The changed VAT regulations as of 1 January 2015 represent the result of the further compliance of the Croatian VAT regulations with the EU regulations, i.e. the Council’s Directive 2006/112/EC from 28 November on the common VAT system. One of the most important changes comprises the sales of real estate. The important news is the introduction of the possibility to choose the type of taxation for all tax payers, i.e. income makers and profit makers who have in the previous period had the sales of up to HRK 3,000,000.00. The changes also comprise the direct VAT exemption on the sales of transportation vehicles and real estate to diplomatic offices, consulates and international bodies. It has been proposed to cancel the obligation to submit the final VAT account in the PDV-K Form, starting with the final account for 2015, as well as the obligation of correction of pre-tax for other economic goods (raw materials and material).
Besides the existing regulations which determine the contents of the invoice issue to tax payers or citizens, the Distraint Act has been introduced, too. This Act includes a new element of the invoice which serves as the warning to the physical person that if the liability on the invoice is not paid on time, a creditor may file for distraint according to this invoice as a valid document. Accordingly, all the invoices should contain such an additional element.
Autor: Dr. sc. Šime GUZIĆ , viši pred. i ovl. rač.
Factoring represents a legal activity in which the person providing factoring services i.e. a factoring company buys the objects of factoring based on the contract on factoring with or without the right to regress. The author of the article defines the types of factoring and presents the accounting for factoring activities according to the requirements of the accounting standards, depending on their type. Besides, the article defines the taxation viewpoint of factoring activities, including the issues whether the services provided by the factoring company subject to VAT taxation.
The equity method as the accounting method used for determination of the value of investments in associates and joint venture has certain typical characteristics, such as the fact that the investment at the beginning is recorded according to the cost and is later increased or decreased by the share in profit or loss of the associate or the joint venture. The equity method is no longer used when the investor has obtained control in the associate (now already a subsidiary) or when the investment has lost the feature of joint venture due to its reduction.
Autor: Dr. sc. Šime GUZIĆ , viši pred. i ovl. rač.
Cash transactions represent keeping and sales of cash money and securities and are performed through the cash account. The maximum cash account comprises all the persons obliged to apply fiscalisation and is determined according to the size of the company (micro, small, middle-sized and large companies) and can range between HRK 10,000.00 to 100,000.00. The amount over the maximum cash amount should be paid on the company’s account. The person engaged in fiscalization is obliged to pay the total cash amount on the company’s account if such an account is blocked. Cash transactions are performed by the teller. The cash payment documents such as a paid-in-slip, a paid-off slip and a cash statement are issued upon cash transactions.
The new IFRS 15 – Revenue from Contracts with Customers is to be applied on the accounting periods starting as of 1 January 2017. This standard regarding revenue has thus replaced the previous IFRSs which deal with revenue and the corresponding explanations. The new issues of this Standard comprise the introduction of the five-stage conceptual approach upon recognition of revenue, which can be applied to a wide range of the contracted transactions in various sectors and branches.
The non-profit organizations which are obliged to apply a double entry book-keeping or those which voluntarily apply a double entry book-keeping and prepare financial reports have to submit their financial reports for the period January-September 2014. The financial report is to be prepared in the S-PR-RAS-NPF Form and submitted to the FINA until 20 October 2014. Compared to the same report for 2014 the Form in which it should be prepared has been changed for the year of 2014.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
A trade union may pay to its members a social aid in cash and in kind from the funds of membership fees without the obligation of paying income tax. Frequently, a trade union may according to its bylaws pay to the members some other subsidies from membership fees. The article presents the types of trade union aids and subsidies and the specifics which the particular trade union should take into account in terms of accounting and taxation.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Employers are under certain circumstances obliged to pay a subsidy to their employees, which is determined in the particular provisions of collective agreements, rulebooks on work and other by-laws determining employees’ rights. Such subsidies are usually paid without tax liabilities. The article presents the cases when they subject to taxes and should be entered in the JOPPD Form.
Autori: mr. Anja BOŽINA, dipl. oec. i ovl. rač. Anamarija Miletić , dipl. oec., ACCA i ovl. rev.
