The article presents another change of filing the Profit Tax Return Form for 2012. The procedure has been changed due to the newly introduced reliefs for investors. The presentation of the data in the new PD Form is now different compared to the PF Forms used in the previous years.
In their everyday operations entrepreneurs are faced with the dilemma whether they are allowed to make a payment in cash and up to which amount. The limitations are defined by tax regulations, the regulations on fiscalization in sales transactions in cash and the provisions on the prevention of money laundering and financing of terrorism, as well as the Act on Distraint Procedure on Cash Assets. Due to the fact that such issues represent frequently asked questions, the article deals with them.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The specifics of the catering industry comprise not only the way of rendering services according to the Act on Catering Industry, but also a special VAT rate on accommodation services. In terms of accounting, it should be recorded as a service-providing activity with the elements of production. The annual stock-taking is also more complex due to the various phases through which the supplies of raw materials and materials go through (warehousing, processing, defrosting, thermal processing, etc). Before preparing financial and tax reports caterers should carry out the corresponding controls. As of 1 January 2013 the new VAT rate of 10% has been applied on all the types of catering facilities, which is determined by the Art. 10., § 2.t.b. of the VAT Act. It should be pointed out that this refers to rendering of catering services only, since the delivery of food is taxed with the VAT rate of 25%, which is also applied on alcohol drinks, not bier, and wines.
The final account in trade activities has some specific issues. A special attention should be paid to the valuation of the reserves of commodities according to the CFRS 10 and IAS 2. The commodities in transport and the commodities sent for commission sale should be included on the date of the balance sheet. Due to the changed VAT rates in 2012 it is important to check the correct calculation of the received and effected advance payments as well as the subsequent discounts.
The utility companies are the most frequent beneficiaries of the state subsidies, since they provide the services of the general interest. Such subsidies are mostly used for financing of the construction of the utility infrastructure or the payment of the current expenses, if such a decision has been made by the units of local self-government. The utility companies should properly classify the funds received by the units of local self-government due to the fact that the tax position and the accounting position of the state subsidies depends on the fact whether such a company provides a counter-service or not.
The article analyzes a number of the changed institutes of the pre-bankruptcy settlement and its effects on the preparation of financial and tax reports. The author stresses the changed way of the accounting and tax treatments upon writing off the liabilities and receivables and the way of taxation of such business events and their presentation in financial reports.
Maintenance services usually comprise the provision of services and sales of goods, such as spare parts, maintenance goods, replacement, finishing of production or overhaul of the objects for re-sale, etc. The accounting of such business events requires the knowledge on calculations, warehousing, tax regulations and cash register operations, which is stated in this article.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The article presents some specifics referring to the accounting for the business events in the construction industry according to the requirements of the accounting standards, such as the recognition of income and expenditure and the determination of the business results. A specific attention is drawn to some open issues regarding the VAT liabilities and the recognition of the pre-tax in the construction industry.
Autori: Dr. sc. Vlado BRKANIĆ , prof. vis. šk., ovl. rač. i ovl. rev. Tamara CIRKVENI , mag. oec., univ. spec. oec. i ovl. rač.
Upon the calculation of the production of the finished products it is important to properly include the direct costs and the general costs of production, in order to determine the price of the product. The general costs of managing and sales, the excessive costs (losses) and the financing expenses (except long-term production) are the costs of the period and are not recorded as inventories in the balance sheet.
Autor: Emica TRCOVIĆ, dipl. oec., prof. i ovl. rač.
The author of the article presents the basic accounting procedures in the agricultural production. She explains the determination of the value of tangible and intangible biological assets and agricultural products as at the date of balance sheet and defines the costs which can be included in the value of biological assets and agricultural products. The article also includes monitoring of state subsidies, which represent an important element upon keeping the competitive position in agricultural production.
The preparation of the annual account is determined by the Labour Act and the Companies’ Act. All the middle-sized and large enterprises are obliged to draw it up. Small-sized enterprises are not obliged to prepare the annual account. However, if they bought up their own shares or their own stakes during the year, they are obligated to disclose such a piece of information in the notes to their financial statements.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
The enterprises engaged in transportation activities keep their business records and draw up the financial reports according to the Accounting Act and the accounting standards, depending on whether they are classified as large, medium-sized or small-sized enterprises. The transportation enterprises are different in view of their transportation activities and the volume of operations. The article presents some specifics of the transportation activities and the corresponding accounting procedures.
