Računovodstvo, revizija i financije

Računovodstvo, revizija i financije


Proposal of Act on Fiscalization in Cash Transactions

rrif - 11.2012, str. 20
Establishing financial discipline through effective monitoring the records on cash transactions is the objective of the tax systems of modern states. The conducted research points to a high level of gray economy in general, but particularly in the area of recording cash transactions. Therefore, the activities in which sales are mostly performed in cash are the areas of increased tax inspection. However, establishing a financial discipline through tax control is not and cannot be an effective tool in the fight against tax evasion in this area. This is the reason why a large number of countries decided to legally determine the form of recording cash transactions by the obligation of fiscalization. The solution to the problem lies in establishing a controlled recording of cash transactions, i.e. in the establishment of fiscalization in cash transactions. The topic of this article is how and in what way will the process of fiscalization in cash transactions be conducted in Croatia according to the Proposal of the Act on Fiscalization in Cash Transactions. 

Accounting for Mergers of Limited Liability Companies

rrif - 11.2012, str. 27
In the RRiF issue no. 09/12 the author analyzed the legal, accounting and taxation viewpoints of mergers of limited liability companies. In this article the author explains the procedure of merging of limited liability companies, i.e. the legal and accounting procedures regarding mergers. The article also deals with the taxation of mergers and provides a sample of the contract on merger.

Accounting for Divison of Company with Establishment of New Company

rrif - 11.2012, str. 32
The division of a company represents a change of the status made in order to divide the company into two or more companies that are established or a part of the company’s assets are separated, divided and transferred into the overtaking company. It can be carried out through the separation or detachment. The separation comprises the transfer of the total company’s assets on the newly established companies or the already existing companies, with its consent without the process of liquidation. In the case of a company’s detachment, such a company continues its operations and only a part of its assets and liabilities is transferred to new companies.

Costs of Promotion and Entertainment

rrif - 11.2012, str. 39
In the business practice the costs of promotion frequently arise in order to present the products, services or the company itself to the consumers and buyers. In terms of profit tax and value added tax it is important to differentiate the costs of promotion of products and a company from entertainment costs. In view of the profit tax, the promotion represents a recognized expense in terms of taxation, whereas the costs of entertainment are only partially recognised. In view of the value added tax a company is not entitled to exemption of the pre-paid tax on entertainment costs, whereas such an exemption exists upon purchase of goods and services for promotion.

Deferred Tax Assets and Temporarily Unrecognized Expenses in Terms of Taxation

rrif - 11.2012, str. 50
Deferred tax assets represent an item in the balance sheet of a company, which arises as the result of the recognition of the expenditures in a particular period in terms of accounting, whereas in terms of taxation such expenditures are recognized in some other period. Accordingly, deferred tax assets may arise only from the so-called temporary differences, not from the permanent differences. Deferred tax assets may, for example, arise from the value adjustment of inventories, but this does not comprise entertainment costs. The article presents several practical examples of arising of deferred tax assets. 

Recordings of Used-up Securities of Payment

rrif - 11.2012, str. 62
The article presents the recordings of the used securities of payment in the case when the debtor-creditor relationships are settled by indirect payment or the use of other assets or the change of the creditor, which in some cases causes dilemmas in accounting procedures. The specifics of the enforced collection of payment through the securities of payment refer to the changes in the assets and liabilities, whereby it is necessary to recognize the bases and flows, the consequence of which are the changes on the assets, liabilities and capital.

Micro Enterprises – Base for Drawing up New National Standards in Croatia

rrif - 11.2012, str. 68
The adoption of the new Directive 2011/EU which refers to the financial reporting and introduces a new category of enterprises – the so-called micro enterprises is expected at the beginning of 2013. In the Republic of Croatia, the adoption of the new Directive makes a base for the enforcement of the new national standards for this category, which would comprise approx. 75,000 enterprises, and whose application may start next year. The author of the article presents a short overview of simplification of financial reporting for micro enterprises, introduced by the adoption of the new European Directive.

