The most significant change of the VAT Act, which becomes effective on 1 March 2012, is the change of the general VAT rate from 23% to 25%. The VAT rate of 10% has been extended to some goods and services. The pre-paid tax upon purchase of vehicles, vessels and aircrafts (except for performing of the company’s business activities) cannot be used, neither upon the purchase of all the goods and services regarding such goods. The pre-paid tax cannot be used for purchase of goods and services as costs of entertainment, the minimum amount of annual income for entrance into the VAT system has also been changed. The most provisions will come into effect on 1 March 2012, whereas some of them become effective on 1 January 2013. The article analyzes the significance of the application of the new VAT rate of 25%, which refers to the deliveries made from 1 March 2012, including the obligations of the companies regarding the date of application of the new VAT rate and other changes.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
The salaries paid on 1 March and on are taxed according to the new provisions of the Income Tax Act. In most cases this refers to the salary for February paid in March, but also to all the salaries which comprise the previous periods and were not regularly paid, so they are paid in March i.e. in the following months. According to the new provisions of the income taxation the pensions paid to the residents of the Republic of Croatia by foreign pension insurance companies are also taxed. The author of the article presents the changes in taxation of salaries and contributions on salaries.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The Amendments to the Profit Tax Act have been published. Most of its provisions become effective on 1 March 2012, whereas the others will come into effect on 1 January 2013 or on the date of accession of the Republic of Croatia into the European Union. The article provides the comments on the amendments to the above stated Act, including the instructions for the accountants regarding the application of the provisions in practice.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
Until 31 March 2012 enterprises are obliged to submit their annual financial reports to the FINA for the statistical needs. Besides the balance sheet and the profit and loss account (the report on comprehensive income for the enterprises which apply the IFRS) other data should also be submitted to the FINA. They mostly refer to the explanations of the specific entries in the balance sheet and the profit and loss account for statistical needs. The article provides the instructions for filling in the additional data regarding the balance sheet and the profit and loss account.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
The author of the article presents the entities obliged to submit the annual financial reports to the Register, the purpose and deadlines of submitting their annual financial reports, the documents they should submit, including the specific way of their submitting, which forms are to be used for preparation and submitting of the annual financial reports for the year of 2011 and how and where the annual financial reports and other documents will be published. Besides, the author points to the sanctions imposed due to non-delivery of the annual financial reports determined by the Accounting Act and the Act on Court Register.
Upon determination of their annual financial reports and the use of profit or loss coverage companies act according to the provisions of the Companies’ Act and their internal enactments. The authors of the article analyze the procedure of determination of the annual financial reports and the distribution of the determined profit, including the payment of profit (dividend) with the back-up investments into the company, as well as the possibilities i.e. obligations regarding the loss coverage. The authors also analyze the advance payment of profits in 2011 from the legal and taxation viewpoints.
Autori: Dr. sc. Vlado BRKANIĆ , prof. vis. šk., ovl. rač. i ovl. rev. Tamara CIRKVENI , mag. oec., univ. spec. oec. i ovl. rač.
The liability for profit tax is frequently calculated through inclusion of the so-called temporary differences which may affect the tax payment. Such temporary differences cause the emergence of the deferred tax property i.e. the deferred tax liabilities. The deferred tax liability i.e. the deferred tax property should be compensated or used in the following accounting periods when certain conditions have been fulfilled. The article presents the most usual examples of the recordings and presentation of the profit tax liabilities in the financial reports.
Various activities are performed in the form of franchising business, i.e. as a franchise. The article explains the term of franchise, its advantages and disadvantages and what is to be recorded in the accounting of the franchisor and the franchisee. Besides, the article also analyzes the tax position of the franchise within the VAT, the profit tax and the income tax systems.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
Fish breeding belongs to the group of agricultural activities aimed at conversion of the biological assets into the additional biological assets (juvenile fish species for further breeding) or agricultural products (fish prepared for sales as a consuming product). The concept of fair value upon evaluation of the biological assets and agricultural products is applied only if the fair value can precisely be measured. The author of the article analyzes the specifics in the accounting of fish breeding.
