December 17 (SeeNews) - Toyota Adria, a car dealership covering the markets of the former Yugoslavia, is considering moving its headquarters from Slovenia due to the high tax burden in the country, CEO Kensuke Tsuchiya said.
"Taxes are the biggest expense of a company. Our headquarters are in Slovenia, and it is very expensive and we are considering changing the location," Tsuchiya said in a video file posted on the Flickr channel of the Montenegrin government on Thursday.
The tax reforms promoted by the Montenegrin government will surely bring new investors to that country, Tsuchiya said on the sidelines of a meeting with Montenegrin finance minister Milojko Spajic.
"We are in talks with Toyota, one of the world's largest companies that is interested in expanding its operations in Montenegro," Spajic said.
Ljubljana-based Toyota Adria is active on the markets of Slovenia, Croatia, Bosnia and Herzegovina, Serbia and Montenegro.
In September, Spajic said Montenegro plans to introduce a progressive corporate income tax as part of a broad tax reform that aims to support economic growth and reduce the share of grey economy. Currently, corporate and personal income tax in Montenegro are both set at 9%.