Utility companies are obliged to apply the fiscalization in their cash transactions, but not for all the activities they perform. The tax payer whose realized turnover can be measured by measuring instruments (electricity, gas, water, services of public communication, etc.) should apply fiscalization, including energy suppliers, utility companies, electronic communications and other legal persons, as well as the sales of tickets and tokens in public transportation of passengers. The bills for utility services comprise taxable and VAT free compensations.
The budget beneficiaries may make an advance payment for the purchase of products, goods and services, whereby they have to take into account certain limitations or they have to obtain the corresponding consent if this is regulated by the Budget Account. The article presents the recordings of the effected advance payments by budget beneficiaries who are and are not within the value added tax system.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The public procurement system comprises a number of deadlines which have to be respected in order to operate properly and according to the Act on Public Procurement (Official Gazette no. 90/11). The article presents an overview of the significant deadlines, which are classified according to the general deadlines, types and procedures of the public procurement within the framework agreement for public services from the Annex II B. They can also be classified according to the procurement value.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
Emerged according to Contract Signed with Croatian Health Insurance Institute According to the corresponding regulations there is a possibility of clearing (compensating) the receivables of the persons obliged to pay the compensation for sick leaves with the due unpaid contributions to the Croatian Health Insurance Institute. The article presents the procedure of clearing of mutual liabilities and receivables between the persons obliged to pay the contributions and the Croatian Health Insurance Institute.
Workers can be employed on a full-time or a part-time basis. The part-time work is usually contracted due to the reduced volume of work, the business dynamics of the employer or when the employee requires this. Since the beginning of 2009 the contributions have been calculated on the amount of the gross salary determined in the contract. The article states the question, whether such a provision has always been applied.
All the entities obliged to pay the value added tax have to prepare the final VAT account in the PDV-K Form. This obligation comprises companies, sole traders, income-makers, profit-makers, budget beneficiaries and non-profit organizations. The final VAT account for 2012 is to be prepared in the PDV-K Form which has been changed compared to the previous year due to the changed VAT rate from 23% to 25%, but the deadlines of its delivery have remained the same. The final VAT account is to be submitted to the authorized Tax Office according to the address of the tax payer. The profit-makers should deliver it until the end of April 2013 and the income-makers until the end of February 2013. The enterprises, which stopped operating during 2012 should already have prepared the final VAT account in the PDV-K Form within three months after termination of their business activities. The article on the specifics of the final VAT account for budget and non-profit beneficiaries was published in the RRiF issue no. 1/13 (p. 256).
A tax return should be filed by the physical persons who are obliged to pay income tax and who determine their income in the business records, the persons who have realized the income from abroad if they did not pay the income tax within 8 days after the receipt of money according to the Croatian regulations, the workers employed by two employers in 2012 and the seamen in the international navigation. Other persons are not obliged to file a tax return, except in the case when they have determined that the income tax was overpaid due to some reasons and accordingly can expect a tax return. However, upon filling in a tax return form it is necessary to have certain expertise in the field of income taxation, which is the topic of this article.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
All the members of the ship crew in the international navigation – the seamen (residents), who have realized an income from non-independent work during 2012, are obliged to file the annual income tax return form. The tax status of the ship crew members in the national navigation employed by the domestic employer is the same as the status of all other tax payers in the Republic of Croatia. A seaman, i.e. a member of the ship crew in the international navigation is regarded a shipmaster or any other physical person embarked on the ship in order to perform certain activities on board in the international navigation and is recorded in the list of the crew members.
The Companies’ Act determines the ways of increasing the share capital and the necessary documentation a company is obliged to enclose upon filing for the entry into the court register. One of the documents is the auditor’s opinion on the latest financial reports. The article presents the instructions on how to audit the increase of the share capital from the re-invested profit and the reserves of the capital
Autor: Anamarija Miletić , dipl. oec., ACCA i ovl. rev.
The re-structuring of a company refers to the operative, financial and strategic re-structuring. The operative re-structuring comprises the changes in the production mix, the introduction of new products, the improvement of distribution canals, the decrease of assets. All these operations are aimed at the increase of income, the reduction of costs and solving a company’s insolvency. The financial re-structuring refers to the changes in equity structure and the amount of indebtedness, in order to solve a company’s insolvency and inadequate company’s capital. The strategic re-structuring includes the structural re-organization of business operations.
1. Gospodarstvo u eu i RH 2. Cijene u RH i EU 3. Proizvođačke cijene industrije RH i EU 4. Industrijska proizvodnja 5. Vanjskotrgovinska razmjena 6. Trgovina na malo 7. Turizam 8. Plaće 9. Likvidnost i insolventnost 10. Zaposlenost i nezaposlenost
