The financing of a company's business operations through the issued T-bills has become a trend in the world and in the Republic of Croatia. Compared to equity securities which enable the acquisition of the share in a company's equity, T-bills provide the earnings determined in advance. Accordingly, they represent a less risky investment for an investor and the issuer can collect funds from a large number of small investors. The article defines the term of a t-bill, states who can issue them and how they can be recorded in book-keeping.
Leasing business, as a specific way of financing property purchase by a company has in the past few years become one of the important financial instruments. Through an operating or financial leasing the purchase of property is simpler and does not include the company's own assets. The model of sales and returnable lease has become a frequent way of financing. The contracts can be prematurely cancelled due to a number of reasons. In view of accounting and taxation various types of leasing are differently recorded, which also includes various procedures upon cancellation of leasing contracts. The article deals with the main characteristics of leasing and the procedures upon cancellation of a leasing contract from accounting and taxation viewpoints.
Due to the fact that the prices of goods and services are constantly rising on the market, the creditor tries to protect him/herself from the fall of purchase power through the corresponding clauses. One of them is a foreign currency clause, which means that the value of a certain liability is calculated according to a stable foreign currency. The principle of equal value is thus fulfilled. The author of the article analyses the accounting and taxation viewpoints of a foreign currency clause.
The article deals with the problem of evaluation of the degree of completion as the method of determination of income or expenditure in construction industry. In author's opinion such evaluation possibility is not based on accounting principles and rules and may include some dressing-up of financial reports of construction industry, which would cover specific weak spots. Such acts do not contribute to the presentation of the financial position and success of a company.
Autor: Mr. sc. Marina Proklin, dipl. oec. i ovl. rač.
The article deals with the obligation of financial reporting for investing companies and listed companies according to the Capital Market Act. The aim of the provision which regulates the above stated issue is to achieve the corresponding quality and prompt providing of information to the public and supervisory bodies on the financial position and the situation of business operations of companies.
The author of the article presents the recording procedures in budgetary accounting referring to the business transactions of received loans and fixed term depositing.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Workshop of Accounting of Non-Profit Organizations
The author of the article presents the recording procedures in accounting of non-profit organizations referring to the business transactions of gifts in kind.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Associations, as other legal persons, may stop existing due to some reasons. After the circumstances for liquidation of the association emerge, there appear a number of questions regarding the mutual relationships of the association members and the relationship of the association with the third parties. Such issues are usually solved through the start-up of the liquidation process and in some specific cases a bankruptcy procedure is possible too.
The provisions on prohibition of working on Sundays and national holidays have been cancelled. The workers who work on these days have the indisputable right to an increased salary. Similarly, according to the Labour Act the workers who work in difficult conditions, at night or overtime have the right to the increased salary. Besides the obligatory salary supplements determined by the Labour Act workers may exercise their rights to increased salary according to some other regulations. The article deals with the ways a worker can exercise his/her right to salary supplements and the way of their calculation.
In the current business operations there is a frequent question what can be paid in cash. The limits are determined by the tax regulations, the regulations on prevention of money laundry and financing of terrorism.The author of the article presents the regulations which determine the conditions of cash payment.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The Act on Warehousing and Warehouse Receipt for Crops and Industry Plants determines the concept or system of a warehouse receipt in which agricultural producers, processors and sellers equally participate with financing institutions. Besides, the Act represents a basis and offers a mechanism of easier approach to the short term financing of sowing and thus attracts an additional capital in the agricultural sector and supports its development. Its economic goal is to create the environment with several safety levels for all the participants in the system in order to reduce the risk and create trust into their mutual business co-operation on the market.
The article deals with the method which enables determination of one dimension of a company's financial position, a customer, a debtor, a prospective business partner. In such a way a company would more easily evaluate the risks of some business relationship. Such an instrument may serve as a simple and fast way of determining solvency of business partners and limitation of possible risks of company's own non-liquidity.
