Drawing up of financial reports for the particular interperiods during the year (e.g January-June, January-September) or for every month represents more the company's need to obtain the essential information for business decision-making, rather than the legal obligation, unless it is determined by the special regulations such as those referring to the listed companies. The companies are obliged by law to provide their financial information for the statistical needs. If a company wants to reduce the amount of prepaid profit tax due to the decreased volume of its business operations, it is obliged to prepare the financial reports for the specific period of the year. This is an important reason for the prompt book-keeping and systematization of the data to be entered in the Profit and Loss Account, the Balance Sheet and other financial reports which are prepared for the accounting interperiod. The form of such reports should be equal to the forms prepared for the previous business year. The IAS 34 Financial Reporting for the Periods during the Year is applied on the financial reports during the year prepared by large companies and the companies whose shares are listed on the stock market. Small and medium-sized companies, i.e. the companies whose shares are not listed on the stock market and which apply the CFRS may use the above stated standard too.
The analysis of financial reports represents the most important part of the entire analysis of the company's operations because the basic financial reports provide the necessary information and the insight into the real situation and operations of the company. Every entrepreneur and other readers of financial reports receive the information on the assets, liabilities, capital and the financial result of the operations. However, in order to obtain the entire picture of the company's business operations and other information such as profitability, cost-effectiveness, liquidity, solvency, etc. it is necessary to make the analysis of the financial reports. The article presents the analytical procedure of preparation of the indicators showing whether the company operates well, which helps the management in decision-making and control.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The control of book-keeping documents represents the important phase of the accounting process. Each company is obliged to check its correctness and completion before entering a book-keeping document into the business records. This is performed by the accounts clerk. The author of the article writes about the importance of control of the book-keeping documents.
According to the Accounting Act, the Companies' Act and the tax regulations, the companies going through the status changes in the case of losing a legal personality should prepare the financial and tax reports, The author of the article analyzes such reports and states the deadlines of their delivery.
Investment funds are established and managed by the companies for investment fund management, which place the collected funds on the financial market. Their operations are controlled by the Croatian Agency for Supervision of Financial Services (HANFA). The assets of the investment fund are not owned by the company for investment fund management but they belong to the investors, depending on the share of their investments in the fund, due to the fact that the assets of the fund is divided into equal parts called the stakes. A company may invest its free cash assets into the investment fund, which can bring earnings or loss, since each investment fund bears a certain risk. In the Republic of Croatia the assets of the investment funds are changed every month, which shows the positive side of such investments. The main advantage of investing into investment funds is the fact that it is possible to invest into marketable securities which are not available to small investors, i.e. to invest into the best combination of the marketable securities, taking into consideration the relation between the risk and the yield.
Statistical reports for the period January-June and on are to be delivered in the TSI-POD Form until 20 July 2010. The article provides the information regarding the entities obliged to deliver the above stated report, including the explanations of specific positions.
The article deals with the budgetary accounting with the emphasis on recording of the business events referring to the use of the copyright work and the sales of the part of long-term assets. It explains the taxation procedures and the application of the corresponding regulations.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
The organizations which keep their books within the system of non-profit accounting have to prepare the income and expenditure account i.e. the report on income and expenditure for the period January-June 2011. This report does not differ from the report which had to be prepared for the period January-June 2010. The authors of the article point to the fact that all the organizations established on 1 January 2009 and on, which are in the system of non-profit accounting, should carry out a double-entry book-keeping and prepare the report on income and expenditure for the above stated period. In order to fulfil such an obligation they have to have a register number which is obtained in the Register of Non-profit Organization at the Ministry of Finance. The article stresses some specifics in book-keeping and preparation of the income and expenditure account for the period January-June 2011.