Besides the financial reports which are prepared according to the Accounting Act and are submitted to the FINA for statistical purposes, some enterprises are obliged to prepare the specific financial and other reports determined by the supervisory bodies. These reports may be prepared every month, every three months or once a year, whereas the deadlines for reporting may also substantially differ. The author of the article presents a brief overview of the obligations of reporting by some enterprises (entities supervised by the CFSSA) determined by the specific regulations and states the structure and deadlines of reporting as well as the defined foundation of such reports.
The article analyzes the most important changes regarding the evaluation of the assets of investment funds, which are the result of the compliance of the Rulebook on Evaluation of Assets of Investment Funds with the corresponding provisions of the International Financial Reporting Standards, the Act on Capital Market and the Accounting Act.
The local public transportation bonuses paid to employees do not represent a constituent part of their salary but a substantive right of the employee determined by some labour regulations (collective agreements, rulebook on labour relations and alike). According to the tax regulations the employer may pay such expenses without tax under certain conditions. The article provides the instructions for the employer regarding the payment of local public transportation bonuses.
This workshop of budgetary accounting presents the recordings and explanation of the following business events: purchase value of fixed non-financial assets and license as assets.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
The accounting of non-profit organizations is regulated by the provisions of the Directive on Accounting of Non-profit Organizations. Accordingly, the non-profit organizations record their business events in the system of single-entry or double-entry book-keeping. The book-keeping system of a non-profit organization depends on the annual amount of income and the asset value of such a non-profit organization. Regardless of which book-keeping system is applied by a non-profit organization and regardless of the fact that such an organization has organizational parts or not, it is obliged as a legal person to present the data for the non-profit organization as a whole in its book-keeping.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The non-profit organizations are obliged to present their precise business results (surplus or loss or income) for the particular accounting period within the deadlines determined by the Directive on Accounting of Non-profit Organizations. If their turnover has the characteristics of income and expenditure and such income and expenditure do not belong to the accounting period they cannot be recorded as the income and expenditure of the accounting period. The time match between the realized income and expenditure is received through the recording of the deferring of income and expenditure on the accounting periods. If this is the deferred payment of expenditure and the collected income of the future periods, they represent the deferred items according to the provisions of the Directive on Accounting of Non-profit Organizations.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The employed persons obtain the status of the insured persons of the obligatory health insurance. Besides the right to health protection they also have the right to the compensation of the salary during their inability to work due to sickness, child care or spouse care, problems during pregnancy, during maternity or parental leave and as an escort of the insured person of the Health Institute to other place for health treatment. The compensation of the salary due to the inability to work in such cases is determined according to the Act on Obligatory Health Insurance. The article presents the way of determining the conditions and procedures regarding the exercise of such rights.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The salary, another income and other receipts subjected to the payment of contributions represent the basis for the payment of contributions for pension insurance. The payment of contributions is controlled by the Tax Administration, whereas the Croatian Institute for Pension Insurance controls the bases on which the contributions have been calculated, due to the fact that the points for the calculation of the pension amounts are determined according to these bases. In order to enable the control of the above stated data the employers are obliged to prepare the recapitulation of the paid salaries according to the insured years of service and deliver it to the branch office of the Croatian Institute for Pension Insurance upon their request. The article provides the instructions for preparation of the recapitulation of the paid salaries used for determination of the pension amounts.
Stanje nelikvidnosti koje je zahvatilo velik broj gospodarskih subjekata nastoji se smanjiti primjenom Zakona o izmjenama i dopunama Zakona o posebnoj mjeri naplate poreznog duga uzrokovanog gospodarskom krizom, koji je uz paket ostalih poreznih propisa donesen po hitnom postupku, a stupio je na snagu krajem veljače 2012. (Nar. nov., br. 22/12.). Za dospjeli i nenaplaćeni porezni dug poduzetnika utvrđen sa stanjem na dan 31. siječnja 2012., koji je nastao s osnove poreza, carina, trošarina i doprinosa, propisane su dvije nove mjere plaćanja, i to otplata poreznog duga odjednom uz otpis kamata te otplata poreznog duga reprogramiranjem na rok do 36 rata.
