growth in budget revenues, this category also exceeded the nine-month plan by €16.9 million. The increase in excise revenues was primarily driven by higher collection of excise duties on tobacco and tobacco products, which amounted to €125.1 million, representing year-on-year growth of 11.5%. The overall plan was also exceeded as a result of higher collection of unemployment insurance contributions and other contributions. Lower-than-planned execution was recorded for most current expenditure items, predominantly current maintenance expenses, at €17.7 million. The most significant allocation within this category of capital expenditure was for the Capital Budget, amounting to €209.3 million.

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