Montenegro collected 2.3185 billion euros in budget revenue during January-September 2026, up 10.3% from a year earlier, the Finance Ministry reported on 31 October. Revenue exceeded the nine-month plan by 46.5 million euros, or 2%, providing a fiscal cushion while expenditure also increased.
Receipts rose by 216.8 million euros year on year. Value-added tax was the largest source, contributing about 1.105 billion euros, up 7.3%. The ministry also reported gains in excise duties and contributions, but gave no amounts for those categories.
Personal income tax receipts reached 94.9 million euros, an increase of 21.8%, while corporate income tax generated 230.8 million euros, up 3.7%. The broad increase was attributed to nominal activity, wages, consumption and administrative collection, although the published totals do not isolate the contribution of each factor.
September inflation was 5.2%, so some of the nominal revenue growth may reflect higher prices rather than an equivalent rise in real quantities sold. VAT’s dominance can benefit from tourism and domestic spending in strong seasons, but leaves revenue sensitive to purchasing power, import volumes and changes in visitor demand.
The stated fiscal challenge is to turn a strong collection year into a more resilient revenue base. Investment in productive enterprises and export activity was identified as a way to diversify taxes beyond consumption and property-related transactions. Banks and investors will watch the balance between recurring revenue and spending, the durability of corporate profits, and whether additional cash supports infrastructure rather than permanent spending commitments.