Accounted Income and VAT Exemption

rrif - 11.2012, str. 70
This workshop on budgetary accounting presents and explains the recording of the accounted income and the rights to the VAT exemption. Upon presentation of the accounted income it is necessary to analyze the period in which they arose. If the income does not belong to the corresponding accounting period, it should be deferred. The right to the VAT exemption for VAT payers requires the fulfilment of certain preconditions. If they have not been fulfilled and if the income is recognized, the VAT exemption cannot be recognized. The recordings should be adjusted to such cases.

Calculation of Depreciation in Not-for-Profit Organizations

rrif - 11.2012, str. 71
The value of long-term assets is gradually being reduced, resulting in the reduced net/estimated value. According to the provisions of the Directive on Accounting of Not-for-Profit Organizations, the not-for-profit organizations are obliged to calculate depreciation i.e. the write-off (adjustment) of value of their long term assets during life time based on the list of depreciation rates, which is a part of this Directive. The article presents all the issues which have to be considered by not-for-profit organizations upon the calculation of depreciation i.e. value adjustment of long-term assets.

Income from Membership Fees in Not-for-Profit Organizations/Workshop of Non-Profit Accounting

rrif - 11.2012, str. 76
A membership fee and member contributions represent a usual income in not-for-profit organizations which is realized from the obligatory and permanent payments of the members of not-for-profit organizations. The members of a not-for-profit organization usually pay their membership fee once a month according to the statute or other internal enactments of the organization. In such a way they help to perform the activities of the general benefit, for which not-for-profit organizations have been established.

Final Calculation of Taxes from Salaries for 2012

rrif - 11.2012, str. 78
The payment of taxes and surtaxes on the income from salaries during the year upon payment of salaries is regarded as the advance payment of taxes and surtaxes. The annual liabilities for takes and surtaxes are determined in the final calculation. The final calculation is principally performed according to the tax return. Exceptionally, the final calculation of taxes and surtaxes on income from salaries represents the obligation of the employer, who is obliged to make the final calculation upon the payment of the last salary in the year. In the case the employer does not fulfil such an obligation, it will be regarded as an infringement. The taxes and surtaxes on income may be overpaid during the year due to irregularly paid salaries, the various amounts of paid salaries due to the addition to salaries and some other receipts which are regarded as a salary only in terms of taxation. The overpayment may occur due to the fact that the 12 personal exemptions have not been used up, a higher progression of taxes in some months, etc. The goal of such a legal provision is to provide the return of taxes and sure-taxes to employees upon the last payment in the particular tax period and to reduce the number of tax returns.

Amendments to Act on Tariffs

rrif - 11.2012, str. 87
The basic characteristic of the Act on Tariffs, which makes it substantially different from the other acts on special taxes, is the introduction of the new institute of the tariff law, which refers to the system of delayed payment of tariffs. The amendments to the Act on Tariffs regarding the sales of the products subject to tariff payment have resulted in the compliance of the legislation of the Republic of Croatia with the legislation of the European Union. One of the amendments, which becomes effective on 1 March 2013, has introduced the obligation of the electronic exchange of information on the sales of the products subject to the payment of tariffs in the Republic of Croatia. According to such amendments the Government of the Republic of Croatia is authorized to determine the amount of the tariff for cigarettes and to introduce the directive on the amount of the tariff for other tobacco products.

New Conditions for Lump Sum Taxation of Independent Activities (Sole Traders), Agriculture and Forestry in 2013

rrif - 11.2012, str. 88
According to the provisions of the Income Tax Act, the physical persons who realize their receipts from independent activities (sole traders), agriculture and forestry may decide to pay a lump sum of the income tax and surtax. Besides the fact that the amount for the obligatory inclusion in the VAT system will be changed, amounting to HRK 230,000.00 from 1 January 2012, there is an additional condition for the lump sum taxation in 2013, according to which the total annual receipts in the accounting period may not exceed the amount of HRK 149,500.00. Depending on the amount of the total realized receipts, the changed provisions of the Rulebook on Lump Sum Taxation of Independent Activities, have introduced three various levels of payment of the lump sum of the income tax. In the case of the lump sum taxation there is no obligation of keeping business records, except the records on the sales, neither the possibility to deliver an annual tax return for the realized income on such a basis.

