natgillin/translations-raw huggingface dataset:
Four years after the signing of the SAA, Croatia has to enable free portfolio investment and transactions relating to financial loans in a period of up to one year.
Cetiri godine nakon potisivanja Sporazuma o stabilizaciji i pridruživanju Hrvatska mora omogućiti slobodne portfolio investicije i transakcije po financijskim zajmovima do jedne godine.
The other conditions are already met in Croatia (convertibility on current account, freedom of direct foreign investment, free commercial loan transactions with a maturity period of longer than a year).
Ostale uvjete Hrvatska već ispunjava (konvertibilnost po tekućem računu, sloboda izravnih stranih ulaganja, slobodne komercijalne kreditne transakcije s dospijećem duljim od godine dana).
The conditions that the EU imposes on Croatia are similar to the inherited regulations in that they still deal more with the inflow than the outflow side.
Uvjeti koje EU postavlja Hrvatskoj slični su naslijeđenoj regulativi po tome što se više bave priljevnom nego odljevnom stranom.
Probably this is one of the reasons because of which the proposal of the new Foreign Currency Business Law, of May 2002 (http://www.hnb.hr/propisi) are still based on a sceptical point of view with respect to liberalisation of international capital flows.
Vjerojatno je i to jedan od razloga zbog kojih se prijedlog novoga Zakona o deviznom poslovanju iz svibnja 2002. (http://www.hnb.hr/propisi) još uvijek temelji na skeptičnom pogledu prema liberalizaciji tokova međunarodnog kapitala.
The positive moves in the draft Law are mainly of a technical naturexv and the only essential new departure is the possibility of buying foreign securities.
Pozitivni pomaci u prijedlogu Zakona uglavnom su tehničke naravi,xv a jedina bitna novina jest mogućnost kupovanja inozemnih vrijednosnih papira.
However, this too is limited to the government bonds of OECD countries, and it is hard to imagine any interest on the part of domestic investors for securities with low yields and low risk, because there are already plenty such securities and financial service providers that supply them (investment and pensions funds) on the domestic market.
Međutim, i to se ograničava na državne vrijednosne papire zemalja OECD-a, pa je teško očekivati interes domaćih ulagatelja za vrijednosne papire koji nose niske prinose i nizak rizik, jer takvih vrijednosnih papira i posrednika koji ih nude (investicijski i mirovinski fondovi) ima dovoljno na domaćem tržištu.
Still open is the question of how much the possibility of prescribing the lowest credit rating for foreign issuers whose bonds can be bought with restriction by residents will employed.
Otvorenim ostaje pitanje koliko će se iskoristiti mogućnost propisivanja najnižeg kreditnog rejtinga za inozemne izdavatelje čije će vrijednosne papire rezidenti moći kupovati bez ograničenja.
In essence, the new foreign currency law has retained most of the outflow restrictions of the old law and in this way failed to inject some equilibrium into this sensitive part of the economic regulations.
U biti, novi je devizni zakon zadržao većinu odljevnih restrikcija staroga zakona i na taj način propustio uravnotežiti taj osjetljivi dio gospodarske regulative.
A similar spirit prevailed with respect to the ability of foreigners to invest in Croatian securities.
Sličan je “duh” prevladao kada je riječ o mogućnosti da stranci ulažu u vrijednosne papire u Hrvatskoj.
Non-residents may not invest in cashier bills of the CNB or in treasury bills, but may in other securities if the period maturity is longer than 6 months and if they retain them to the maturity period.
Nerezidenti ne smiju ulagati u blagajničke zapise HNB-a ni u trezorske zapise, ali smiju u ostale vrijednosne papire ako im je rok dospijeća dulji od 6 mjeseci i ako ih drže do dospijeća.
This restriction shows the nervousness of the government about the sudden movement of non-residents into short-term securities, which could equally rapidly be turned into a sudden outflow of capital.
Ta restrikcija pokazuje strah predlagatelja od naglog ulaska nerezidenata u kratkoročne vrijednosne papire, koji bi se mogao brzo pretvoriti u nagli odljev kapitala.
However, this fear is mainly without foundation, because:
Međutim, taj je strah uvelike bezrazložan, jer:
• for quite a long time Croatia has had lower rates of interests and worse credit ratings than the applicant countries in this area, which means that short-term international money will probably give Croatia the miss for quite some time to come (it will tend towards areas with bigger yields and smaller risk), because at the moment there is no indication of any changes in these relations;
• Hrvatska već dulje vrijeme ima niže kamatne stope i lošiji kreditni rejting od zemalja kandidatkinja u okruženju, što znači da će kratkoročni međunarodni kapital vjerojatno dugo godina zaobilaziti Hrvatsku (težit će područjima većeg prinosa i manjeg rizika), jer zasad nema na vidiku naznaka o promijeni tih odnosa;
• because of its size Croatia will probably never be a main speculative target, for speculators for their operations required developed, large and liquid markets with low transaction costs of trading in financial instruments.