The Act on Promotion of Employment provides the possibility for the employer not to pay the contributions on salary in the period of two years if they employ the person who has been unemployed for a long time. Such a person should be recorded as an unemployed person at the Croatian Employment Agency for more than two years. It also comprises the persons who have been registered as unemployed for more than 30 days and have less than one year of professional service. The professional training for college educated persons is ensured for the period of 12 months and for those who have completed a vocational secondary school (craftsmen) up to 36 months. The state pays the obligatory contributions calculated on the lowest monthly base, including the compensation of HRK 1,600.00 per month.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
The employees assigned abroad are the persons employed by the domestic employer, insured in Croatia according the regulations on social insurance, who have been sent to work abroad in a company or a business unit located abroad. Due to the fact that such employees exercise all their rights from social insurance in Croatia, the employer is obliged to pay contributions in Croatia depending on whether the employee was assigned to the EU member country, EEA, in the county with which Croatia has signed the contract on social insurance or the third country. In the case when such a work is performed in the country where Croatia applies the Contract on Avoidance of Double Taxation, the place and the way of taxation is determined according to the signed Contract.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
According to the new Labour Act the full time and part time employees may work for another employer up to 8 hours per week or 1.6 hour (1 hour and 24 minutes) a day or 180 hours of additional work per year according to the consent of the employer who employs the worker on the full time basis i.e. all the employers if the worker is employed by a number of employees on the part time basis. The employer who employs the worker for the additional work is obliged to register such a worker for pension and health insurances. According to the acquired status of the insured person, the worker cannot realize the larger number of years of service in view of the insurance, but the base on which the contributions have been paid affects the amount of the pension.
As of 1 July 2013 the tax payers from the Republic of Croatia have the right to VAT refund from other EU countries through the e-porezna of the Tax administration of the Republic of Croatia, i.e. the electronic VAT refund system. The author of the article states the conditions under which the Croatian tax payers may exercise their right to VAT refund in each of the EU member countries, the deadlines, the way making an application for VAT refund and the required documentation.
In order to collect tax debts the Police Department conducts the confiscation procedure of the cash assets on the account (giro account and/or current account and/or deposited cash assets) – the account blockade, and makes a decision on confiscation of the due cash receivables of the distrainee – the employee, his/her confiscated salary. If the collection of the tax debt endangered the basic living needs of the debtor i.e. distrainee and the persons who live with him/her, the tax liability may exceptionally be written off partially or to the total amount after making a claim for writing off the tax debt due to uncollectibility. Such a claim is to be submitted to the authorized office of the Police Department according to the place of residence or the usual place of residence of the tax debtor.
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
The offsetting of a tax debt with tax liabilities is one of the ways of settling tax liabilities. According to the General Taxation Act it is possible to effect clearing payment of tax liabilities by offsetting the receivables which tax payers claim from the state budget. Thus, the inconvenient situation that the state body carries out a distraint procedure in order to collect the tax debt from the tax payer who at the same time has undisputable and unsettled receivables from the state, i.e. the budget beneficiary.
The receipt in kind is usually connected to the determination of the income from non-independent work. However, the receipt in kind may also comprise the person who is not an employee of the company which pays it. In such a case the tax liabilities should be determined according to the regulations regarding other income. Due to the fact that as of 1 January 2014 the payers are obliged, for all the receipts subject to the regulations on other income, to submit the JOPPD Form (report on receipts, income tax and surtax and the contributions paid on the date of payment), this Form should also be submitted in the case of receipt in kind based on the other income.
The audit of liabilities for profit tax is a specific way of audit and brings higher risks compared to other positions in the balance sheet. Special accounting and audit procedures are applied upon auditing of the calculated liabilities for profit tax. A special attention should be paid to transfer prices, value adjustments of receivables, market research and other costs, depreciation of the assets used for business operations and all other important expenses which may cause a tax risk.