1. Uvod 2. Na koje se poslovne subjekte odnosi zakon o mjerama naplate 3. Što se smatra poreznim dugom te za koja se javna davanja ne može reprogramirati naplata ili obaviti otpis duga s osnove kamata 4. Tko se smatra urednim poreznim obveznikom 5. Naplata poreznog duga reprogramom 6. Otpis duga s osnove kamata 7. Visina poreznog duga i provedba postupka usklađenja 8. Propisani rok za podnošenje zahtjeva za reprogramiranjem poreznog duga ili otpisom duga s osnove kamata 9. Knjigovodstveno evidentiranje poreznih dugova utvrđenih reprogramom 10. Zaključak
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
Any kinds of frauds have primarily an impact on the company’s financial operations, a company’s reputation and may have psychological and sociological effects on other participants connected to such a company as well as on the social community as a whole. The fact is that the number of frauds has considerably risen globally in spite of the efforts of various authorized and supervisory bodies to prevent them. There is a number of causes such as the complexity of financial manipulations in various kinds of investments, the possibilities of cover-up according to specific regulations, window-shopping of presenting financial information, the IT which as a support enables the flexibility, a low level of ethics, etc. They contribute to the more frequent presentations of business results, the misappropriation of property, corruption and other kinds of frauds.
The requirement of the unlimited time of business operations represents one of the basic presumptions for preparation of financial reports. The term – unlimited time of business operations implies that the entity continues the business operations in the foreseeable future i.e. in the period of at least one year after the balance sheet date. In order to make such an estimate it is necessary to conduct the audit testing again, which are presented in the article. Under the circumstances of the financial crisis, which lasts for many years, the auditor has to deal with the additional testing in order to remove the increased risks of the unlimited time of business operations caused by such a crisis.
The IASB – International Accounting Standards Board published in November 2011 the reviewed proposal of the international standard which defines the accounting of recognizing the regular income realized according to the contracts with buyers. This proposal represents the result of the co-operation between the IASB and the American FASB and the received suggestions and comments on the previously published proposal of this standard (June, 2010). Compared to the previous proposal, the revised one includes the explanations of some previous provisions and the simplified solutions of the previous proposals.
The European Commission suggested to the EU member countries to accept its proposal on submitting the value added tax return electronically. The European Council accepted the agreement on financial discipline. Besides, the European Union has made a number of proposals regarding simplifying the tax law, tax reliefs for employees as shareholders, the changes of taxes on vehicles and others. The article presents the measures and proposals for improvement of the tax legislation in the EU member countries.
Within the system of prevention of money laundering and financing of terrorism only the entities obliged to apply the Act on Prevention of Money Laundering and Financing of Terrorism should prepare the internal enactment which determines the measures, activities and acts in order to prevent and reveal money laundering and financing of terrorism. In practice, such an internal enactment is called a rulebook. Each group of the entities obliged to apply the above stated Act should adjust such a rulebook to the characteristics of their business operations. The article presents a sample of the internal enactment for the entities obliged to apply the above stated Act and which are included in the professional activities (accountants, auditors and tax advisors). This internal enactment has been complied with the changed regulations.
In the Republic of Croatia, banks savings banks and authorized foreign exchange offices are allowed to trade in foreign currency. Different to banks and savings banks, authorized foreign exchange offices may trade in foreign currency only with physical persons. Authorized foreign exchange offices are particular residents who have the permission to perform foreign currency exchange operations, which comprise the purchase in kunas of foreign currency cash and cheques in foreign currency and the sales of foreign currency for cash in kunas. The article presents the current issues regarding the operations of authorized foreign exchange offices.
