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Croatia - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
Corporate income tax rate is 35%.
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Taxe rate on long-term capital gains |
Capital gains are included in taxable income and subject tot tax at the normal corporate income tax rate.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
A 15% withholding tax is imposed on dividends paid by Croatian companies to foreign legal entities.
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Tax rate on branches |
Branches of foreign companies are taxed at a rate of 20% only on their income derived from Croatia.
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Income tax
Fiscal year |
The fiscal year begins on January 1-st and ends on December 31 of the same year.
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Income tax rate |
Personal Income Tax Schedule 2005:
| Lower than 36,000 HKR | 15% | | From 36,000 HKR to 81,000 HKR | 25% | | From 81,000 HKR to 252,000 HKR | 35% | | beyon 252,000 HKR | 45% |
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VAT rates
Standard rates |
A single tax rate of 22%.
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Reduced rates |
No
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Other important taxes
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Name of tax |
Rate |
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Municipal Income Surtax
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up to 30%
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Real Estate Sales Tax
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5%
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Forested tax of brown profits
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0.07%
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Accounting
Introduction
The law principles concerning accounting and audit were published in the official gazette of the Croatian Republic in 1992. This law has been implemented since January 01, 1993. It gives the obligations in terms of book-keeping which are inspired by international accounting standards.
General accounting principles
The registration of the accounts operations must be made during the financial year which often corresponds to the calendar year. The account book and the ledger must be kept up to date and then kept during at least 10 years.
The accounts structure of companies in Croatia refers to the model of the International Accounting Standards Committee.
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Obligations and publications
The Croatian entrepreneurs are subjected to the obligation of information about their financial situation. The documents of financial information must be drafted in Croatian and expressed in the national currency: the Croatian kunas.
These documents must contain: a balance sheet, a profit and loss account, a review of the changes of the authorized capital, comments and annexes.
Certification and auditing
The financial documents of big companies and Small and Medium-sized Firms registered as companies of capital must be checked by an independent external auditor who will be charged to guarantee the sincerity of the information given.
Professionals and representative organizations
" Croatian Association of Accountants and Financial Experts ".
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Last modified in
January 2003
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