Autori: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev. Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Non-profit legal persons may be defined as the legal persons established for the realization or protection of the non-economic interests of their members, i.e. the realization of a specific wide social purpose, without the intention of making a profit. The article presents the legal regulations referring to making a profit and its management by the non-profit legal persons, i.e. the legal persons which are principally not aimed at making a profit but may make a profit during their operations. The text deals with the legal issues of making a profit and comprises neither the accounting nor the taxation viewpoints.
The current and investment maintenance of long-term tangible assets represents the cost i.e. the expenditure for a non-profit organization, not the increased value of the assets. If the expenses of the current and investment maintenance were recorded as the additional investment into the assets in the year when they emerged, such a recording could result in the false presentation of the annual financial results, Therefore, it is important to differentiate the current and investment maintenance from the investment into the non-financial assets.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Procedure Salary is a taxable receipt realized through the employment status and represents the basis for payment of obligatory insurance and contributions from the salary and on the salary, no matter whether it is paid according to the court decision, the settlement of the court, the settlement during the court procedure, the settlement made with the authorized state attorney's office in the procedure of conciliation in the individual labour disputes according to the Act on Conciliation or in the distraint procedure. The salaries paid according to such bases are not regarded as compensation for damages. However, the amount of tax liabilities may considerably be different, depending on the specific case, regardless of the fact that the way of calclulation of the income tax and surtax is principally equal. The complexity of the problem is in most cases the result of the incorrect understanding of the salary structure. The salary consists of the contributions for pension insurance, the income tax and the surtax on the income tax, the amount of which depends on the amount of the non-taxable part of the salary (personal income) and the net salary which depends on the amount of the tax and surtax. If the claimed salary consists of all these parts, the calculation technique is simpler and the tax liabilities are lower.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
For more than ten years, since the VAlue Addet Tax Act became effective, there have been disputes regarding the calculation of VAT on the deliveries performed by the entrepreneur without any charges, whether for his/her own needs, for the needs of their family members or other close persons, including all the other persons for non-entrepreneurial purposes. Entreprenurship, as such, is aimed at generating new values and principally the deliveries of goods and services are not performed without charges. As a rule, the deliveries without charges can be performed only for private, non-ntrepreneurial purposes and in such a case they should be taxed.
Share-holding companies may give to their employees or members of the management board an award in the form of a share in the profit i.e. the company's own shares or they may enable them a more favourable buying of shares (optional share buying). If company's shares are awarded, given as a gift or sold at a lower price than their market price (face value), such a receipt is regarded as taxable. The article presents the procedure of determination of the tax base resulting from the sales of a company's own shares.
The author of this article explains the way of determining the tax base according to the Austria's Profit Tax Act and the differences compared to the Croatian regulations. The article presents some of the Austrian tax regulations which could be implemented in the Croatian taxation system. Austria implemented these regulations in its national legislation in the 90's, when its economic growth was on the top.
Reprogramiranjem poreznog duga kao mjere gospodarskog oporavka Vlada RH željela je olakšati stanje nelikvidnosti koje je zahvatilo velik broj poduzetnika, radi čega je donesen novi Zakon o posebnoj mjeri naplate poreznog duga uzrokovanog gospodarskom krizom, koji je stupio na snagu 20. travnja 2011. Porezni dug utvrđen sa stanjem 31. prosinca 2010. nastao s osnove poreza, carina, trošarina i doprinosa je dospjeli i nenaplaćeni porezni dug poduzetnika – fizičkih osoba koje obavljaju registriranu samostalnu djelatnost obrta i slobodnih zanimanja te trgovačkih društava i drugih pravnih osoba (osim financijskih i kreditnih institucija, društava za osiguranje i leasing društva), koje gospodarsku djelatnost obavljaju samostalno i trajno, a radi ostvarivanja prihoda, dohotka, dobitka ili drugih gospodarski procijenjenih koristi.