• Hrvatska zbog svoje veličine vjerojatno nikada neće biti glavnom metom spekulanata koji za svoje operacije traže razvijena, velika i likvidna tržišta s niskim transakcijskim troškovima trgovanja financijskim instrumentima.
In much worse conditions, and with much higher interest rates, in the second half of the nineties, Croatia was exposed to the inflow of short-term capital, and this did not hurt it even then;
Hrvatska je u mnogo nepovoljnijim prilikama i s mnogo višim kamatnim stopama bila izložena priljevu kratkoročnog kapitala u drugoj polovici 90-ih godina, pa joj to ni tada nije naškodilo;
• the EU provides for the possibility that in the event of there being a major menace to the exchange rate policy and the balance of payments restrictions may be introduced.
• EU predviđa mogućnost da se, u slučaju velike ugroženosti tečajne politike i platnobilančne pozicije, uvedu restrikcije.
For this reason it is a mystery why restrictive measures and instruments have been incorporated into the law when they can be regulated by byelaws should a crisis make it necessary.
Stoga tajnom ostaje zašto su u zakon unesene restriktivne mjere i insrumenti koje se ionako mogu podzakonski regulirati ako je to u krizi nužno.
The possibility of intervening in the area of the freedom of the flows of international capital fits in with the well-known McKinnon theory (1991) of gradual liberalisation.
Mogućnost interveniranja u područje slobode tokova međunarodnog kapitala uklapa se u poznatu McKinnonovu (1991) teoriju postupne liberalizacije.
It is important to note that the views advanced here are not an advocacy of unconditional liberalisation, rather the question is raised as to why those who proposed the new foreign currency law turned the reaction to an exceptional economic situation into a system that is built into the law.
Važno je uočiti da izneseni stavovi nisu zalaganje za bezuvjetnu liberalizaciju nego se samo postavlja pitanje zašto su predlagatelji novog deviznog zakona reakciju na iznimnu gospodarsku situaciju pretvorili u sustav koji se ugrađuje u zakon.
A more liberal wording of the law would not mean any ability to react to a crisis set off by changes in international capital movements.
Liberalnije pisanje zakona ne bi značilo gubitak mogućnost reakcije na krizu pokrenutu promjenama u međunarodnim tokovima kapitala.
In addition, the beginning of the functioning of the economy in a financially liberated environment in the phase when the government can still occasionally intervene in the free market would be an important gain, because of the possibility of getting people used to an environment of the kind that awaits us in a few years time, but without the government being able to rescind individual freedoms.
Usto, početak funkcioniranja gospodarstva u financijski liberaliziranom okruženju u fazi kada država još uvijek može povemeno intervenirati u slobodne tržište tokove bio bi važan dobitak zbog mogućnosti navikavanja na okruženje kakvo nas za nekoliko godina očekuje, ali tada bez mogućnosti države da ukine pojedine slobode.
In this way the outflow side remains mainly closed, irrespective of the asymmetry that such a solution might create in the currency market (a possible structural excess in the supply of foreign currency), while functioning in a liberalised environment has been deferred to the moment when such liberalisation will be irreversible.
Ovako odljevna strana ostaje i dalje uglavnom zatvorena, bez obzira na asimetriju koju takvo rješenje može stvoriti na deviznom tržištu (mogući strukturni višak ponude deviza), a funkcioniranje u liberaliziranom okruženju odgođeno je do trenutka kada će takva liberalizacija biti nepovratna.
We are perhaps missing a chance to get ready now for the total liberalisation that awaits us on entry into the EU.
Možda propuštamo priliku da se pripremimo za potpunu liberalizaciju koja nas očekuje pri ulasku u EU.
Croatia can be satisfied with its tempo of convergence on the EU to do with the narrowly defined monetary indicators: inflation, interest rates and exchange rate.
Hrvatska može biti zadovoljna tempom približavanja EU kada je riječ o usko definiranim monetarnim pokazateljima: inflaciji, kamatnim stopama i tečaju.
However, there is ground for concern in the indicators of the financial deficit that takes us essentially away from EU standards.
Međutim, zabrinjavaju pokazatelji fiskalnoga deficita koji nas bitno udaljavaju od EU normi.
The structure of the banking system, which is seen in interest margins and in the internationalisation of the ownership structure, is very suitable for EU accession, and this evaluation can also be applied to the other financial services providers, which are integrated into the systems of international financial conglomerates.
