The author of this article refers to some of the specific business events in trading activities in order to correct mistakes in calculations, tax procedures or recordings in companies' business records engaged in trading. The introduction of the VAT rate of 23% in August 2009 is reflected in the annual account and requires a special attention upon the calculation of advance payments, subsequent discounts, return of goods, etc. when business events occurred in the accounting periods in which different VAT rates were applied.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
The Accounting Standards define the procedure of determination, calculation and recording of stocks. The annual account of costs in production activities should comprise all the costs of supply of stocks, unfinished production, semi-finished products and final products, which are recognized as short term assets in the business process up to the moment of their sales. The author of the article presents the procedure of the annual calculation of costs in production activities as the basis for drawing up financial reports.
Autor: Emica TRCOVIĆ, dipl. oec., prof. i ovl. rač.
The companies engaged in transportation services keep their business records and draw up financial reports according to the same rules as other companies. However, their activities comprise some specifics. Transportation services are not homogenous but differ among one another depending on what is transported and which means of transportation is used. The article deals with some specifics of business events characteristic of such activities and accordingly the specific final recordings upon drawing up financial reports.
The specifics of hotel and catering industries refer to the special way of provision of services according to the Act on Catering Activities and a special VAT rate on accommodation services of 10%. Although such activities are similar to trade, in terms of accounting they are to be recorded as provision of services with the elements of production. The changed VAT rate of 23% on 1 August 2009 made a certain impact on the catering industry too. The article presents the procedure of drawing up the annual account of catering activities and financial reports.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
Annual accounts in agriculture are mostly equal to those in other activities. However, due to the fact that biological activities are performed in agricultural production, other rules are applied upon evaluation of products from such a production and the biological assets. These specifics in agriculture include state subsidies which are recorded according to the accounting standards in the way that the costs of production are interfaced with the corresponding part of the received subsidies for financing of long term assets. Upon control of existence of assets in agriculture – listing or stock-taking of biological assets the procedures and estimates are adjusted to the nature of assets.
Service activities usually comprise a combination of provision of services and sales of goods, i.e. sales of spare parts, permanent disposable goods for maintenance, replacement, processing or repairs of objects which are re-sold, etc. In accounting, the recording of such business events requires a good understanding of the elements of calculations, warehousing, tax regulations and cashier's activities. The article explains some tax and balance sheet solutions specific for the service providing activities, which are to be considered upon recording of business events in 2009.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
Upon drawing up the annual financial reports in construction business it is important to consider some specifics referring to the recognition of income and expenses, the production process i.e. the expenses included in such a process by the investor, reservation expenses according to the granted guarantees, etc. The accounting procedures performed by a construction company depend on whether a company carries out construction activities and investing activities or only investing activities.
State subsidies have various forms but always the same goal – to help the society to purchase long term assets or to cover the expenses. State subsidies stimulate the activities which are important for the whole society and which are difficult to finance such as agriculture. In view of accounting and taxation recording of state subsidies it is essential to differentiate the subsidies which are provided as counter-services or the subsidies for which a company does not have to pay anything in return. The author of the article writes about the way of recording state subsidies.
The companies which made advance payments of profit for 2009 during the year of 2009 recorded such advance payments on the account Receivables from Company's Members for Profit Paid in Advance (dividend) and they are presented on this account as the final balance as at 31.12.2009. The advance payments of the future profit, which were paid during 2009, will be covered from the realized profit 2009 in 2010 (as at 2 January or later). In such a case comprised is the gross amount of the profit paid in advance, not reduced by the possibly calculated and paid special tax.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
Under certain circumstances long term assets can be purchased on credit or a loan. The persons in the budgetary environment must fulfil all the pre-conditions determined by the system of public financing before signing a contract on credit or loan. The book-keeping system contains the principles of recording such purchases. The article presents the examples of recording business events of purchasing long term assets on credit in budgetary accounting.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
This article presents a number of viewpoints and measuring success which lead to the use of the assets from the pre-accession programmes of the EU in the Republic of Croatia. The system of realization of the programmes financed by the EU includes a rather complex and long lasting process in with various participants such as the European Commission, the Government of the Republic of Croatia and the free market. Each of the participants takes part in the success which can be realized. Such a process, which starts with the projects of needs and reservation of assets and ends up with the final payments to contract parties or end-beneficiaries, can last for 5 years. In some of these phases it is possible to measure the success of the EU Funds in the following areas: accreditation of the system, signing of the agreement on financing, contracting rate, payment rate, effect of its realization as well as through the context of the preparation for the structure of the funds.