1. Uvod 2. Što se može, a što ne može reprogramirati 3. Na koje se poslovne subjekte odnosi zakon o posebnoj naplati 4. Propisani rok za podnošenje zahtjeva istječe 19. srpnja 2011. 5. Način utvrđivanja urednosti poreznog obveznika 6. Donošenje rješenja o reprogramiranju naplate poreznog duga i kamatna stopa 7. Evidencija poreznih dugova utvrđenih reprogramiranjem 8. Usporedna primjena drugih zakonskih propisa 9. Zaključak
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
U ovom izvodu poreznih savjeta donosimo mali izbor iz bogate riznice RRiF-ovog iskustva u proteklom razdoblju. Objavljujemo ih u nadi da će pomoći u unaprjeđenju računovodstvene i porezne prakse naših čitatelja.
Računovodstvo 1. Postupak s više isplaćenim predujmom dobitka u 2010. 2. Prijenos revalorizacijske pričuve u zadržani dobitak 3. Evidentiranje ulaganja u zamijenjene sustave grijanja i hlađenja u zgradi
POREZ NA DODANU VRIJEDNOST 1. PDV na inozemne usluge 2. Projekti financirani od strane EU i PDV 3. Obračun PDV-a na agencijsku proviziju koja se odnosi na smještaj
POREZ NA DOHODAK 1. Dohodak od otuđenja nekretnina
The form and contents of the auditor's report is standardized and defined, so that in most cases it is similar for all types of companies regardless of their size. There are various kinds of opinions which can be stated by the auditor, depending on the results of the completed audit. The auditor's opinion depends on the type and substantiality of deviations of individual positions in the financial reports from the determined criteria of the accounting principles, the International Financial Reporting Standards, legal regulations and accounting policies. The article provides the instructions on how to prepare a modified auditor's opinion, which has to comply with the International Auditing Standards, and presents the examples of presenting a modified auditor's opinion.
The goal of the change of the IAS no. 39 – Financial Instruments, Recognition and Measuring – is to achieve the usability of the data stated in the financial reports by the entities claiming for simplification of the classification and masuring in the field of financial instruments. The project of simplification started in November 2008, being joined by the American FASB in December 2008. The article presents the work of the International Accounting Standards Board.
Every potential applicant, who has sent a project proposal to the EU Call for Grant, which has been accepted for financing, will have to sign the grant agreement. It is essential for the project beneficiary to be well informed about the contents of such an agreement i.e the obligations arising from the signed grant agreement. The specifics of the agreement depend on the programme according to which the project is financed. The conditions of financing may be considerably different depending on the various circumstances of the agreement obligations each year or according to the type of programme. The greatest differences exist in the agreements financed by the so-called EU Program, which means that the beneficiary signs the agreement directly with the European Commission i.e. with one of its agencies. The article stresses the two key elements of the grant agreements of the European Union: the parts of the agreement and the obligations arising from such an agreement.
The European Commission has suggested the establishment of the ministry of finance which should be authorized for solving the urgent problems in the Eurozone member countries referring to their over-indebtedness and slow economic growth. The Commission also made a few proposals aimed at improving the legislation referring to the economic activities.
The Council of the Croatian National Bank made a decision on the new discount rate of 7% p.a. at their meeting held on 8 June 2011. Thus, the discount rate has been reduced by 2 percentage points, which was kept up for three and a half years. Due to the fact that according to the Act on Obligatory Relations from 2005, which became effective on 1 January 2008, the discount rate is the reference rate for determining default interest rates in the contracts, the basic and derived default interest rates have accordingly been changed since 1 July 2011. The provisions on interest rates are not entirely clear and understandable, especially those referring to the interest rates determined in contracts and the contractual default interests. The article presents a review of the application of the new discount rate as the reference rate upon the calculation of new interest rates in all their formats.