Struktura bankovnoga sustava, koja se očituje kamatnim maržama i internacionaliziranom vlasničkom strukturom, vrlo je povoljna za pridruživanje EU, a takva se ocjena proširuje i na ostale financijske posrednike koji su integrirani u sustave međunarodnih financijskih konglomerata.
Nevertheless, the share market is worrying undeveloped in Croatia, and can in the long run be a serious developmental handicap which will limit the competitiveness of the Croatian economy in the EU.
Međutim, tržište dioničkog kapitala u Hrvatskoj ostaje zabrinjavajuće nerazvijeno, što se dugoročno može pokazati ozbiljnim razvojnim nedostatkom koji će ograničiti konkurentnost hrvatskoga gospodarstva u EU.
For this reason the creators of economic policy must undertake urgent actions in this area.
Stoga kreatori ekonomske politike moraju poduzeti hitne akcije na tom području.
In this area a minimum of progress has been recorded since the emergence from the former Yugoslavia, and the draft of the new foreign currency law has let slip the opportunity for convergence with EU standards.
Na tom je području zabilježen minimalan napredak još od izlaska iz bivše Jugoslavije, a prijedlogom novoga Zakona o deviznom poslovanju propuštena je prilika za konvergenciju prema standardima EU.
The economic and financial systems will have gradually to adapt themselves to functioning in a liberalised environment.
Ekonomski i financijski sustavi moraju se postupno prilagođavati funkcioniranju u liberaliziranom okruženju.
The retention of restrictive regulations to the last moment marks this area as the key area of vulnerability on the way to the EU.
Zadržavanje restriktivnih pravila do zadnjega trenutka obilježava to područje kao ključno područje ranjivosti na putu prema EU.
• Make use of the introduction of Basel II for the adjustment of byelaws and regulations governing banking operations to the standards of the EU.
• Iskoristiti uvođenje standarda Basel II. radi što boljeg usklađenja podzakonskih akata i propisa koji uređuju bankovno poslovanje s normama EU.
• Continue to affirm the independence of the central bank as an incontestable standard, and resist any unnecessary attempt to encroach upon it with the aim of diminishing central bank independence.
• Dalje afirmirati neovisnost središnje banke kao neupitnu normu i suzdržavati se od svakog nepotrebnog pokušaja zadiranja u nju s ciljem smanjenja neovisnosti središnje banke.
• Essentially step up the activities of the Republic of Croatia Securities Commission in the area of the European action plan for financial services and the introduction of international standards into the funds industry (GIPS, for example, the Global Investment Performance Standard).
• Bitno povećati aktivnost Komisije za vrijednosne papire Republike Hrvatske na području praćenja europskog Akcijskog plana za financijske usluge i uvođenja međunarodnih standarda u industriju fondova (npr. GIPS - Global Investment Performance Standard).
• Design and implement measure for a more rapid development of the share capital market.
• Osmisliti i provesti mjere za brži razvoj tržišta dioničkog kapitala.
• Liberalise international capital flows, while retaining the possibility to restrict them in exceptional crisis conditions, instead of the current conception, according to which actual restrictions on international capital flows are retained.
• Liberalizirati međunarodne tokove kapitala, uz zadržavanje mogućnosti njihove restrikcije u iznimnim kriznim uvjetima, umjesto sadašnje koncepcije, prema kojoj se zadržavaju ograničenja međunarodnim tokovima kapitala.
Chapter 4
Poglavlje 4.
COMPARISON AND HARMONISATION OF THE CROATIAN TAX SYSTEM WITH THE TAX SYSTEMS IN THE EUROPEAN UNION
USPOREDBA I USKLAĐIVANJE HRVATSKOGA POREZNOG SUSTAVA S POREZNIM SUSTAVIMA EUROPSKE UNIJE
Faculty of Law Zagreb
Pravni fakultet Zagreb
This paper analyses the EU tax system and its main components qua conditions for the accession of the Croatia to the European Union as well as the current degree of adjustment of Croatian taxation regulations with the corresponding regulations in the EU.
U radu su analizirani porezni sustav EU i njegove glavne sastavnice kao uvjeti za pristup Hrvatske Uniji te sadašnje stanje usklađenosti hrvatskih poreznih propisa s odgovarajućim propisima EU.
As a result of this analysis, proposals for further procedures on the part of the creators of taxation policy in Croatia are made.
Na temelju analize formulirani su prijedlozi za daljnje postupanje kreatora porezne politike u Hrvatskoj.
After the tax reforms started in the 1990s, after the achievement of independence, the Croatian tax system was comparable with the tax systems of EU member countries.