The article presents an overview of some suggestions made by the European Commission, which were sent to the EU countries and their application in some countries. The suggestions include: An Ambitious Economy Agenda of Spain, Rumania Introduces Tax on Unhealthy Food, France Considers Taxation of Internet Companies, European Central Bank Forecasts Higher Losses of Banks in Euro Zone, Europe’s Budgetary Expenses This Year, etc.
Domestic employers of crew members in international shipping and the ship crew members employed by a foreign employer are not obliged to calculate and pay an income pre-tax according to the receipts for their work on board during the year. Accordingly, all the ship crew members in the international shipping are obliged to submit an annual tax return regardless the number of days spent on board. The article presents a procedure of drawing-up an annual tax return for seamen working in international shipping.
The final VAT calculation for 2009 is to be included in the annual report in the PDV-K Form, which, due to the changed VAT rate on 1 August 2009, has been altered compared to the previous year. This means that the final account will comprise the sales taxed by VAT rates of 0%, 10%, 22% and 23%. Submission of PDV-K Form is not only a legal obligation but provides the opportunity to make corrections of the events in 2009 as well as to control the VAT calculation on the sales of goods and services in the previous business year. The author of this article writes about the specifics of drawing up the final accounts taking into account the changed VAT rates on 1 August 2009.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
The new Act on Fortune Games which was passed by the Croatian Parliament and became effective on 1 January 2010 brings, besides its changed name, some essential changes and novelties in the system of organization of fortune games. This more modern and simpler Act has made Croatia closer to the systems of fortune games organization in the EU member countries. The author of the text analyses the amendments and application of the new Act.
One of the institutes of the excise duty law, which has been complied with the acquis communautaire of EU through the Act on Excise Duties, are excise duty payers. The Rulebook on Excise Duties, which became effective on 2 January 2010, was passed according to the above stated Act. The Rulebook determines the procedure of application of the Act on Excise Duties, except the provisions which become effective on the date of Croatia's entry into the European Union according to the Art. 98. of the above stated Act. The author of the article presents a review of the basic excise duty payers through the total excise duty tax procedure.
Since 1 January 2010 a new way of determining a VAT base upon imports has been applied including some other changes in the normative provisions of the value added tax regulations which are especially important for the customs operations. The new regulations differently define the determination of the value added tax base upon imports of goods into Croatia. The authors of the article present the procedure of customs clearing upon imports of goods according to the new regulations.
Autori: Mario Demirović, dipl. iur. Mr. sc. Branka TUĐEN, dipl. oec.
The Croatian Chamber of Trade made a new decision on payment of lump-sum contributions in 2010. Craftsmen and other persons obliged to pay contributions make payments of lump-sum contributions from the income i.e. profit. Upon payment the attention should be paid to the new marks of payment and the tax number (OIB) of the person involved. The article describes the procedure of determination of the obligation and payment of contributions to the Chamber of Trade in 2010.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
The Value Added Tax Act and the Directive on Conditions and Procedures for Obtaining the Rights to Exemptions of Customs Duties provide detailed characteristics, the parts of exemptions and the procedures for their realization. The author of the article gives comments to the above stated regulations, which comprise several substantial segments in the field of import duty exemptions, which according to their character and beneficiaries refer more to the legal rather than to the physical persons.
According to the Labour Act the employer and the employee have the right to the extraordinary termination of the contract on employment if there is a justifiable reason. Due to a serious violation of the obligations in the employment status by any of the parties in the contract its termination often ends up in a labour dispute. Therefore, it is important to be acquainted with the court practice. The author of the article presents a viewpoint of the Supreme Court of the Republic of Croatia in specific labour litigations.