Comparison of Most Essential Taxes in Foreign Countries in 2011

rrif - 11.2012, str. 88
The article presents a table of the specific types of taxes and tax rates in the OECD states. In the introduction there is a comparable overview of the shares of taxes and social insurance in the GDP, followed by the income taxes, the taxes upon exemption which are paid at the income source (on interests and dividends) the taxes on the financial markets and the property tax which was introduced by a few countries. In view of profit taxation of a company the article gives an overview of the allowed depreciation burden.

Analytical Procedures in Audit of Inventories

rrif - 11.2012, str. 100
Analytical procedures enable to the auditor to discover the fields of risks, i.e. the elements in the financial reports which are probably presented incorrectly to the great extent due to a mistake or fraud, which actually directs the entire auditing procedure. The analytical procedures during the audit of inventories are to be conducted according to the provisions of the International Standard on Auditing 520 – Analytical Procedures.

News in IFRS for Small and Middle-Sized Companies

rrif - 11.2012, str. 106
The author of the article explains the main characteristics of the IFRS for small and middle-sized companies and the simplifications published in the corresponding standards compared to the IFRS. Besides, the author provides an overview of the countries which published the plan for the acceptance of the IFRS for small and middle-sized companies and the issues to be discussed regarding the contents of the standards, which were published by the new Board – SMEIG, whose task is the correspondence with the companies which use the above stated standards.

News in Regulations on Unique Market, Industrial Policy and Taxes

rrif - 11.2012, str. 109
The article presents the news in the operations of the European Commission regarding the improvement of the legal provisions on the unique market, the research of the tax burdens of enterprises and the fight against tax oases. The article also provides an overview of the latest moves of the governments of the leading EU member countries referring to the operations and taxation of companies.

New Distraint Act – Overview of Essential Provisions

rrif - 11.2012, str. 111
The author of the article analyzes the new essential provisions of the new Distraint Act as the general regulation of the distraint law, which became effective mid October, 2012.The new Distraint Act has the elements of the old Distraint Act from 1996. It has been modernized and consists of a number of essential institutes analyzed in this article. The new Distraint Act is expected to improve the liquidity in Croatia to a certain extent at least and result in the better settlement of liabilities by debtors. It is also expected that the new Distraint Act will achieve at least a part of the goals and that it will be easier to apply than the previous acts which determined the distraint process.

Planning of Main Budget(on Example of Production Company)

rrif - 11.2012, str. 116
Besides the information on the business events, which have already occurred, the management needs the information on the future events, i.e. the planned activities. One of the main instruments of the planning process is the budget. The main budget becomes a basis for the acquisition and use of various resources needed for the operations in the forthcoming budget period. The budget also secures the quality of the realized business results, the distribution of responsibility and the stimulation of the managers’ results, The preparation of the main budget in business entities usually starts in the last trimester of the current year. Accordingly, upon the preparation of the budget for the following year it is necessary to estimate the business operations in the last trimester of the current year.

Financial Implications of New Act and Directive on Public Private Partnership

rrif - 11.2012, str. 122
The article presents the procedures of realizing the legal framework which defines a public private partnership. The starting point of realization of a project is to calculate the benefits and savings which will be realized if financing is to be realized through the public private partnership. The selection of the project is carried out according to the present (discontinued) value of the specific financial categories with the application of the currently valid rate of 5.5% p.a. A contract is signed with the specific private partner. Such a contract determines the relationships during its duration, according to which a private partner should maintain a building, transfer the building and regulate the taxation procedures related to such a building.

Tax Benefits upon Lease of Real Estate Compared to Payment of Income

rrif - 11.2012, str. 126
The article presents the benefits which company owners may have if they have leased their real estate to the company and so far have not charged the lease rent or it was rather low. There are large tax differences which arise from the tax burden for leases and the payment of profit. In the case of a lease, the payment is recorded on the account of expenditure and thus reduces the profit tax base.

