Labor & Taxes
Montenegro announces 400 million euro IRS tax cut in November
The Prime Minister announced a 400 million euro reduction in IRS income tax, which is set to lower tax rates for taxpayers up to the sixth income bracket (up to 41,639 euros annually). The government expects to approve the measure in next week's Council of Ministers meeting, with updated withholding tax tables taking effect in November, which will include a correction for taxes paid since the start of the year.
Why it mattersIf you pay IRS, you should expect to see an increase in your net take-home pay starting in November, as the new withholding tables will adjust for taxes already paid this year.