Multinational companies always try to minimize the expenses and maximize the income in their main activity. The consequences of the globalization processes and market openings are continuous mergers and acquisitions on the domestic and foreign markets. In such a process multinational companies have to face with the new expenses for bank services on the international level, for the establishment and acquisition of subsidiaries in other countries a parent company has to manage liquidity through a larger number of accounts in various currencies, in various banks and in various countries. In view of the foreign currency operations there are no more obstacles to carry out cash pooling or netting over the board. A large number of the Croatian legal persons are the members of the multinational companies. Accordingly, they consider cash pooling and netting as a good solution for liquidity management and rationalization of the bank expenses on the level of the entire group. The article presents the basic characteristics of such acts, including the way of reporting on such transactions.
The tax payers usually make income from independent activities through the entire tax period. However, in order to reduce costs, the tax payers may determine the income from independent activities during the season only, depending on the type of the activities. The author of the article writes about determination of the income realized through sole trading activities during the season.
The valid Labour Act became effective on 1 January 2010. Soon after the beginning of its application in practice a certain number of problems and ambiguities were observed. Besides, the social partners who were engaged in its preparation stressed the fact that there was no consensual agreement on all the open issues, which arose in the field of labour law. Therefore, the social partners continued the negotiations and the procedure of compliance referring to some disputable institutes of the Act, which were settled at the beginning of this year. Accordingly, the Act on Amendments to the Labour Act was passed. The author of the article comments on the contents of the amendments to the above stated Act and presents the instructions for its application.
The valid Labour Act became effective on 1 January 2010. Soon after the beginning of its application in practice a certain number of problems and ambiguities were observed. Besides, the social partners who were engaged in its preparation stressed the fact that there was no consensual agreement on all the open issues, which arose in the field of labour law. Therefore, the social partners continued the negotiations and the procedure of compliance referring to some disputable institutes of the Act, which were settled at the beginning of this year. Accordingly, the Act on Amendments to the Labour Act was passed. The author of the article comments on the contents of the amendments to the above stated Act and presents the instructions for its application.
Salary is a taxable receipt realized through the employment status and represents the basis for payment of obligatory insurance and contributions from the salary and on the salary, no matter whether it is paid according to the court decision, the settlement of the court, the settlement during the court procedure, the settlement made with the authorized state attorney's office in the procedure of conciliation in the individual labour disputes according to the Act on Conciliation or in the distraint procedure. The salaries paid according to such bases are not regarded as compensation for damages. However, the amount of tax liabilities may considerably be different, depending on the specific case, regardless of the fact that the way of calclulation of the income tax and surtax is principally equal. The complexity of the problem is in most cases the result of the incorrect understanding of the salary structure. The salary consists of the contributions for pension insurance, the income tax and the surtax on the income tax, the amount of which depends on the amount of the non-taxable part of the salary (personal income) and the net salary which depends on the amount of the tax and surtax. If the claimed salary consists of all these parts, the calculation technique is simpler and the tax liabilities are lower.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The operations of all business entities create a registry material, from which the archives emerge. In order to protect the registry material in the corresponding way, the procedures of determination and destroying the registry material which is not classified as archives have been defined. The special regulations in the field of filing determine more specifically the persons and procedures which have to be applied upon managing the registry material. Stricter regulations are applied on the creation of the registry material for public purposes, whereas the common business entities, which principally create their private registry material, have to follow simpler rules regarding its management. The article presents a review of the basic provisions of the special regulations in the field of filing in order to explain the procedures to be performed by the common business entitites.
According to the data of the annual and financial reports for the year of 2010, which were submitted by the enterprises to the Register of Annual Financial Reports on 31 March 2010 it is evident that the enterprises in Croatia achieved in 2010 relatively poor financial results, a little better than in 2009, although after 10 years the negative financial result was achieved. The Register of Annual Financial Reports, which is operated by the Financial Agency, was founded in 2003 according to the model of registers which operate in the EU countries as the central source of the information on the business performance and the financial position of the private and physical persons – profit tax payers. In the Register for the year of 2010 there are 96,758 enterprises, excluding banks, insurance companies and other financial institutions. The article presents the basic financial results of operations of the enterprises in the real sector, including a brief review of the operations in the particular activities according to the size of the enterprises.
