WASHINGTON, July 31, 2017- The World Bank’s Board of Executive Directors approved on July 31st, 2017, €14 million loan to Montenegro for a Revenue Administration Reform Project. The development objective of the project is to improve the effectiveness of operational functions of Montenegro’s Tax Administration and to reduce the compliance costs for corporate taxpayers. Montenegro’s long-term vision is of a revenue administration that operates with streamlined risk-based business processes that contribute to the efficient collection of taxes and social contributions from all sources of economic activity. Increased compliance will generate a more robust revenue stream to provide essential services to citizens. Improvements in revenue administration capacity will also support the country’s goal for EU accession and economic integration with EU member states.