The income tax treaty between Monaco and Montenegro was signed on 29 May 2019. The treaty is the first of its kind between the two countries. Taxes Covered The treaty covers Monaco profit tax on commercial income levied from individual persons and profit tax levied from companies. It covers Montenegrin corporate profit tax and personal income tax. Withholding Tax Rates Dividends - 5% if the beneficial owner is a company directly or indirectly holding at least 10% of the paying company's capital; otherwise, 10% Interest – 10% Royalties – 5% for royalties paid for the use of, or the right...