Računovodstvo, revizija i financije 4/2015

The re-investment of profit in a company is just one side of the problem in accounting, whereas the other side is recording of the effects of such an increase of equity in the companies – shareholders of this company. The article analyses a current issue regarding the accounting for the income of the company, which acquired the shares or stakes in the company that re-invested the income and recorded an increase of the share capital on such a basis.The company which reinvested the profit and the investing company (shareholder, company’s member) are also protected in view of taxation.

Vozila kategorije N1 su teretna vozila, ali imaju specifičan položaj s motrišta poreza na dodanu vrijednost. Od 20. ožujka 2014. dopušten je odbitak pretporeza prilikom nabave i korištenja vozilima kategorije N1 koja nisu predmet oporezivanja posebnim porezom na motorna vozila. Zakon i Pravilnik o posebnom porezu na motorna vozila određuje koja su vozila predmet oporezivanja, a koja nisu.
1. Uvod
2. Porezni položaj vozila kategorije N1
3. Računovodstveno praćenje vozila kategorije N1
4. Označavanje vozila kojima se koristi za vlastite potrebe
5. Zaključak
 

The article presents an issue of estimate of equity of the companies which are not listed on the organized stock exchange market. A proper estimate requires the accessibility of the basic financial information of the particular company. However, such necessary information are not always at disposal. The authors of the article analyse the issue of estimate of equity fair value of a company in the case when the readers of financial reports do not have sufficient information on disposal and make estimates based on various pieces of information on disposal, using various techniques of estimating.

The accounting for the calculations of production in the budgetary system is specific due to the book-keeping rules adjusted to the operations in the public sector. Such rules are in some parts different from corporate accounting which has been adjusted to the production i.e. the matching principle.
This article presents the example of accounting for production by the budget beneficiary who is neither a VAT payer nor a profit tax payer.

This workshop on non-profit accounting comprises the recordings and the explanations of the following recordings: 1. Purchase of long-term intangible non-financial assets and 2. Exchange of goods.
The legal basis for the purchase of long-term non-financial assets need not be just the contract on sales, but also the contract on copyright work. In such a case, the amount of the initial recognition of the assets does not change. A special attention should be paid to the public payments which are connected to the fulfilment of the above stated contract.
The recording of exchange of goods requires the consideration of the provisions of the International Accounting Standards. In the case of the exchange of similar things, the income needs not be recorded. In such a case the provision in the field of VAT taxation, which obliges the tax payer to issue an invoice, is not applicable.

In the case of termination of employment, the employee who did not use the corresponding days of vacation, has the right to the compensation to be paid by the employer. Such a compensation for the unused vacation represents an undisputable obligation of the employer to the employee. In the case when the employer enables to the employee to use the remaining days of vacation before termination of employment, he/she is not obliged to pay the compensation to the employee. The article presents the way of determining the above stated compensation, including the tax position of such a payment in view of te income tax and profit tax.

Each economic activity represents a basis for mandatory pension insurance, comprising the employees who should be registered for mandatory pension insurance by their employer or independent activities of physical persons, who are then obliged to register themselves for mandatory pension insurance. Upon registration, cancellation and changes in insurance, the insured persons had to present the reasons in a written form. According to the Rulebook on the Amendments to the Rulebook on Keeping the Main Registry at the Croatian Pension Insurance Institute, the persons who make changes of the status of the insured person and submit such changes in the corresponding form are not obliged to enclose e.g. the contract on employment, the written confirmation on employment status, the termination of contract on employment, the agreement on termination of employment or any other documents which prove the change of their status as an insured person.

As of 1 January 2015 the place of taxation of telecommunication services, the services of radio and television broadcasting and electronically performed services is in the member country in which the service beneficiary, who is not a tax payer, has the place of living, the place of residence or the usual place of residence. The tax payer who provides the above stated services may through such simplified procedures choose one place (web-portal) from which he/she will submit a VAT return after which the payment can be settled. This means that the tax payer from the Republic of Croatia may independently choose the special taxation procedure, i.e. whether he/she will be registered at the MOSS System in the member country in which he/she has the headquarters or in some other member country in which he/she performs the above stated services.

Determination of VAT Liabilities as of 1 January 2015 for Profit-Makers Who Determine Liabilities according to Issued Invoices
The Amendments to the Act and Rulebook on VAT, which became effective on 1 January 2015, introduced the substantial changes in capital transfer taxation and the taxation after collection of payment for all the tax payers who realized deliveries of goods and services up to the amount of HRK 3m in the previous accounting period. The article on the determination of Vat liabilities by the above stated tax payers was published in the RRiF issue no. 02/15, p. 24. Due to the fact that the contents of the VAT Form was changed as of 1 January 2015, introducing the new PPO, INO-PPO and PZ 42I63 Forms, this article provides the main instructions regarding VAT return forms to be prepared by the above stated tax payers and the accounting for and determination of the VAT liabilities for March 2015.

