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The Bay of Koper is influenced by agricultural, urban, and port activities, therefore pollution from trace metals is a concern. A total of 20 sediment samples obtained from four 10-cm sediment cores were analyzed. Element concentration in the sediment of the bay was determined spatially and temporally from the recent surface to depth. The results were correlated with the composition and diversity of the benthic foraminiferal assemblages. Major element concentrations indicate natural lithogenic origin (which is also confirmed by mineralogical features). The benthic foraminiferal assemblages in sediment samples, although mainly composed of representatives of the Rotaliida, show moderate to high species diversity and are dominated by the pollution tolerant species Ammonia pakinsoniana, Haynesina sp., Valvulineria bradyana and the non-keel Elphidium sp. and subordinated by Ammonia tepida and Haynesina depressula. Canonical correspondence analysis (CCA) on foraminiferal species and trace element concentrations shows a possible control of some potential toxic elements (i.e., Cu, Ni, Pb, Zr, Cr, As) on the diversity and taxonomic composition of foraminiferal assemblages. Nevertheless, foraminiferal diversity and dominance in the bay are related to sediment characteristics such as sediment grain size, and the amount of terrigenous inflow rather than to the element concentrations of sediments. This study evaluated ecological conditions by using the Foram-AMBi and EcoQS indices. The values of the Foram-AMBI index reflect the good to moderate quality of ecological conditions, whereas high to poor ecological statuses were interpreted by calculating EcoQS.

Neprofitne organizacije kao što su udruge, sportski klubovi... pravne su osobe koje u središtu svog djelovanja imaju neprofitnu djelatnost koja se prvenstveno financira donacijama javnih i privatnih osoba, članarinama, donacijama međunarodnih organizacija i sl. Prema zakonodavstvu u RH neprofitne organizacije mogu obavljati gospodarsku djelatnost ali uvijek u manjem obimu od neprofitne djelatnosti, ta djelatnost bi se trebala ponašati kao podrška za neprofitnu djelatnost. To znači da manjina aktivnosti u neprofitnim organizacijama može biti posvećena poslovnim aktivnostima te da se sva dobit od poslovnih aktivnosti može trošiti samo u neprofitne svrhe – ne može se dijeliti privatnim osobama niti izdvajati iz neprofitnih organizacija. Raspon poslovnih djelatnosti koje neprofitne organizacije mogu obavljati nije propisan, ali kad odaberu određeni oblik poslovne aktivnosti neprofitne organizacije se moraju pridržavati propisa koji se odnose na to područje. Problem nastaje kada neprofitna organizacija nudi robu i usluge kao svaka druga pravna osoba koja je obveznik poreza na dohodak ili dobit. Ovdje nastaje ozbiljan problem za porezne vlasti koje moraju promatrajući pojedinačni slučaj odlučiti je li neprofitna organizacija konkurencija drugim poslovnim subjektima i treba li plaćati porez na dobit za prihode za dio svoje djelatnosti. Svrha ovog rada je istražiti propise koji pomažu odlučiti trebaju li neprofitne organizacije plaćati porez na dobit. Prema zaključcima iz ovog rada može se reći da ovaj postupak ovisi o znanju i trudu djelatnika Porezne uprave pri čemu nema jedinstveno propisane recepture.

Stock price movement is in the focus of numerous scientific papers. Most of these researches were performed for Asia and US stock markets while very few researches deal with European emerging markets. In this paper we perform fundamental analysis in order to access connection of financial ratios with stock price and stock returns on Croatian stock market. We observe ten stocks from CROBEX 10 index from Zagreb Stock Exchange (ZSE) in four year period (2014 – 2017). CROBEX 10 is index of ZSE composed from top 10 CROBEX index constituents by Free Float Market Capitalization and Turnover. In selected period we observe five financial ratios: Debt to Equity Ratio (DER), Return on Assets (ROA), Current Ratio (CR), Price Earnings Ratio (PER), and Total Assets Turnover (TATO). We apply panel data regression analysis in order to investigate connection between selected financial ratios and stock prices and stock returns. Main characteristics of Croatian stock market are small number of quality stocks to be traded with and infrequent trading. According to these market characteristics two dependent variables were observed, stock price and stock return. Due to lack of substantial literature for observed market, proposed research design is based on the most frequently used financial ratios.

