On 31 October 2019, the government of Montenegro approved the ratification of the pending income tax treaty with Monaco. The treaty, signed 29 May 2019 ({News-2019-06-20/T/4-previous coverage}), is the first of its kind between the two countries and will enter into force 30 days after the ratification instruments are exchanged and generally apply from 1 January of the year following its entry into force.