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Purpose for cash flow statement

The cash flow statement specifies all cash inflow (money from claims) and all cash outflow (payment of liabilities) in the balance sheet of a company in a particular period. Real cash flow captures the inflow and outflow. The most used period for the monitoring of cash flows is a fiscal year, but this is not obligatory. It can also be drawn up in shorter periods (monthly, quarterly, half-yearly)...

Definition of VAT basis for import of goods

Definition of VAT basis for import of goods

Each trade with goods from abroad is liable to customs duty, including custom dues, VAT and other expenses.   According to customs regulations and the new VAT regulation, now so-called...

Submission of annual financial statements

The Accounting Act ( Official gazzette n. 109/07 ) defines the taxpayers of external reporting in the Republic of Croatia, which means taxpayers and the public announcement taxpayers filing of annual financial statements (GFI's) for statistical and other purposes, in accordance with the Croatian Financial Reporting Standards. Exceptionally, large enterprises and entrepreneurs, whose shares or debt securities are listed or are in process of preparation for their listing on an organized securities market, are obliged to prepare and present annual financial statements using International...

‘Crisis tax’

As its name clearly shows, this is a State Budget revenue, levied for gathering of public expenditure funds, which are now deficient as a result of the economical crisis in Croatia. The introduced tax has an “expiration period”, since the Act on the Special Tax on Salaries, Pensions and Other Receipts ( Official gazette 94/09 ) is intended to be applied to the period of August 1 st 2009 until December 31 st 2010, that is, of October 1 st 2009 until February 28 th 2011. Namely, the basis listed below under numbers 1. to 3. are subject to the first period of application (till...

Withholding tax

Each payment received by a foreign legal entity in the Republic of Croatia, according to the Profit Tax Act ( Official gazette 177/04 to 146/08 ) is subject to calculation of the so – called withholding tax at a 15% rate. This tax must be calculated and paid by the resident payer . The tax base is the gross amount of a fee paid to a non – resident recipient (without the VAT since it is not paid on certain overseas services)...

Establishment of a limited liability company

Establishment of a limited liability company

Choosing the name of the company and verifying that under the jurisdiction area of the responsable Commercial court another company with the same or similar name doesn't exist. The name of a...

Holiday house rentals

The interest of foreign citizens for acquiring properties in Croatia, as a modality of investment of capital, increased over the last 10 years or so. Besides the main reason – spending part of the year in an attractive Mediterranean zone – not less important is the economical use of a property through rentals to other guests. Until February 1 st 2009, when the Stabilization and Association Agreement entered into force, ...

Personal identification number (OIB)

The Personal identification number (or abridged in Croatian OIB) is an eleven – digit – numerical mark through which all taxpayers in Croatia are being identified and which is used in all official records to monitor OIB bearers.After Croatia’s entry into the European Union, the assigned OIB shall be added with “HR” in front of the eleven numerical digits in order to make it suitable for international monitoring purposes.The OIB was introduced as a replacement of the unique personal citizen number (JMBG) for natural persons, ...

Registration with the occupational medicine specialist

The employer obligation to chose and register with the chosen specialist of occupational medicine is regulated by the Law of basic health insurance of health and safety at work ( Official Gazzette n. 85/06, 67/08 ). The rights in case of injuries at work are realized through the Croatian Institute for Health Protection and Safety at Work ( HZZOZZR ). Each employer is obliged to choose a specialist of occupational medicine for his/her employees, usually according to the working place, filling in the appropriate form verified by a stamp and signiture of the responsible person...

 

 
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