Benthic foraminifera collected in coastal to deep-marine environments are widely used for (paleo) ecological interpretations. The use of oraminifera as proxies for ecological parameters requires the necessary study of living foraminifera to assess their ecology and test geochemistry. It is necessary to define the original environmental conditions, which is almost impossible in the case of coastal and transitional marine settings due to human activities. A good alternative is to study sedimentary records (Alves Martinis et al., 2019). Comparison of living (LA) and dead (DA) assemblages is not straightforward because of the role of taphonomic processes in preservation of DAs. The studies of benthic foraminiferal assemblages from different locations along the eastern Adriatic coast show a low percentage of stained tests. The samples were collected from different habitats (intertidal salt marshes, bays and lagoons and open marine settings), with different sampling techniques (gravity corers, Eckman grabs or simple manual sampling by divers), at different depths (from 0.3 to 44 m), and from spring to late autumn during the last two decades. The question arises what conclusion we can draw from the discrepancies between LAs and DAs. Should we study the total (TA), or the living or dead assemblages? For biomonitoring, the FOMIBO protocol is clear (Schönfeld et al., 2012), only living. Since, the inner part of the shelf, where most studies were conducted (Popadić et al., 2013 ; Vidović et al., 2014 and references), is considered a dynamic area (waves, currents) where the sedimentary processes prevent the development of large LAs and strongly influence the preservations of DAs, the TAs seemed to contain most of the information and therefore were analyzed. This study compared the composition and biodiversity indices of TAs, DAs and LAs from two 10 cm long sediment cores KPF1 and REF (surface 0 – 2 cm and 4 – 6 cm, and due to a low number of specimens in the surface interval for REF the 2-4 cm interval was analysed) recovered from 13.6 and 18.5 m water depths in August 2014 in Koper Bay (NE Adriatic Sea). The DAs have higher diversity than LAs, while TAs have the highest. The LAs show lower values of species richness and the larger values of the Fisher and Evenness indices. In general, the lower discrepancy occurs when the values of Shannon-Weaver H’ diversity and Simpson 1 - D dominance indices are compared between three types of assemblages. When stained tests were rare, the differences between the indices values were large, indicating the role of depositional processes in preservation and accumulation of empty tests. The study showed that interpretation of ecological condition based on biodiversity indices was highly variable when stained tests accounted for less than 10% of the total assemblages. Although the LAs show the small number of species, the indices suggesting environmental stability, heterogeneity and dominance are similar except for evenness (a small number of tests means that 90% of species are represented by single specimen). The interpretation presented in this study was carried out in the context of investigations within the BREEMECO project founded by the Croatian Scientific Foundation IP- 2019-04-5775. The sampling was taken by the technical support of National Institute of Biology, Marine Biology Station in Piran.

oastal environments are often the subject of different interests with recent anthropogenic pressure coming from industrial and domestic activities. Due toincreasing interestsaboutmanagement and protection of such coastal areasthehuge effort directed toward developing the tools for the assessment of theirenvironmental and ecological status. Benthic species are preferred because of their characteristics, such asreduced mobility, high diversity and life spans. Within this surveywe try toprovide the ecologicalstatusof Koper Bay (Northern Adriatic)and to determine if benthic foraminiferal assemblages reflect heavy-metal contamination in sediments. For this purpose, sediment samples from the bay were analysed in order to determine the levels of heavy metals in spatial and temporal sections of the bay and to correlate with composition and diversity of foraminiferal assemblages.Mineralogical and geochemical analyses reflect geological featuresof the hinterland, while trace elementsshow the differences betweencoastal and offshore reference location.Benthic foraminiferal assemblages are composed of hyaline Rotalinae forms of moderate to high species diversity, and are dominated by infaunal pollution tolerant Ammoniainflata, Haynesisnasp., Valvulineria bradyanaand non-keel Elphidiumsp. and subordinately by AmmoniatepidaandHaynesinadepressula.Stressful environmental conditions werefound to influence on benthic foraminiferal occurrence.Statistical analyses on foraminiferal species andtrace (heavy) element concentrations reveal possible control of some pollutants (Fe, Mn, Cr, Cu, Zr)on diversity and some (Pb, Ni) on taxonomic composition of foraminiferal assemblages.Multivariate analyses suggested that the terrigenous input (Rižana river flow) make stronger effect on the community than anthropogenic activities monitored through the geochemistry of the sediment.

The main goal of this paper is to clarify the relationship between effective corpo-rate income tax rate and key financial ratios for companies listed on the Zagreb Stock Exchange in the period from 2014 to 2017. The difference between the nominal corporate tax rate and effective corporate income tax rate arises from the difference between the tax base and accounting profit. Income tax is a result of the application of a nominal tax rate to the tax base that is formed by using various corrections on accounting profit. In this paper relation between effective corporate income tax rate, an indicator of the size of the company and three financial ratios ; profitability, leverage and capital intensity were observed. Re-sults indicate that profitability is positively and significantly related to effective corporate income tax indicating that an increase in profits results in larger tax obligations. Size is another important factor that is also positively related to the effective corporate income tax but the results in this paper did not lead to strong conclusions regarding this relationship.