The amount of the monthly pre-paid tax determined by the decision may be changed according to the written claim of the tax payer due to e.g. the difficulties in business operations, the reduced production and sales and the existence of non-liquidity. If the claim of the tax payer has been rejected, the Tax Administration should issue a decision on rejection of such a claim. Due to the fact that the Tax Administration is presently processing the received annual tax returns for the previous year, which had to be submitted by the end of February, the article presents the way in which tax offices determine the new amounts of the monthly pre-paid income tax and sur-tax. The article also describes how the decisions regarding the existing pre-paid amounts are changed according to the claims made by the sole traders, including the processing of the tax return forms for 2011.
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
In accordance with the provisions of the Act on Catering Activities, catering facilities should comply their operations with the rulebooks which determine the way and the object of operations. The obligation of compliance refers only to those caterers who do not have the decision on operations according to the valid regulations. Such obligations comprise various categories of caterers. The article comments on the contents of the specific rulebooks whose provisions determine the provisions of catering services according to various categories. The article also presents the procedure of compliance of operations of catering facilities with the corresponding rulebooks.
The author of the article presents the examples from the court practice regarding the validity of the contract on employment, the temporary service contract and temporary work, including the breach of such contracts.
The personally conditioned termination of the contract on employment is not the consequence of the employee’s fault but of some permanent characteristics and abilities of the employee, due to which such an employee cannot fulfil the obligations stated in the contract on employment in the required volume and of the required quality. In practice, the personally conditioned termination of contract on employment is given to the disabled workers to whom the employer cannot ensure the work at the working posts which correspond to their reduced working abilities.
The work at the separate place of work (work at home of an employee or some other place which does not represent the business premises of an employer) was introduced in the Croatian legislation by the Amendments to the Labour Act in 2003. These provisions were complied with the Convention and Recommendation on Work at Home by the International Labour Organization, as well as the Directive of the EU Council 91/533/EC from 14 October 1991. Accordingly, the employer is obliged to notify the employee on the conditions applied in the contract on employment or labour relation.
Zbog čega treba posebno pisati o postupku u sporovima male vrijednosti, kao da je to nešto posebno? No ova je vrsta sporova zaslužila poseban osvrt iz nekoliko razloga. Prvi od njih je činjenica kako sporovi male vrijednosti pred trgovačkim sudovima i nisu tako mali – 50.000,00 kn kao gornja granica koja predstavlja značajnu svotu za svakoga pa, s te strane, svakako zaslužuju dodatnu pozornost. Drugi razlog je specifičnost postupka u sporovima male vrijednosti, neki detalji kojima se oni razlikuju od ostalih sporova, na što treba obratiti pažnju. I, kao treće, sporovi male vrijednosti mogu poslužiti i kao ogledni poligon za ispitivanje određenih budućih pravnih rješenja, nečega što bi se u budućnosti moglo primjenjivati i u drugim predmetima. Ta donekle prikrivena svrha može se nazvati eksperimentom zakonodavca. Stoga treba pogledati koje su to specifičnosti koje se odnose na postupak u sporovima male vrijednosti i na što treba obratiti pažnju.
1. Kriterij za određivanje sporova male vrijednosti 2. Pokretanje postupka 3. Pravne radnje suda 4. Pripremno ročište/prethodni postupak 5. Ročište za glavnu raspravu 6. Redovni pravni lijekovi u sporovima male vrijednosti 7. Revizija – zaključak
The negotiating procedure of public procurement is one of the most frequently used procedures of public procurement. Certain preconditions are necessary for the proper realization of such a procedure, which has two sub-groups. The article analyzes the negotiating procedure without the previous announcement and provides the examples from the practice.
1. Stanje gospodarstva u EU 2. Makroekonomski pokazatelji Hrvatske od 2008. do 2012. 3. Cijene 4. Proizvođačke cijene industrije 5. Industrijska proizvodnja 6. Vanjskotrgovinska razmjena 7. Trgovina na malo 8. Turizam 9. Plaće 10. Likvidnost i solventnost 11. Zaposlenost i nezaposlenost
U Narodnim novinama br. 21/12. objavljena je nova Odluka o financiranju Hrvatske gospodarske komore za 2012. godinu, a čime prestaje vrijediti odluka objavljena u Nar. nov. br. 142/11. Nova odluka primjenjuje se od 1. ožujka 2012.