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Inventory of Assets and Liabilities


The General Tax Act (Official Gazette 147/08) and the Accounting Act (Official Gazette 109/07) prescribe to entrepreneurs the obligation of making a list of assets, popularly called – the ˝inventory˝.

It’s mandatory that this list be made:

•    at the beginning of operations,

•    at the end of every calendar year (31.12.),

•    upon tax rate changes (or some other factors that are important for taxation),

•    upon status changes, i.e. upon starting with the liquidation or bankruptcy procedure,

•    upon termination of activities.

All entrepreneurs who do bookkeeping have to do the inventory, regardless of whether according to the Profit Tax Law or Income Tax Act (the ones who operate at a profit, and the ones who generate income).

Entrepreneur’s total assets are subject to the list: long-term assets, financial assets and receivables (whether long-term or short-term), financial resources, supplies and payables, long-term as well as short-term.

When listing the assets, it’s necessary to include the entire assets, individually for certain types of resources and by specifying the amount found, their individual prices and total monetary value, as the sum of products of all found amounts and their prices.

It’s necessary to adjust the situation determined by the made list of assets and liabilities with the book situation of listed assets and liabilities.

A list of assets and liabilities is entered into inventory lists, which represent accounting documents according to the General Tax Act (accounting document = a written document on a created business change, i.e. occurrence)

The following fines are prescribed for entrepreneurs who don’t act according to the above stated:

a)    according to the General Tax Act:

•    for the tax payer – from 5,000.00 to 500,000.00 kn, plus

•    for the authorised person within the legal entity – from 2,000.00 to 100,000.00 kn
 

b)    according to the Accounting Act:

•    for the entrepreneur – from 10,000.00 to 100,000.00 kn, plus

•    for the authorised person of the entrepreneur – from 5,000.00 to 20,000.00 kn

 

Published 20/01/2012


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