The first step of the entrepreneurs who plan to produce, import or purchase tariff products from the EU, is to make a business decision on the type of tariff status they wish to operate in.
When applying for the entry into the Register of Tariff Payers an entrepreneur should choose the way of operating with tariff products. The operations with tariff products may be performed in the system of delayed payment of tariffs or out of the system of delayed payment of tariffs. Accordingly, entrepreneurs should decide whether they will dispatch tariff products into another member country and/or receive them from other member countries within the system of delayed tariff payment, whether they will dispatch tariff products into another member country and/or receive them from other member countries with the paid tariff, whether they will import from the third country and/or third territory with the place of import being the Republic of Croatia and whether they will sell at distance and/or be a tax representative of the seller from other member country.

The PD Form on profit tax for 2014 should be submitted until 30 April 2015, at the latest by all the tax payers who perform economic activities in order to make a profit or other measurable benefits in view of economic activities.
The PD Form may be delivered by mail or directly to the clerk at the authorized office of the Tax Administration. The tax payers, who are classified as large and middle-sized enterprises according to the corresponding accounting regulations, as well as all the VAT payers, are obliged to deliver the PD Form electronically, using the ePorezna system by the Tax Administration.
This article presents some technical points of submitting profit tax forms for 2014.

Intangible assets represent the greatest potential for realization of profit or loss. In view of geography, they are the most mobile ones. Their value is difficult to determine. Recognizing such assets frequently causes difficulties, since they are not legally protected, neither registered or they are not always presented in business records of companies. Due to the fact that tax payers often use transactions with tangible assets in order to reduce their tax base, such transactions regarding transfer prices in overboard operations are often controlled by tax inspectors.

The company which subjects to the auditing process should enable for the business events to be traced from the original documents to computer data and vice versa. The article analyzes the auditing process of IT System and the use of IT in order to make the work of auditors easier and to carry out auditing tests in a simpler way.

The Charter and the Strategic Plan of the Internal Audit represent key documents of internal audit. They are a link between the internal audit and the board and define the framework of activities of internal audit, in order to realize their purposes, visions and missions. The article provides a sample f the Charter of Internal Audit.

1. Hrvatska u petoj kategoriji prekomjernih makroekonomskih neravnoteža
2. Komisija teži transparentnijem oporezivanju poduzeća
3. Ubrzan rast EU-gospodarstva
4. Rumunjska planira drastično smanjenje poreza
5. Niže stope PDV-a na elektroničke knjige nezakonite
6. Velike razlike u minimalnim plaćama
7. EU odgodio ukidanje roaminga do 2018. godine

According to the Income Tax Act the obligation of payment of income tax on interests from capital at the reduced tax rate (12%), compared to the tax rate valid until the end of the last year. Some types of interests do not subject to taxation, such as the interests on investments into bonds, default interests, interests according to court decisions, etc.

The author of the article analyses the issues regarding a forced collection of receivables through sales of real estate in the distraint procedure, all in view of the recent court practice and the new provisions of the Distraint Act from September 2014. The new provisons of the Distraint Act provided an extended legal framework for realization of the out-of-court distraint. Compared to the old provisions of the Distraint Act, the new provisions offer the possibility to the distranee to claim from the court to postpone the distraint procedure under certain presumptions, in order to settle some receivables by selling some other property right. Another important new issue is the introduction f FINA into the procedure of distraint of real estate, aimed at more efficient process of sales of the real estate. The Distraint Act also describes the process of determination of the real estate value, which is sold in the distraint procedure.

A debenture is a strictly formal, one-sided document of the debtor (and co-debtors) which serves to take over the obligation to settle a certain cash liability and to provide a consent that in the case of its collection it is possible to confiscate the debtor’s accounts and transfer the assets to the creditor with the effects of the final decision on distraint in terms of public law, i.e. a distraint document. A distraint document is determined by the Distraint Act, whereas its contents and form are defined by the corresponding rulebooks. Due to the fact that the questions regarding collection of debentures are rather important and always topical, the author of the article analyses such questions in view of the amended Distraint Act and the relevant, currently used rulebooks.

In view of foreign currency operations it is under certain circumstances required to deliver the annual report on other international credit transactions. The article presents such transactions, considering the fact that such reporting may comprise a large number of persons.