U članku prenosimo izvatke iz njemačke presude Višega zemaljskog suda u kojoj je opisan slučaj društva koje je završilo u stečaju gdje stečajni upravitelj zahtijeva naknadu štete od revizora koji je odlukom članova društva 2006. godine revidirao financijska izvješća. Nadamo se da će iznesena sudska praksa korisno poslužiti u rasvjetljavanju područja odgovornosti uključenih osoba. Tekst je preuzet iz časopisa Der Betrieb, br. 41/2013. (str. 2324 i dalje)
U srpnju 2014. objavljen je konačni tekst MSFI-ja 9 - Financijski instrumenti, kojim se zamjenjuje MRS 39 - Financijski instrumenti: Priznavanje i mjerenje. Odredbe standarda počet će se primjenjivati od 1. siječnja 2018., a mogu se primjenjivati i prije. Štoviše, promjene vrijednosti vlastitih kredita trebalo bi primjenjivati i prije, ali odvojeno od promjena računovodstva financijskih instrumenata. 1. Uvod 2. Osnovne odredbe standarda 3. Klasifikacija i mjerenje vrijednosti financijskih instrumenata
1. Bruxelles traži od Njemačke da dopusti rast plaća 2. Francuska mora ubrzati reforme 3. Veća uloga izravnih natječaja za novac EU-a 4. Odobreno 47 milijuna eura pomoći zbog prirodnih katastrofa 5. MMF preporučuje Slovačkoj promjenu režima oporezivanja rada 6. Prve projektne obveznice u Njemačkoj 7. ECB smanjio kamate, najavio programe kupnje vrijednosnica 8. Ruske sankcije koštat će Europu 5 milijarda eura godišnje 9. Britanske kompanije žele novi dogovor s EU-om 10. EU zabranila prodaju prejakih usisavača
Real estate indices serve as references of trends of real estate prices, the returns and the risks on the markets they cover. Depending on the type of real estate for which the particular index is tailored, there is an index of residential real estate and the index of commercial real estate On the Croatian real estate market there are currently two indices of residential real estate in process, both belonging to the category of indices based on the date on the published transactions, whereas the index of commercial real estate does not yet exist on the Croatian market.
U članku njemačkog autora dr. Hendrika Vatera, financijskog direktora odgovornog za južnu Europu DHL Supply Chain sa sjedištem u Barceloni, objašnjava se kako uprava multinacionalnog poduzeća upravlja kapitalom i kako se funkcija kontrolinga mijenja iz funkcije ranog upozorenja u kontrolu postizanja cilja. Autor je napisao i knjigu „MSFI za kontrolere i menadžere“ koja je ove godine prevedena i objavljena na hrvatskom jeziku. Izlagat će na 2. međunarodnoj konferenciji o kontrolingu koja će se održati 5. studenog 2014. u hotelu Sheraton u Zagrebu, u organizacije tvrtke Kognosko, a tema je „Trendovi i faktori uspjeha u upravljanju radnim kapitalom“. 1. Uvod 2. Upravljanje poduzećem 3. Odobrenje investicija i ugovora s klijentima 4. Business Review Meetings 5. Upravljanje rizikom: kontroling prilika i rizika s jedinstvenim standardom izvještavanja 6. Striktna orijentacija na radni kapital i novčani tijek 7. First Choice: kultura kontinuiranog unaprjeđenja 8. Vrijednosno usmjerena filozofija kontrolinga 9. Pogled u budućnost
The text deals with the application of the guideline on the services provided on the inner market (2006/123/EC) and the domestic legislation on provision of services. The article defines the basic terms referring to services and the conditions for provision of services in certain European countries. Accordingly, there are certain limitations of provision of services in some European countries and in Croatia.
In the current business practice all entrepreneurs – income tax payers (crafts businesses, free professions) more or less carry out cash transactions. This article presents the way in which income tax payers should record and monitor the cash amount, including the recording of receipts and payments in cash, who can receive a cash payment, the limitation of cash amounts, the maximum cash amount to be held, etc.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The accommodation fee represents a revenue of tourist offices which use such assets for realization of their activities and business operations according to the annual programme of work and the financial plan. The persons obliged to pay the accommodation fee are the persons who spend the night and are accommodated in the accommodation facility, the vessel used in nautic tourism (charter, cruising) in a family house or on a family farm, the owners of a holiday house or a holiday apartment, the owners of a vessel which is not used in the nautic tourism. Foreign citizens are obliged to pay the accommodation fee under the same conditions. The control of the calculation, collection and payment of the accommodation fee as well as the checking in and checking out of tourists are performed by the authorized inspection of the Ministry of Finance – Customs Administration.
The right of employees to rest and days off work represents one of the basic rights from the labour relations, which should be enabled to employees within the legal framework. Besides the right to daily and weekly rests, the employees have the right to the paid annual holiday for each calendar year. Under certain circumstances they have the right to the paid and unpaid days off work. This article presents the cases in which employees may use the paid and unpaid days off work and when their employers are obliged to permit the use of such days off work.
The author of this article presents some relevant issues regarding termination of employment due to personal reasons, a court decision on termination of employment and payment of contributions, all in view of the recent court practice of the Supreme Court of the Republic of Croatia. It should be pointed out that the above stated court practice applied the new Labour Act, which became effective a month ago.
A company’s management board may by their misbehaviour bring the company and its debtors in such a position that they are entirely unable to collect their receivables. The author of the article analyses the legal nature of the responsibility of the company’s management for the damages caused to the company’s debtors, the presumptions which have to be established in order for the management to be responsible to the company’s creditors and the complexity of such a legal institute.