The Croatian National Bank published the new Decisions in the Official Gazette on 1 January 2009. This article deals with the effect of the Decision on classification of the placement and off-balance liabilities of credit institutions, the Decision on adequacy of the liable capital of credit institutions – Standardized approach and the Decision on adequacy of the liable capital of credit institutions – IRB approach on the algorithm for the calculation of the days of late payment. The author of the article presents the effect of the above stated decisions on the procedure of calculation of the days of late payment by clients.
The Value Added Tax Act is to be amended as at 1 January 2010. The amendments primarily refer to the compliance with the EU legislation because the Croatian VAT Act was in the time of VAT introduction based on the provisions of the Sixth Directive, which was then the basic document of the European Union referring to VAT.The author of the article writes about the application of the new taxation in the economic practice in Croatia.
According to the taxation regulations the income received by the person who delivered author's work is regarded as other income. However, the provisions according to which another income is taxed contain some specifics in view of taxation of author's fees depending on whether such author's work is regarded as a piece of art, not a piece of art or author's work of non-residents. This article deals with the author's fee realized on the basis of the delivered author's work which is not considered a piece of art.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The payment of a special sales tax on luxury goods produced or sold on the customs territory of the Republic of Croatia or imported in this area is regulated by the Act on Special Sales Tax on Luxury Goods and the Rulebook on Special Tax on Luxury Goods. The article deals with the latest changes of the Rulebook on luxury, the items of taxation, tax payers, tax base and tax amounts, tax liabilities and tax exemptions.
The issue of tax rates within the VAT system was at first determined by the so-called Sixth Directive from 1977, which was later changed and amended for several times. This resulted in a confusion of the valid provisions and the need of their better layout. The Directive of the Council 2006/112/EC became effective on 28 November 2006. It refers to the joint value added tax system as a final draft of the Directive from 1977. The article deals with the amendments of the valid Directive and its effects on the Republic of Croatia.
The foreign currency system in the Republic of Croatia allows cash transactions in foreign currency. They are however limited by a special decision of the Croatian National Bank. Everything that is not allowed is prohibited.There are no obstacles for keeping foreign currency cash in a teller but only under certain circumstances. The article analyses cash transactions in foreign currency, when to use it or deposit it and the possible dangers of foreign currency cash transactions.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Some customs procedures have a negative effect on business operations, sales and distribution of goods and the corresponding expenses. Through some institutes of the customs system it is possible to speed up and simplify and make cheaper a part of the business operations referring to sales of goods over the border.The article describes one of the most common procedures referring to customs warehousing within the customs system with an economic effect. The main purpose of such a procedure is to enable domestic companies to warehouse their or other companies' goods for the presently unknown customer without customs and tax burdens.
The transactions between parent companies abroad and their branch offices in the Republic of Croatia or the transactions between parent companies in the Republic of Croatia and their branch offices abroad should be reported to the Department of Statistics at the Croatian National Bank. Due to various models of possible cash and non-cash transactions which directly or indirectly refer to the relationship between parent companies and their branch offices the article stresses the transactions which most often cause confusions in reporting.
The persons engaged in agricultural and forestry activities from which they realize their income on the market, are classified as tax payers according to the tax regulations. Principally, they have to pay the income tax, but they can also pay the profit tax voluntarily or according to law if they exceed certain indicators in their business operations. The income and profit are determined according to the data entered in business records or in some cases they may pay the income tax in a lump sum On the basis of performing such activities they are obliged to pay social insurance, except pensioners, and the contributions according to the decision of the Tax Administration based on the obligatory application for social insurance. The base amount on which the contributions are calculated is determined according to the way of income tax payment.
In the field of construction business several regulations have recently become effective in order to ensure an efficient co-ordination between the federal and local governments, to speed up the activities in the buildings which have already been prepared and to introduce the procedure of faster obtaining all the necessary permits. The author of the article presents some additional explanations and the examples of the necessary applications and building permits.
The Act on Amendments of the Act on Consumer Protection became effective on 16 July 2009. The Act on Consumer Protection from 2007 was thus additionaly complied with the EU legislation in the field of consumer protection, especially the provisions regarding the collective consumer protection, unfair business practice, indirect sales and the way of displaying prices.