Hrvatski je porezni sustav nakon reformi započetih u 90-ima, nakon osamostaljenja RH, usporediv s poreznim sustavima članica EU.
All the essential taxes correspond conceptually to the same kinds of taxes in EU countries.
Svi bitni porezi koncepcijski odgovaraju istovrsnim porezima u zemljama EU.
However, there is still space for further adjustment, above all in connection with value added tax, and it is desirable that this should be carried out as soon as possible.
Prostora za prilagodbe, međutim, još ima, prije svega poreza na dodanu vrijednost, a poželjno ih je provesti što prije.
However, adjustments in the area of profit tax and adjustments of some rates of excise duties should be put off until the moment when they will have to be done for the sake of joining the Union, because the maintenance of the current situation, which is not in line with the provisions of European regulations, but nevertheless not in contravention of general rules regulating the area of taxation, is in the interests of Croatia.
Međutim, usklađenja na području poreza na dobit, te usklađenja nekih stopa trošarina treba odgoditi do trenutka kad će se ona radi pristupa Uniji morati izvršiti jer je održanje sadašnjeg stanja, neusuglašenog s odredbama europskih propisa, ali ne i suprotnoga općim pravilima reguliranja na području poreza, u interesu Hrvatske.
In the area of the taxation of income no adjustment or coordination is needed, for members are allowed to settle the taxation of income in their countries independently, as long as the fundamental principles of the single market are not threatened (the free movement of goods, people, services and capital).
Na području oporezivanja dohotka nije potrebno usklađivanje ni koordinacija nego je prepušteno članicama da oporezivanje dohotka neovisno uređuju u svojim zemljama, ali da pri tome ne ugrožavaju temeljna načela zajedničkog tržišta (slobodno kretanje dobara, ljudi, usluga i kapitala).
European Union, Croatia, taxes, profit tax, income tax, value added tax, excise duties, adjustment, harmonisation
Europska unija, Hrvatska, porezi, porez na dobit, porez na dohodak, porez na dodanu vrijednost, trošarina, usklađivanje
From its outset, the EU has been founded on the four freedoms, as they are called, the free movement of people, goods, services and capital, essential conditions for the existence and successful operation of the united European economic area.
Od svog nastanka Europska unija (EU) zasnovana je na tzv. četiri slobode - slobodi kretanja ljudi, dobara, usluga i kapitala - kao bitnim uvjetima postojanja i uspješnog djelovanja jedinstvenoga europskog ekonomskog prostora.
For this reason the basic tasks of the taxation policy of the EU in recent years have been tightly connected with the development of the internal market, the reinforcement of monetary union and economic integration.
Stoga su osnovni zadaci porezne politike EU posljednjih godina usko vezani za razvoj unutarnjeg tržišta, jačanje monetarne unije i ekonomske integracije.
As far back as the early 1990s, the regulation of the internal market led to a definition of the legal framework for the area of indirect taxes (value added tax and excise duties) while in the area of direct taxes (income and profit tax) no legal background was clearly defined.
Reguliranjem unutarnjeg tržišta već ranih 1990-ih godina određen je pravni okvir za područje izravnih poreza (za porez na dodanu vrijednost i trošarine) dok za područje neizravnih poreza (porez na dohodak i porez na dobit) nije jasno određena pravna podloga.
For the improvement of the coordination and harmonisation of tax policy among the member countries, in 1997 the basic directions of tax policies were set out (COM (97) 495); these should encourage the stabilisation of member states' tax revenues, the obviation of difficulties in the functioning of the internal market, employment.
Radi poboljšanja koordinacije i usklađivanja porezne politike između zemalja članica, 1997. detaljnije se utvrđuju osnovni smjerovi porezne politike (COM (97) 495) koji trebaju poticati stabilizaciju poreznih prihoda zemalja članica, uklanjanje teškoća u funkcioniranju unutarnjeg tržišta, zapošljavanje.
However, the disparateness of tax systems was a constant roadblock in the way of full accomplishment of these objectives, the solution of which has to be attained via continued harmonisation of the tax systems of the member countries.
Međutim, različitosti poreznih sustava bile su stalna prepreka punom ostvarenju tih ciljeva, čije se rješenje treba ostvariti kontinuiranim usklađivanjem poreznih sustava zemalja članica.
It has turned out, however, that this kind of harmonisation is very difficult to achieve in the area of taxation as a whole.
Pokazalo se, međutim, da je takvo usklađenje vrlo teško postići na području oporezivanja u cjelini.
Nevertheless, fairly significant results in the harmonisation of the diverse systems have been obtained in the area of indirect taxes.
