Porezne implikacije preuzimanja poduzeća u Republici Hrvatskoj

master's thesis

• Title (english): Tax implications of acquisitions in the Republic of Croatia
• Author: Leonarda Ostrički
• Mentor: Hrvoje Šimović (mentor)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2020-09-15, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Preuzimanja poduzeća smatraju se jednom od najatraktivnijih poslovnih kombinacija koja omogućuje rast poduzeća i stvaranje velikih međunarodnih grupacija. Odluke o odabiru poduzeća za preuzimanje i način na koji će se isto izvršiti ovise o mnogo različitih faktora, pa između ostaloga i poreznih. Iako se implementacijom određenih europskih direktiva nastoji osigurati porezna neutralnost takvih transakcija, porezi svejedno mogu imati značajne implikacije na transakcije preuzimanja, koje se u Hrvatskoj prije svega odnose na implikacije poreza na dobit i poreza po odbitku. Ovim se radom nastoji dati uvid u navedene implikacije u okviru poreznih zakona Republike Hrvatske.
Kapitalni dobici ostvareni prodajom udjela, odnosno dionica, u Hrvatskoj će se oporezovati porezom na dobit po stopi od 12%, odnosno 18%, pošto ne postoji zaseban porez kojim se oporezuju kapitalni dobici pravnih osoba. Osim toga, implikacije poreza na dobit koje se odnose na prijenos poreznih gubitaka, vrijednosna usklađenja financijske imovine, porez po odbitku i sl., također će imati utjecaj na preuzimanja, stoga se upravo porez na dobit ističe kao porezni oblik koji ima glavnu ulogu u transakcijama preuzimanja u Hrvatskoj.
Osim oporezivanja same transakcije preuzimanja u okviru prodaje i kupnje udjela, odnosno dionica, bitno je izdvojiti i porezni tretman strukturiranja i financiranja preuzimanja. Ovdje glavne implikacije imaju porez po odbitku te pravila o ograničenju kamata, a značajnije su kod poreznog planiranja prekograničnih transakcija preuzimanja.
Dakle, porezi će uvijek imati implikacije na preuzimanje poduzeća, bilo da se to odnosi na porezni tretman prodaje i kupnje udjela ili pak na način na koje će preuzimanje biti financirano i strukturirano. Poznavanjem relevantnih poreznih propisa i detaljnom poreznom analizom preuzimanja poduzeća, minimizira se porezni rizik transakcije preuzimanja te omogućuje izvršenje transakcije uz značajne porezne uštede.

Abstract (english)

Acquisitions are one of the most popular business combinations which enable companies' growth and formation of large international affiliates. Decisions on choosing the right target company and way of performing the transaction depend on many factors, one of which are tax factors. Although implementation of certain EU Directives endeavours to provide tax neutrality of such transactions, certain tax implications in Croatia will, nevertheless, arise. Those implications will mostly be related to implications of corporate income tax and withholding tax. This Master’s Thesis seeks to provide an insight into stated implications within the Croatian tax legislation.
Capital gains realised by sale of shares in Croatia are subject to taxation by corporate income tax at the rate of 12%, i.e. 18%, since there is no separate capital gain tax imposed on capital gains realised by companies in Croatia. Besides, corporate income tax implications related to tax losses carried forward, value adjustments of financial assets, withholding tax etc. will also have an impact on acquisitions, therefore, corporate income tax will have the main role in transactions of acquisitions in Croatia.
Also, besides the taxation of transaction itself, i.e. sale and purchase of shares, tax treatment of structuring and financing the acquisition will also be relevant. Main implications in stated will be related to withholding tax and interest deductibility rules, while their impact will be more relevant in cross border acquisitions.
Therefore, taxes will always have implications on acquisitions, whether on the tax treatment of sale and purchase of shares or on structuring and financing the acquisition. Knowledge of the relevant tax legislation and detailed tax planning of the acquisition of companies will minimise tax risk of the transaction and enable performing the acquisition with minimal tax burden.

• Keywords: preuzimanje poduzeća; oporezivanje; porez na dobit; porez po odbitku; financiranje preuzimanja
• Keywords (english): acquisitions; taxation; corporate income tax; withholding tax; financing of acquisitions
• Language: croatian
• URN:NBN: urn:nbn:hr:148:564153
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2020-09-16 11:03:20