Fiscal subject related
As of March 1, 2023, just 1,046 businesses had signed up for the Code of Ethics, of which 172,438 are active in addition to being registered, with 27,579 of those businesses falling under the trade sector. This represents 3.79 percent of corporations that are registered for trade, or 0.6% of active enterprises. Access to the Code became available on August 16, 2022; by mid-September, 889 companies had already submitted applications; however, only 157 more did so after that. This leads to the conclusion that the businesses did not see the adoption of the Code of Ethics as beneficial to their operations.
By adhering to the Code of Ethics, an organization is promising to uphold its seven guiding principles, which include the pledge to refrain from unjustified price increases, to inform employees about the specifics of the euro's introduction, to fairly inform customers about the event through advertisements and promotions, and to correctly recalculate prices. After the launch of the euro in January, certain products saw significant price increases, which prompted the State Inspection to reach a settlement with business owners and fully disregard the Code of Ethics.
Up until December 31, 2023, all prices in Croatian retail must be displayed dually, both in euros and in kuna. To do this, the price in euros must be multiplied by a fixed conversion rate of 7.53450, and the corresponding amount in kuna must then be rounded up to two decimal places using mathematical rounding rules. By the end of the year, the Code of Ethics will be updated, although it is highly doubtful that businesses will find it useful for their operations.
You can find the mentioned Code of Ethics here.
Other news from Croatia
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New Version of e-Invoice Validator Released by Croatian Tax Authority
Croatia
Author: Vukašin Santo
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Croatia
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