Newsflash - Issue 05 - Liberalization of cross-border foreign currency transactions
With effect from 1 July 2010, the provisions of the Croatian foreign currency legislation which prohibited residents, excluding banks, from granting short-term loans with a repayment period of less than 3 months to non-residents, except as part of direct investments abroad, have been abolished. The abolishment of these provisions should enable Croatian businesses, especially those which are part of multinational groups of companies, to utilize any surplus cash funds for group cash optimization purposes and to yield the relating benefits for their business in the form of financial income or reduced financing expense: so called “cash pooling”.
More...Newsflash - Issue 04 - Amendments to the Croatian Corporate Profit Tax Law effective as of 1 July 2010
The Croatian Parliament has adopted Amendments to the Corporate Profit Tax (CPT) Law which will come into force as of 1 July 2010 (National Gazette, 80/10). The most significant amendments are summarized
here.
Newsflash - Issue 03 - Amendments to the Croatian Personal Income Tax Law effective as of 1 July 2010 & Partial earlier abolishment of special tax as of July 20
The Croatian Parliament has adopted Amendments to the Personal Income Tax (PIT) Law which will come into force as of 1 July 2010 (National Gazette, 80/10). The Croatian Parliament has adopted Amendments to the Law on special tax on salary, pensions and other receipts and the Law on special tax on self employment income and other receipts (National Gazette 56/10).
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Following the many challenges the financial services industry has faced over recent years, there appears to be a decidedly more optimistic feel emerging. Financial institutions should now be considering how fundamental strategic priorities should be pursued in the new, post-crisis environment.
The Global Business Outlook survey measures business optimism around key business indicators such as revenues, profits, activity and employment. The March 2010 edition provides evidence of robust economic recovery now taking hold across virtually all key markets.
Compliance and administrative services
Managing tax and statutory compliance in today’s highly complex economic and regulatory environment is no easy task.
Recent developments in tax law and practice, particularly in value added tax and personal income tax legislation, as well as new developments in accounting standards, companies law, labour law and other regulations increase the risk of occurrence of oversight, misinterpretation, inappropriate application and error.
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