Upon the accession oft he Republic of Croatia in the European Union on 1 July 2013 the new Value Added Tax Act will become effective. The VAT Tax will determine the sales of goods and services on the territory of the Republic of Croatia, the European Union and the “third countries” (any country or area which is not on the territory of the EU) as well as the sales to the “third areas” (a part of the EU member country which is exempted from the EU area). According to the Draft of the VAT Tax the subject of taxation is delivery of goods in the country including the compensation to be paid by the tax payer, acquisition of goods within the EU which is carried out in the country including the corresponding compensation, rendering of services in the country including the corresponding compensation and imports of goods. A tax payer is an entrepreneur who delivers goods and services and who made the delivery of goods and services in the previous year over the amount of HRK 230,000.00 (without the deliveries exempted from VAT payment in the country). In certain cases foreign entrepreneurs will still appoint a tax representative in the Republic of Croatia for tax issues. This obligation will refer to the domestic entrepreneurs for deliveries of goods in the EU according to the regulations of these countries. Although the provisions of the valid VAT Tax are based on the regulations and the Directives of the EU, which have been applied in the Republic of Croatia since 1 January 1998, this represents an essential change of VAT taxation of goods and services including the passing of the new VAT Tax, which is to be applied upon accession of the Republic of Croatia in the European Union.
The Act on Fiscalization in Cash Transactions (Official Gazette no. 133/12) became effective on 1 January 2013. The Act determines the persons obliged to apply fiscalization, the obligation of fiscalizaton and the deadlines of its application for the particular persons. Depending on the collection of payment, certain persons obliged to apply the fiscalization as of 1 April 2013 have to ensure the corresponding device, software, the Internet connection, to obtain the certificates and to prepare the special records of bound invoices, as well as to pass the internal eanctment or only adjust the invoice elements and pass the internal enactment.
The new regulation determines the obligation of submission of annual financial reports for statistical needs. Enterprises (legal persons) and physical persons (profit tax payers) are obliged to submit their financial reports to the FINA until the end of March. The author of the article presents the contents of the financial reports and deadlines for their submission.
Enterprises are obliged to submit their annual financial reports and other documents for statistical needs and public disclosures. The author of the article presents the way and deadlines within enterprises should meet their obligations. The legal obligations are fulfilled according to the size of a company and the possible obligation of audit as well as the consolidation of the financial reports. The article also includes the basic information on the sanctions applied to the entities obliged, who do not perform according to the regulations regarding the disclosure of their financial reports.
The article presents a legal framework of determination and use of profit and loss coverage according to the provision of the Companies’ Act and tax regulations. It also includes the explanations referring to the accounting of distribution of profit and loss coverage. The article presents the taxation of the pre-paid profit in 2012, the payment of the realized profit in 2012 and the retained profits in the previous years.
Temporary differences between the accounting and taxable profit may affect the tax payment and recording of the deferred tax assets, i.e. deferred tax liability. When such temporary differences are realized in the future tax periods, such assets i.e. liabilities have to be compensated i.e. used up. The article presents some business events which may result in the deferred tax liability i.e. deferred tax assets and their impact on the balance sheet and the profit and loss account.
An enterprise may obtain the state subsidies for purchase of long-term assets and compensation of expenses. The obtained state subsidies for purchase of long-term assets are recognized as income in proportion to the recording of the depreciation costs of the purchased assets. In the case of obtaining the state subsidies for compensation of expenses, the income from the state subsidies is recognized in the period in which it was received.
Autor: Dr. sc. Vlasta ROŠKA , por. savj., ovl. rev. i ovl. rač.
Each company may be in the situation when it has the reasons to stop operating. In such a case the company does not stop operating immediately, but has to start up the liquidation process. The start-up, the realization and the completion of the liquidation process are determined by the Companies’ Act. Some other related activities are defined, as in the regular operations, by the taxation regulations, such as the Profit Tax Act, the Rulebook on Profit Tax and the Accounting Act. The combination of the above stated regulations and the reports and deadlines determined by such regulations often confuse accountants. They are not sure to whom and until when a certain document is to be submitted. The article explains the above stated issues in more details.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
A shortened bankruptcy procedure is carried out with the companies without employed persons, which are insolvent and do not fulfil the conditions for start-up of another procedure of deleting from the court register. Such a bankruptcy procedure is specific due to the fact that it is started and completed in the same day. However, even in such cases it is necessary to prepare financial reports. Such final financial reports will not record the assets and liabilities but consequently only the data on equity.
The author presents the obligations of reporting by the entities in the financial sector, i.e. the preparation of financial reports, their contents and the deadlines of their submission. The article comprises legal persons enganged in various activities such as leasing, insurance and banks. The structure of their financial reports and the deadlines of reporting are different.