Statistical Reporting to CNB on Receipts of Non-Residents Based on Their Work

rrif - 11.2012, str. 130
The Decision on the collection of the data for the needs of drawing up the balance of payments, the balance of the foreign debt and the balance of the international investments, which has been applied since September 2012, has introduced a completely new way of reporting the Croatian National Bank on the receipts made by the foreign residents from their work. Such receipts comprise the salary, bonuses on the salary, and other compensations based on the work. This article provides the explanations of the above stated Decision and provides the examples of its application with a special emphasis on the controversial situations.

Operations of Sole Traders in Wholesales

rrif - 11.2012, str. 134
The sole traders, income payers, who perform wholesales, are obliged to keep the business records according to the Act and Rulebook on Income Tax. If they are VAT payers, they are obliged to keep the records on billings. They keep the business and tax records on the principle of cash transactions. In order to secure the data for presentation of the differences in inventories and the expenses in kind, sole traders should keep the operating records on the types, quantities and net values of the goods. Upon the exemption of their own goods for the needs of entertainment, a slole trader should issue an invoice R-2 for the needs of VAT calculation. In the records of income and expenditure 70% of the costs of entertainment incl. VAT should be accounted for as unrecognized expenditure in terms of taxation, whereas 30% of the entertainment costs inc. VAT represent a recognized expenditure in terms of taxation.

Calculation of Contributions in Case of Performing Independent Activities besides Permanent Employment

rrif - 11.2012, str. 141
The insured persons who perform an independent activity as the other activity (besides permanent employment) have to pay the contributions on the annual base of the income or profit, depending on which type of tax payer they are. The obligation of payment of contributions for lump sum tax payers is determined in the similar way. Upon determination of the liabilities for contributions the contribution rates are determined for the year, which such a liability refers to. Upon determination of the annual base for the payment of contributions by this type of tax payer there are various combinations of determining the highest amount of the contributions, depending on the period of duration of the independent activity and the labour relations.

Amendments to Act on Consumer Crediting

rrif - 11.2012, str. 149
The Act on the Amendments to the Act on Consumer Crediting (from 2009) was published in the Official Gazette no. 112/12 and became effective on 19.10.2012. The provisions regarding the determination of the upper limit of the effective interest rates and the provisions regarding the consumer’s right to pre-term repayment of the credit without the obligation to pay any compensation if the creditor increases the determined fluctuating interest rate, become effective on 09.01.2013. The article presents the most important amendments to the valid Act on Consumer Crediting.

Right to Compensation up to Three Years after Three Years of Sick Leave

rrif - 11.2012, str. 155
The persons with an obligatory health insurance who are insured on the basis of a labour relationship or performance of the independent activities have, besides health protection, the right to the compensation for the lost salary i.e. the receipt from the independent activity due to the inability to work because of sickness or other reasons determined by the Act on Obligatory Health Insurance and the implementing regulations based on this Act. The Act determines who, when, how and on whose account the compensation is to be paid to the insured person who is on a sick leave up to three years. However, after three years the compensation for sick leave by the Croatian Institute for Health Insurance is cancelled regardless of the fact that the insured person is still not able to work or to perform the activities due to sickness, which is confirmed by the competent physician. The author of the article considers this a problem which should be solved soon and provides the solutions on how to act in the specific cases. 

Registration of Employee at Obligatory Health Insurance

rrif - 11.2012, str. 158
The Act on Obligatory Health Insurance regulates the working activities which represent the base for the obligatory health insurance and the right to the health insurance and the health protection of the children and other family members of the insured person, who have such a right under the determined conditions. The right to the obligatory health insurance is obtained through the registration in the defined form and content within 8 days after the beginning of the employment i.e. a start-up of performance of certain business activities. The employer is obliged to make such a registration of the employees, i.e. the employee him/herself if he/she is a sole trader or performs other independent activities and is obliged to have a health insurance. The registration may be delivered in a written form or emailed. The article reminds the persons obliged to make such a registration on the determined deadline of the registration and the way of its delivery.

Return of Employee to Work, Protection of Employee’s Dignity and Responsibility of Employer

rrif - 11.2012, str. 163
The author of the article presents the institute of returning an employee to work, the institute of protection of an employee’s dignity and the responsibility of an employer for the damages caused to the employee. All these issues are presented on the example of the recent court practice.