Artists represent a specific group of tax payers and insured persons in pension and health insurances. Artists are principally income tax payers. They pay income tax on 70% of the received amount, which means that the expenses to the lump sum of30% of the received amount may be recognized. Upon presenting the certificate of the work of art, artists have a tax relief based on the artistic creation in the form of a reduced tax base additionally by 25%. The artists who fulfil the conditions stated in the Rulebook on the Procedure and Conditions for Recognition of Rights of Independent Artists regarding the payment of contributions for pension and disability insurance, as well as health insurance from the Budget of the Republic of Croatia, may submit their application for payment of the above stated contributions on the account of the Budget of the Republic of Croatia.

Court-appointed interpreters may perform their activities and realize receipts if they are permanently employed, work independently or keep the business records. Regardless of the way in which the activities are performed by the interpreter (as a physical person or a legal person who keeps or does not keep business records), such a persons is obliged to issue an invoice for each receipt of cash as a reward or other expenses regarding interpreting, which possibly arose through the performance of such activities.

Due to a number of advantages for sellers and buyers, distance selling of goods, especially on the internet, as well as the sales of goods out of the seller’s premises through mediators in direct sales have become more present in the contemporary selling practice. The article presents the conditions under which sellers may sell their products on distance and/or directly out of their premises.

The mandatory health insurance comprises foreign citizens with the permanent stay permit in the Republic of Croatia, the citizens of other EU member countries or the European Economic Area having a temporary stay permit in the Republic of Croatia if they do not already have health insurance in one of the EU member countries, as well as the citizens of the countries which do not belong to the EU or EEA (third countries) who are temporarily staying in the Republic of Croatia, unless the EU regulations, an international agreement or some specific act determines this differently. Based on such insurance they have the rights and obligations arising from the mandatory health insurance under the same conditions and in the same way as the insured persons who obtained such a status in accordance with the Act on Mandatory Health Insurance.

Through the new legal institute regarding additional work, the law-maker has accepted the fact that many employees perform additional work for another employer, despite their full time work and a number of legal obstacles, which existed so far. In practice, parties usually signed the agreement on temporary provision of deeds. Due to the fact that most of such works do not have a characteristic of a deed, the legal nature of such an agreement was circumvented, although it was a secret working relationship. However, since August 2014, employers and employees have on disposal the above stated new legal institute, which made the additional work of employees legal.

The author of the article analyse some relevant issues regarding extraordinary termination of the contract on employment due to the serious violation of the obligations arising from the employment status, taking into consideration all the circumstances and interests of the both contract parties without obligation to consider the notice period. The above stated issues are presented on the examples of the recent practice of the Supreme Court of the Republic of Croatia and the Municipality Court in Zagreb. It should be pointed out that this court practice comprises the new Labour Act, which became effective approximately six months ago.

The quick changes in IT sector directly affect business operations, which comprises accounting ad their organisation. Digitisation, the use of smart phones, tablets and cloud operations represent just a part of the new issues, which include the accounting profession in the development of IT. The authors of the article present the initial and basic guidelines for digitization of business operations, i.e. the electronic processing of documents and data storing.

The new Rulebook on Reporting in Non-Profit Accounting and the Register of Non-Profit Organizations defines the financial reporting in the system of non-profit accounting as of 1 January, 2015. Accordingly, the first financial reports prepared in the new way of reporting should be submitted for the period January-February 2015.
The article provides an overview of the system of financial reporting and stresses the differences compared to the system applied in 2014. It also presents the Register of Non-Profit Organisations kept at the Ministry of Finance.

The system of financial reporting for the period from January to March 2015 is different from the system which was in use until the end of 2014 in view of the obligatory set of the financial reports as well as the contents of the forms, whose names remained unchanged. The deadlines for their submission are the same as those applied in 2014.

According to the new rules imposed by the European Union, the convergence program and the national program of reforms are being prepared. The creation of these documents is covered by the budgetary process of the Republic of Croatia according to the Act on Amendments to the Budget Act. This has mostly affected the preparation of strategy plans for the period from 2016 to 2018, which have a different meaning compared to the previous years.
The Ministry of Finance prepared the Instruction for Preparation of Strategic Plans for the Period from 2016 to 2018, which should be delivered until 31 March 2015.

This is another from a series of articles which provide the replies to the questions in the field of application of the Public Procurement Act. Accordingly, the replies should help the people working in practice to apply the above stated Act in an easier way.

1. Opći pregled
2. Cijene u RH i EU-u
3. Industrijska proizvodnja 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