The new Rulebook on rights to, conditions and ways of obtaining health protection abroad. The Rulebook regulates what the employer is to do when sending the employee abroad for professional training, education or a business trip and what in such a case the insured persons, crafts businesses and similar businesses as well as the insured persons who are abroad due to private matters should do in order to obtain health protection abroad. The Rulebook states the way and conditions of exercising rights to health protection abroad.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
Recruitment activities also include mediation of recruitment of students and pupils without signing the contract on employment. Legal and physical persons engaged in independent activities may recruit pupils and students which regularly attend high schools, colleges, and faculties through authorized mediators.The author of the article describes the application of the regulations and the procedure of calculation of contributions for the receipts of pupils and students.
The Act on Maternity and Parental Support became effective on 1 January 2009. It regulates the parents' rights regarding child birth and care in a completely new way compared to the previous period when the right to maternity leave was regulated by the provisions of several acts. The aim of the new Act is to determine the right to maternity leave as the personal right of each biological parent no matter of their marital status and to achieve equal care of the child by both parents, which will result in an efficient effect on the mental and physical growth of the child.
Temeljna obilježja djela vodećih teoretičara globalizacije:
Bhagwati, Jagdish (2004.):U obrani od globalizacije, Oxford (In Defense of Globalization, Oxford)
Bofinger, Peter (2004.): Bolji smo nego što mislimo, München (Wir sind besser, als wir glauben, München)
Brauninger, Dieter (2007.): Globalizacije i podjela. Izazov čak i u industrijskim zemljama, Frankfurt (Globalisierung und Verteilung. Eine Herausforderung auch in den Industrielaendern, Frankfurt)
De Soto, Hernando (2002., 2000.): Sloboda kapitalu! Zašto kapitalizam ne funkcionira u cijelom svijetu, New York (Freiheit fuer das Kapital! Warum der Kapitalismus nicht weltweit funktioniert, New York)
Klein, Naomi (2001., 2000.) Borba globalnih igrača za vlast na tržištu. Igra s mnogo gubitnika i malo pobjednika (No Logo! Der Kampf der Global Players um Marktmacht. Ein Spiel mit vielen Verlierern und wenigen Gewinnern, New York)
Krugmann, Paul (1999., 1996.): Mit globalnih gospodarskih ratova. Razračunavanje s pop-ekonomijom, Frankfurt-New York (Der Mythos vom globalen Wirtschaftskrieg. Eine Abrechnung mit der Pop-Oekonomie, Frankfurt-New York)
Landes, David (1999., 1998.): Blagostanje i siromaštvo nacija. Zašto su jedni bogati, a drugi siromašni, New York (Wohlstand und Armut der Nationen. Warum die einen reich und die anderen arm sind, New York)
Norberg, Johan (2003., 2001.): Kapitalistički manifest. Zašto samo globalizirano tržišno gospodarstvo osigurava dobrobit čovječanstvu, Stockholm (Das Kapitalistische Manifest. Warum allein die globalisierte Marktwirtschaft den Wohlstand der Manschen sichert, Stockholm)
Rodrik, Dani (2000., 1997.): Granice globalizacije. Ekonomska integracija i socijalna dezintegracija, Washington (Grenzen der Globalisierung, Oekonomische Imigration und soziale Desintegration, Washington)
Safranski, Ruediger (2002.): Koliko globalizacije može podnijeti jedan čovjek? Frankfurt (Wieviel Globalisierung vertraegt ein Mensch? Frankfurt)
Sen, Amartya (2000., 1999.): Ekonomija za čovječanstvo. Putovi ka pravednosti i solidarnosti u tržišnom gospodarstvu (Oekonomie fuer den Menschen. Wege der Gerechtigkeit und Solidaritaet in der Marktwirtschaft, New York)
Stiglitz, Joseph (2002.): Sjene globalizacije, New York (Die Schatten der Globalsierung, New York)
Wolf, Martin (2004.): Zašto globalizacija funkcionira? New Haven (Why Globalisation Works? New Haven)