Although the term internal realization has been inherited from the past economic systems, it is applied in today’s practice, as well. Due to the changes in the economic system, there is a dilemma what is actually meant with this term. Compared to the entrepreneural accounting, the budgetary accounting is specific in terms of operations and recording. However, it also comprises the internal realization. Due to the various ways of referring to the internal realization and the lack of obligation to record it in all its modalities, the recording of the internal realization within the system of budgetary accounting requires a more detailed analysis.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
This workshop on budgetary accounting presents and explains the following recordings: 1. TRANSFER OF OBJECTS WITHIN THE GENERAL BUDGET and 2. NEW LOAN USED FOR REPAYMENT OF THE PREVIOUSLY RECEIVED LOAN. Upon the transfer of objects between the budget beneficiaries it is essential to distinguish between the objects which are regarded/not regarded as assets in terms of accounting and whether such objectsare regarded as book-keeping assets and have or do not have a net value. If a new loan is used for settlement of the liabilities for the previously obtained loan without cash flow, the transactions upon granting a new loan are to be recorded on the accounts in the class 5. The new regulation in terms of substantive law which is used upon recognition of the above stated business events is the Rulebook on Budgetary Accounting and Chart of Accounts (Official Gazette no. 114/10 and 31/11)
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
A non-profit legal person may grant a loan to another legal person or its member, employee or a third party, if such a loan is justifiable due to some business reasons. Principally, non-profit legal persons lend a surplus of their cash assets for the period of one year or longer. The way of recording the loaned surplus of cash assets depends on the period and some other factors presented in this workshop.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The author of the article summarizes some important issues regarding distraint on an employee’s salary and other permanent or temporary cash receipts, which often appears in practice in Croatia. The problem which appeared when the new Rulebook became effective is specifically stressed. It introduced the limitation of the salary distraint, cancelling the possibility to confiscate the whole salary of an employee, which was allowed by the law through the documents on consent on salary distraint certified by a public notary. According to the above stated Rulebook the distraint may be carried out exclusively on the part of the salary on which the distraint has been limited according to the Distraint Act regardless of the previously signed consents.
The Directive on Payment of Contributions became effective mid 2012, the Amendments to the Act on Distraint Procedure on Cash Assets and the Rulebook on Payroll became effective at the end of 2012 and the new Criminal Act came into effect on 1 January 2013. The article deals with the penalties for the employers in the case when they have not paid the salaries due to the fact that they do not have enough assets on their bank accounts, including the penalties.
Autor: Anamarija Miletić , dipl. oec., ACCA i ovl. rev.
The new Act on Special Tax on Motor Vehicles becomes effective upon the accession of the Republic of Croatia in the European Union. This Act has introduced the ecological and value criteria in tax payment before a certain motor vehicle has been registered, which will enable the return of the special tax if the motor vehicles have been exported, i.e. the tax paid in the European Union will be taken into account if a second-hand motor vehicle is purchased.
The most frequent tax returns appear in the determined forms. As of 1 January 2013 all the large and middle-sized enterprises and all the entities obliged to pay VAT have to submit their tax return forms electronically through the internet service of the TAX Administration (ePorezna). All the tax payers who do not follow the determined procedure subject to penalties.
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
The pensions which were realized by the residents of the Republic of Croatia by their work abroad and which are paid by the pension insurance directly from abroad are taxed according to the taxation regulations of the Republic of Croatia. Exceptionally, they are not taxed if according to the Contract on Avoidance of Double Taxation signed with the particular country, the Republic of Croatia does not have the right to tax such pensions. The liability to pay income tax emerges 8 days after the receipt of the pension. The way of taxation is determined according to the income taxation from non-independent work i.e. salaries.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
After the conducted tax supervision a tax payer has in the final conversation the opportunity to state his/her opinion on the determined facts in the tax supervision. This enables clearing up a lot of misunderstandings, which may occur later. The principle of stating an opinion of a tax payer supports the active participation and the legal fight during the tax supervision, which eventually results in the fair tax supervision.
The final preparations for the introduction of the tax on real estate as one of the forms of property taxes are under way in Croatia. The article presents the property tax in Germany, which is expected to be introduced in 2014, comprising the taxation of real estate to a great extent. An important segment of such taxation represents the tax base, which depends on the estimated value. The German Constitutional Court cancelled the property tax in 1995 due to the fact that the estimate of the real estate value was not properly regulated.
U studenom 2012. IASB jer objavio revidirani tekst MRS-a 41 - Poljoprivreda, u koji su uključene potrebne izmjene ovog standarda u procesu nužnih usklađivanja svih MSFI s MSFI 13 - Mjerenje fer vrijednosti. U nastavku se prikazuju osnovne odredbe toga revidiranog standarda. Kad se objavi u Narodnim novinama, moći će se primijeniti i kod nas.