Simple Limited Liability Company (New Provisions of Companies’ Act)

rrif - 11.2012, str. 165
The author of the article analyzes the important issues regarding the new institute introduced into the Croatian legal system. The institute is called a simple limited liability company (j.d.o.o.) and has been introduced into the legal system according to the latest amendments to the Companies’ Act in October 2012. Such a company is a company in which one or more (no more than three) physical and/or legal persons – founders invest a share capital, determined in advance, which cannot be less than HRK 10.00, whereby the lowest cash amount of the business share cannot be below HRK 1.00. The provisions of the Companies’ Act are applied to such a company, unless there are some specific regulations for a simple limited liability company. 

FAQs in Field of Public Procurement

rrif - 11.2012, str. 170
The persons obliged to apply the Act on Public Procurement are faced with a number of difficulties. They often make inquiries and ask for the replies from the competent institution. This issue provides the replies to the questions, which should contribute to the easier application of the corresponding regulations. So far, the questions and replies regarding the above stated issues have been presented in the RRiF Supplements – Operations of Budget and Budget Beneficiaries no. 5/12 and 4/12, as well as in the RRiF Magazine no. 5/12. The replies to the questions were based on the Act on Public Procurement (Official Gazette, no. 90/11).

Summary of Essential Postulates of Financial Management and Control

rrif - 11.2012, str. 177
The RRiF Magazine 07/12 published the information that the Central Harmonization Unit of the Ministry of Finance published in May 2012 the Handbook on Financial Management and Control, which exists on the web site of the Ministry of Finance. In order to apply the system of financial management and control properly, it is necessary to be acquainted with the reasons for publishing the Handbook, including the expectations from the budget beneficiaries in view of the system of financial management and control. Besides, it is necessary to write the answers to the frequently asked questions by the persons included in this system, which should solve most of the dilemmas in their work upon applying such a system.

Costs of Transportation to and from Work according to Collective Agreement for Civil Servants and Employees

rrif - 11.2012, str. 183
The new Collective Agreement for Civil Servants and Employees, which was signed for the period of four years, has considerably changed the provisions regarding the compensations for the costs of transportation to and from work, compared to the old Collective Agreement. The article presents the changes of the rights to the compensation for the costs of transportation to and from work in the new Collective Agreement for Civil Servants and Employees.

Financial Instruments in EU to Alleviate Crisis in Eurozone

rrif - 11.2012, str. 187
One of the main inconsistencies which represents the limitation upon resolving of the crisis lies in the fact that the instruments of the fiscal policy are under the authority of the specific EU countries, whereas the monetary policy, which is based on the euro as the common currency, is centralized in the European Central Bank (ECB). A contemporary approach to resolving of the financial crisis requires a simultaneous activity and co-ordination of the measures of the monetary and fiscal policies. Due to the fact that the European Union is not the state in the classical sense, it does not have the assets in the budget which would be used to cover the deficits of the member countries which lead their fiscal policies independently. The only possibility is to use an internal devaluation through the reduction of the expenses for salaries and other levies. However, as the Nobel Prize winner P. Krugman recently stated in Rovinj, such a process lasts for a long time and its results are questionable. In his opinion, the introduction of the euro without making any adequate solution on the common fiscal policy in the EU is the cause of the present crisis in the Eurozone. However, he makes the conclusion that the cancellation of the euro would have negative effects in the long run.

Gospodarska kretanja u RH i EU

rrif - 11.2012, str. 189
1. Opći pregled
2. Cijene
3. Proizvođačke cijene industrije
4. Industrijska proizvodnja
5. Vanjskotrgovinska razmjena
6. Trgovina na malo
7. Turizam
8. Plaće
9. Likvidnost i insolventnost
10. Zaposlenost i nezaposlenost

Novi propisi

rrif - 11.2012, str. 195

Stručne informacije

rrif - 11.2012, str. 198

Vijesti iz udruge

rrif - 11.2012, str. 200
Hrvatski računovodstveni sustav HSFI, MRS, MSFI i Tumačenja (1)