Invitation to deliver data on foreign current and capital transactions
22/04/2019
As an institution responsible for balance of payments statistics, and in accordance with the Law on Foreign Current and Capital Operations, the Central Bank of Montenegro (CBCG) passed the Decision amending the Decision on keeping separate records on foreign current and capital transactions and their reporting to the Central Bank of Montenegro (OGM 8/17, 18/19).
The relevant amendments of the Decision include new reporting forms for foreign trade in services related to the performance of construction (investment) works in the country and loans referring to commercial transaction and the provision of services (trade credits) and advances. This provides further compliance of balance for payments and external debt statistics with international standards and with obligations defined in pre-accession negotiations.
Pursuant to the Decision, residents are obliged submit to the CBCG, in electronic form using the CBCG Internet portal “Resident Reporting”, to deliver the information on foreign trade in services related to the performance of construction (investment) works in the country and abroad and the information on receivables and liabilities for trade credits and advances as at 31 March 2019 no later than by 15 May 2019, and the information on receivables and liabilities for trade credits and advances as at 31 December 2018 no later than by 30 April 2019. We remind that the information on direct investments and foreign credit operations have to be submitted are no later than 25 days following the reported quarter.
Bearing that a number of legal persons has not met the deadline for submitting information required pursuant to relevant legislation, the CBCG hereby strongly advises those entities to submit the requested information as soon as possible. Otherwise, the CBCG will be forced to file requests for instigating misdemeanour proceedings before relevant authority against any and all entities that fail to respond to the appeal and meet their statutory obligations.
We remind that Article 14 of the Law on foreign current and capital operations provides that a fine ranging from 2,500 euro to 10,000 euro shall be imposed against a legal person – resident, and a fine ranging from 550 euro to 2,000 euro against a responsible person in the legal person, if fails to keep separate records on foreign current and capital operations or upon a request of the Central Bank it fails to provide data or provides incorrect data referred to in Article 6a paragraphs 3, 4 and 5 of the Law. We note that paying of fines does not waive legal person – resident to meet its legal provision to deliver required information.
The reporting forms are enclosed with this Decision on keeping separate records on foreign current and capital transactions and their reporting, and can be downloaded from the CBCG website (under Statistics).