The registration bodies (The offices of the State Administration and the City Office for General Administration of the City of Zagreb) have the tasks and the authority upon the registration of the association in the Register of Associations of the Republic of Croatia, upon the changes to be entered in the Register and their inspection. According to the valid legal framework as of 1 October 2014, an association may perform economic activities only if they are determined in the Statute. The deadline for the adjustment of the statutes with the Act on Associations starts on 1 October 2014. Besides these obligatory provisionsof the statute, it has to be complied with the Act in terms of its contents, too.
The provisions on non-taxable receipts based on rewards for achievements in sport could not be applied due to the fact that the specific regulation which would refer to this field in sports did not exist. The Rulebook on the Standards for Awarding Athletes for Achievements in Sport became effective on 19 April 2014. As of this date, the awards paid to the athletes for sports achievements do not subject to taxation up to the amount of HRK 20,000.00 p.a.
Autori: Nataša MUŽDALO , prof. Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
Principally, non-profit legal persons may use automobiles for performing their business activities in the same way as entrepreneurs. It is important to determine the purpose of purchasing an automobile in order to properly record such a purchase and later the expenses related to its use. The tax position of the non-profit legal person is important for the needs of taxation, as well as the purpose of using such a transportation vehicle: to perform economic activities or to transport employees, body members, committees, etc. The article presents the purchase of automobiles by non-profit legal persons in terms of accounting and taxation.
Autori: Jasna VUK, dipl. oec. i ovl. rač. Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The budgets and budget beneficiaries are obliged to submit a nine-month financial report until 10 October 2014 and the extrabudgetary beneficiaries until 20 October 2014. Due to the fact that there have been no changes in the system of budgetary accounting and reporting, these financial reports are prepared and submitted in the same way as those for the same period in 2013.
The Directive on the criteria, standards and the procedure regarding the delayed payments, the payment of debt in instalments and the sales, write-off or a partial write-off of the receivables has recently been changed. The Directive determines the delayed payments, the payment of debt in instalments and the sales, write-off or a partial write-off of the receivables of the state and the units of local and regional self-government. The article points to the fact that this Directive does not refer to all the receivables by the state and the units of the local and regional self-government, i.e. it does not comprise all the liabilities of the physical and legal persons to them
Autori: Ana ZORIĆ , dipl. iur. Nina BAN GLASNOVIĆ , dipl. iur.
The system of public procurement comprises approximately 20 types of violations for which cash penalties are to be paid. Such cash penalties for violations are determined by the Act on Public Procurement and are decided upon by the misdemeanour courts. Following the article on the same topic published in the RRiF issue no. 9/14, which presented two court decisions, this article presents several interesting court decisions additionally explained by the author.
This article provides another group of the replies to the questions in the field of public procurement, in order to properly apply the Act on Public Procurement (Official Gazette no. 90/11, 83/13, 143/13, 13/14 – Decision of the Constitutional Court).
In the units of the local and regional self-government the activities in the field of self-government are performed by the employees and servants in the administrative bodies (departments and sectors). The Rulebook on the Internal Organization determines the internal organization of the administrative bodies, the names and descriptions of the working posts, professional and other conditions for the arrangement of working posts, the number of employees and other issues important for the work of the administrative bodies according to the statue and the general enactments of the specific local unit. The article analyses the rulebook on the internal organization and presents a sample of such a rulebook.
The article published in the RRiF issue no. 7/14 presented the authority and responsibilities of the executive body of the units of local and regional self-government. This article analyses another important part of the local system – the representative body, its authority and work, The representative body makes political decisions on development of the particular local unit. The main role upon political decision-making in the local units has the representative body. It has regulatory, financial, organizational personal and control authorities, which are presented in this article, including the description of its work and the rights and duties of its members.
One of the branch collective agreements signed with the Basic Collective Agreement for the employees and servants in the public services refers to a large number of employees in the field of social care, It became effective on 1 April 2014 and is valid until 12 December 2016. The article presents an overview of this Collective Agreement and stresses the changes compare to the previous Agreement.
1. Opći pregled 2. Cijene u RH i EU-u 3. Industrijska proizvodnja RH i EU-a 4. Proizvođačke cijene industrije RH i EU-a 5. Vanjskotrgovinska razmjena 6. Trgovina na malo u RH i EU-u 7. Turizam 8. Plaće 9. Likvidnost i insolventnost 10. Zaposlenost i nezaposlenost Hrvatske i EU-a