Regarding the text "Admitted that they have been evading taxes for years", in which the statement of the former executive director of "Plantaža" Verica Maraš was published in the tax procedure, the company sent a response, which "Vijesti" publishes in its entirety:
"Today, the company owns about 4.200 hectares of agricultural land, of which 2300 hectares are planted, a large number of business facilities and other valuable equipment that is used to perform regular business activities. Part of the immovable property is owned by the company, and over part of the property the company has the right of use (owners are the state or local self-government), while over part of the property there is a right of co-ownership with a larger number of natural and legal persons.
This regime of real estate rights is a consequence of the ownership-management transformation of the company, which was completed during the nineties of the last century, by turning social into shareholder capital.
The return of agricultural land to the former owners, which was completed during the same period of time to the detriment of the company's property, resulted in the fragmentation of plots owned by the company and a change in the way the property was used, all of which affected the market value of certain real estate positions.
The last valuation of the company's assets was carried out in 1992. The assessment of the value of the assets, which was carried out almost thirty years ago, resulted in certain positions of the company's assets (agricultural land) in the balance sheet being kept at realistically low prices, i.e. prices that are lower than market prices. It is undisputed that - at the time of the last appraisal, which was made during hyperinflation - the value of the property was assessed at prices then determined to be market prices, which were certainly low compared to current prices.
The value determined in this way, which was expressed in dinars, was further devalued during the period of hyperinflation. With the introduction of the German mark in the economic system of Montenegro in 1999, the legal prerequisites were acquired for the property to be expressed in "hard currency", which resulted in a value that is still significant to this day. Today, in the balance sheet of the company, in relation to assets of about 145 million euros, the value of the position of land, real estate and equipment represents a value of about 70 million euros.
The management of the company recognized the issue of the value of the company's assets as one of the significant problems that should be solved during 2021. The question of the real tax base for calculating property (real estate) tax is one of the (certainly more significant) reasons. The real value of the tax base will consequently lead to the correct calculation of property tax.
However, until the real value of the property was determined, the company had available accounting data based on 1992 values. The management of the company pointed out these circumstances to the competent tax authority, which the authority used when determining the tax liability, which it established in an amount significantly higher than was previously the case.
The tax authority, in exercising its powers established by the Law on Tax Administration, in addition to the authority to determine taxes in the manner and according to the procedure established by law, has the authority to require taxpayers and other legal entities to submit documentation and provide other information necessary for determining the tax liability, that is, to use the services of experts and experts, natural and legal persons in the process of determining tax obligations, when their professional knowledge is needed.
In this sense, it is necessary to observe the communication between the former executive director of the company and the competent tax authority of the Municipality of Tuzi, which was justifiably pointed out to significant differences between the value of the tax base (determined on the basis of available accounting data) and the indisputable facts on the basis of which the value of the tax liability should be determined in a significant a higher amount, which the tax authority accepted and during the procedure established a tax liability in a significantly higher amount.
The procedure of revaluation of assets in companies has been started. By the end of this year, it is expected to conclude an appropriate contract on the provision of professional services in connection with the revaluation of assets, on the basis of which the services of a renowned international consulting company from the ranks of the "Big Four" will be engaged.
After this work is completed, based on the authority it has on the basis of the Companies Act and the company's statutes, the Board of Directors will adopt a study on the valuation of the company's assets, which will result in the removal of reasons for criticism of the content of property tax returns.
In response to the expected increase in property tax liability, the company has budgeted a significantly higher amount in the 2021 budget for the payment of property tax liability. At the end of this process, the company will record the assets in its balance sheet at a new, fair price, which will result in a significant increase in the company's balance sheet assets".
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