1. Pristup 2. Priznavanje i mjerenje 3. Prihodi i rashodi 4. Državne potpore 5. Objave
The common trading policy of the European Union has to be based on the unique principles, especially regarding the changes of the customs tariff rates, the signing of the agreements on tariffs and trading activities, the achievement of the equal measure of liberalization of export policies and the protective trade measures such as anti-dumping, anti-subsidy and safeguard measures. On the date of the accession of the Republic of Croatia into the European Union, the Republic of Croatia will be obliged to conduct the common trading policies. The article explains the rules of conducting one of the measures of the common trading policy, i.e. the safeguard measures.
Dentists, dental technicians and all other medical professions can independently perform a private practice if they have the corresponding medical education and fulfil the conditions in view of the business premises and medical and technical equipment. When performing a private practice, dentists and dental technicians are obliged to pay the income tax or exceptionally profit tax. The article analyzes the tax position in view of the income tax and the value added tax to be paid by dentists and dental technicians. There are some new provisions in the VAT regulations referring to the status of dentists and dental technicians.
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
Naknadu za općekorisne funkcije šuma za 2012. obvezni su obračunati i uplatiti i obrtnici i slobodna zanimanja prema Odluci i Rješenju Ustavnog suda Republike Hrvatske objavljenom u lipnju 2012. S obzirom na to da obveza nastaje sredinom godine, obračun naknade obrtnici i slobodna zanimanja obračunat će po smanjenoj stopi. Kako treba sastaviti obračun, pročitajte u nastavku.
1. Uvod 2. Tko su novi obveznici plaćanja naknade OKFŠ-a 3. Stopa naknade za OKFŠ 4. Obračun naknade OKFŠ-a za fizičke osobe 5. Rokovi za uplatu naknade 6. Zastara potraživanja naknade za OKFŠ
The providers of catering services are obliged to give to the guest an invoice containing the information on the type, quantity and price of the rendered services, i.e. the granted discount. In the case of provision of accommodation services an invoice should also comprise the amount of the accommodation fee. These obligations refer to the above stated service providers. According to the Act on State Inspectorate the inspectors of the State Inspectorate monitor the application of about fifty acts and enactments, which, among other issues, regulate the catering industry and provision of services in tourism. The conditions and the ways of operations determined by such regulations should be strictly considered, such as, e.g., working time, obligation to issue invoices and the persons engaged in catering services.
The author of the article provides the replies to some frequent questions regarding trading activities made to economy inspectors either during their supervision or through personal visitis of the presmises of the State Inspectorate. The questions mostly comprise the issues regarding the registration and the conditions to be fulfilled in order to perform certain types of retail sales.
The author of the article presents some important issues regarding the old-age pension, the determination of pension and the circumstances important for such a determination, including other issues referring to the compensation for physical disability, all in the limelight of the recent court practice.
The article analyzes the increase of the share capital from the realized profit for 2012 in terms of taxation and law. If the profit of the business year is reinvested to increase the share capital, an enterprise is not obliged to pay the profit tax. If such a capital is paid later due to the subsequent decrease, the tax releif is not to be applied, i.e. the profit tax (20%) and the tax on income from capital (12%) including sur-tax are to be settled, if the capital is paid to physical persons.
In Croatia, a large number of companies have been deleted from the court register since last year according to the enforcement provisions of the Act on Court Register and the fulfilment of the conditions determined by the law. In such a case, the question arises what to do with the assets of such a company, after it has been deleted from the court register, due to the fact that it does not exist any more. The former director of such a company has the right to make a claim at the court to appoint a liquidator who will perform the liquidation of the company and afterwards sell the remaining assets according to the procedure determined by the law.
By the unanimous decision the Constitutional Court cancelled some provisions of the Act on Prevention of Collision of Interests, which primarily refer to the check-up of the data stated in property cards of state officials. Accordingly, the Committee may request such data from the authorized bodies, bank institutions and business entities. The above stated Court also ordered to the Parliament of the Republic of Croatia to elect the president and the members of the Committee for Prevention of Collision of Interests until 15 February 2013. The proposal to start up the procedure of estimating the compliance of the Act on Prevention of Collision of Interests with the Constitution was rejected.
The Act on Public Procurement determines the situations which may point to the possibility of collision of interests of the clients upon signing the contract on public procurement. The existence/non-existence of the interest collision among the representatives of clients should be stated. The representatives of the clients are not just the persons who are the heads of the client’s company. Besides the explanations of the particular legal regulations the article includes a number of practical examples which are relevant for the clients in the procedure of public procurement. Although the collision of interest is not directly analyzed upon the procurement up to the amount of HRK 70,000.00, the clients should consider the similar limitations determined by other acts.
