When forming prices, business entities before and after the introduction of the euro can always lower the price and round the price down, but rounding up is prohibited in the process of introducing the euro. For example, suppose a business subject to a product that until the day of the introduction of the euro charged 12 kuna (1.59 euros) from the day the introduction of the euro wants to charge 1.50 euros for that exact product, that is correct and permissible, only on the price list, shelf label or in another way price statements. In that case, that price must be correctly recalculated and stated in kuna (11.30 kuna).
Unjustified price increase in the process of the introduction of the euro in Croatia
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Croatia
Author: Kristina Dosen
Category:
Fiscal subject related
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342
Content accuracy validation date:
03.08.2022
Content accuracy validation time:
11:15h
Content
In the period of dual displaying, the newly formed reduced price, rounded down, must be correctly recalculated. The ratio of the displayed prices in kuna and euro must correspond to a mathematical operation, that is, to the rules of conversion and rounding using a fixed conversion rate in its full numerical amount.
When recalculating prices, it is important and necessary to follow all the rules in order to avoid potential irregularities and put consumers in a financially unfavorable position. Recalculation is performed by applying the full numerical amount of the fixed conversion rate using five decimal places and rounding the obtained amount in accordance with the mathematical rules of rounding, whereby the obtained result is rounded to two decimal places, and based on the third decimal place. That is, if the third decimal is less than five, the second decimal remains unchanged, and if the third decimal is equal to or greater than five, the second decimal is increased by one.
If there is a justified change in the price of kuna in the period from September 5, 2022, until December 12, 2022, the price of kuna is changed and the newly established price is converted into euro with the application of a fixed conversion rate and in accordance with the rules for conversion and rounding. If there is a justified change in the price in the euro after January 1, 2023, the price in euros is changed and the newly established price is converted into kuna with the application of a fixed conversion rate and in accordance with the rules for conversion and rounding, the explanation states.
Supervisory bodies defined by the Law on the Introduction of the Euro as the Official Currency in the Republic of Croatia will implement the Law and prescribe misdemeanor provisions for irregularities and illegalities determined during supervision.
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