On 21 December 2022, Montenegro published in the Official Gazette the rulebook on the deemed arm's length interest rate for 2023, which has been set to 3.98%. Under the country's transfer pricing rules, taxpayers may use the deemed rate as the arm's length rate for related party loans or determine the arm's length rate (or rate range) for a loan by applying the allowed transfer pricing methods. Interest exceeding the arm's length rate, deemed or otherwise, is generally not deductible.