Ipak, znatniji rezultati u usklađivanju različitih sustava ostvareni su na području neizravnih poreza.
Within the framework of direct taxes, the effects have been much weaker.
Unutar izravnih poreza učinci su znatno slabiji.
Certain aspects in the area of the taxation of income are not anyway subject to harmonisation and every member has the discretionary right to regulate it in its own way, while certain results have been obtained in the area of profit tax.
Određeni aspekti na području oporezivanje dohotka i nisu predmetom harmonizacije te svaka članica ima diskrecijsko pravo vlastitog reguliranja, dok su određeni rezultati postignuti na području poreza na dobit.
The legal instruments for harmonisation among the members in the area of taxation are the directives.
Pravni instrument usklađivanja na području oporezivanja među članicama jesu smjernice.
They are used to prescribe the settlement of certain relations, and members are obliged to put into their legislation provisions through which to achieve the objectives defined in the directives can be attained.
Njima se propisuje uređenje određenih odnosa, a članice su obvezne u svoja zakonodavstva unijeti odredbe kojima se postižu ciljevi određeni smjernicama.
In the process of the approach to fully-fledged EU membership, Croatia should harmonise its legislation with that of the EU.
Hrvatska bi trebala u procesu približavanja punopravnome članstvu EU uskladiti svoje zakonodavstvo sa zakonodavstvom EU.
For this reason, the purpose of this paper is to sketch out, in the most important lines, what happened in the 1990s with the tax systems of the EU, to what extent Croatia has already made adjustments to these changes, and what remains to be done.
Stoga je namjena ovog rada u najvažnijim crtama prikazati što se 1990-ih godina događalo s poreznim sustavima EU, kako se Hrvatska prilagodila tim promjenama i što se još treba napraviti.
This work is composed of six parts.
Rad je sastavljen od šest dijelova.
After the introduction, in the second part the situation and trends in taxation in the EU and in Croatia are presented, in the third profit tax is discussed, in the fourth VAT, in the fifth excise duties, and the sixth part offers conclusions and recommendations.
Nakon uvoda, u drugom se dijelu prikazuju stanje i trendovi u oporezivanju u EU i u Hrvatskoj, u trećem se obrađuje porez na dobit, u četvrtom PDV, u petom trošarine, a u šestom se nude zaključci i preporuke.
TAXATION IN THE EU AND IN CROATIA:
OPOREZIVANJE U EU I HRVATSKOJ:
THE CURRENT SITUATION AND THE TRENDS
STANJE I TRENDOVI
Tax revenue as a percentage of GDP
Udio poreznih prihoda u BDP-u
The objective of this paper is to offer a general overview of the basic trends of development and the current state of the tax systems of EU members.
Cilj je ovog dijela rada pružiti opći uvid u osnovne trendove razvoja i u trenutačno stanje poreznih sustava članica EU.
For example tax revenue collected rose from 39% of GDP in 1990 to almost 42% of GDP in 1999 (Table 1).
Prikupljeni porezni prihodi, primjerice, rastu s 39% BDP-a u 1990. na gotovo 42% BDP-a u 1999. godine (tabl.
Also mentioned as causes for this increase are a rise in the interest rates, which means outgoings for the public debt, increased governmental aid for government owned corporations and the implementation of major public infrastructure projects (Joumard, 2001: 7).
Kao razlozi povećanja poreza spominju se i porast javnog duga, pojačana državna pomoć državnim trgovačkim društvima te provođenje velikih javnih infrastrukturnih radova (Joumard, 2001:7).
As against the clear picture of growth of total tax revenue as percentage of GDP in the EU countries, a glance at Graph 1 will not give a simple answer to the question about what was happening at the same time with total tax revenues as a percentage of GDP in Croatia.
Nasuprot jasnoj slici porasta ukupnih poreznih prihoda kao postotka BDP-a u zemljama EU, pogled na sliku 1. ne daje jednoznačan odgovor na pitanje što se istodobno događalo s udjelom ukupnih poreznih prihoda u BDP-u u Hrvatskoj.
It is clear only that there was a large jump in the growth of tax revenue as percentage of GDP in 1998, when VAT was introduced.
Jasno je samo da porast udjela poreza u BDP-u bilježi velik skok 1998. godine, kada je uveden PDV.
The introduction of VAT, that is, because of the expansion of the tax base and the reduction of tax evasion, led to a relatively large rise in the tax revenue expressed as a proportion of GDP.
Naime, uvođenje PDV-a zbog proširenja porezne osnovice i smanjenja porezne evazije, dovelo je do relativno velikog rasta udjela poreznih prihoda u BDP-u.