Obrti se svrstavaju u mikro poduzeća koja su u ukupnoj strukturi poduzeća ako se promatra njihova veličina (mikro, mala, srednja i velika) prema brojnosti zastupljena sa 91.62% promatrano u 2012. godini (Vidović i Bubić, 2016, 172). Organizacija poslovanja u obliku obrtničke djelatnosti ima brojne prednosti prvenstveno u jednostavnom vođenju knjigovodstva, posebno ako je riječ o paušalnom načinu plaćanja poreza ali i jednostavnom postupku otvaranja te mogućnosti sezonskog obavljanja obrta. Obrtnici su obveznici poreza na dohodak za kojeg podnose godišnju poreznu prijavu do kraja veljače, međutim porez na dohodak nije jedina obveza koju obrtnici moraju platiti, tu su još: komorski doprinos, članarina turističkim zajednicama i spomenička renta.

Uobičajeni način prestanka obveza u poslovnim odnosima jest plaćanje obveza dobavljaču doznakom novčanih sredstava na račun dobavljača. Plaćanje u gotovini u poslovnim odnosima između poslovnih subjekata je poprilično suženo propisima o fiskalizaciji i propisima o sprječavanju pranja novca i financiranju terorizma. Osim samog plaćanja računa obvezu je moguće zatvoriti kompenzacijom ili neki drugim obračunskim načinom plaćanja. Obračunsko plaćanje je namira međusobnih novčanih obveza i potraživanja između sudionika obračunskog plaćanja bez uporabe novčanih sredstava, a provodi se ustupom potraživanja, asignacijom te drugim oblicima namire međusobnih novčanih obveza i potraživanja. U ovim slučajevima izostaje moment doznake novčanih sredstava na račun vjerovnika, dakle nema priljeva sredstava na račun vjerovnika. Ovakav rezultat promatrano s aspekta pojedinih drugih propisa je u određenim slučajevima neprihvatljiv. U radu se iznosi problematika ograničenja provođenja obračunskih plaćanja s pozicije samog Zakona o obveznim odnosima, Zakona o provedbi ovrhe na novčanim sredstvima, Zakona o radu i Zakona o deviznom poslovanju

This paper deals with differences between book and tax reporting by observing nominal and effective income tax rate for companies that are listed on Zagreb Stock Exchange in period from 2014 to 2017. Problem arises from the book income and income tax base which is derived from book income by applying tax regulations. Based on the financial reports effective corporate income tax rate was estimated. Roughly, it can be said that there exist two parallel reporting systems, book system which is available for investors and general public and tax system which is not available for general public. Results showed unexpectedly large differences between nominal and effective corporate income tax rate and what is most surprising results showed that large number of firms reported negative financial results continuously in observed period. Despite general picture there exist sectors which reported profit and paid effective income tax rate which is above prescribed nominal tax rate. This paper opens large number of questions ; does tax system allow managers to change strongly corporate income tax base, structural macroeconomic question -is it fair that only few sectors pay vast amount of income tax and are real information on firm’s operations hidden in corporate income tax related report which is publicly unavailable.

Enterprises in Croatia encounter various restrictions when it comes to performing payments to their employees and other business subjects in cash. Restriction is also introduced in cash collections. Enterprises can receive only limited value of cash per transaction and are allowed to keep prescribed amount of cash in their counter. Most rigorous limitation in cash operation is prescribed for enterprises which are going to process of enforcement on money funds. Besides kuna (HRK), payment transactions in foreign currency are also subject of various limitations, these limitations primary come from fact that foreign currency is not a legal mean of payment in Republic of Croatia. In this paper, various limitations in cash collections and payments are discussed.

The northern Adriatic is a coastal marine ecosystem characterized by rapid Holocene transgression, regional climate fluctuations and strong anthropogenic pressure. Two 1.6-m-long sediment cores were taken from the eastern coast of the northern Adriatic at water depth of 44 m by UWITEC piston corer with hammer action in summer 2013. Cores were retrieved offshore from Brijuni Islands where due to the Cretaceous limestones in the hinterland terrigenous input is limited and in Piran bay with greater input due to weathering of the Paleogene clastic deposits exposed in the surrounding area. The cores cover approximately the last 10, 000 years and therefore document shifts in marine habitats and foraminiferal assemblages related to Holocene sea level changes and recent anthropogenic activities. The uppermost 20 cm of each core were sliced into 2 cm intervals whereas the core was sliced into 5 cm intervals and sedimentological, geochemical and micropaleontological analysis were performed. Altogether 245 foraminiferal species from Brijuni- and 210 species from Piran-core were identified based on their morphological characteristics, with species richness varying between 43 and 70 and 16 to 47 species in individual samples. Diversity is relatively stable throughout the cores and increases only in the uppermost 40 cm. The lowermost sediments of both cores consist of foraminiferal assemblages, dominated by epiphytes. Infaunal species attain low abundances in the lowermost cores (125-160 cm) and increase in abundance towards the top. Among epiphytic species, the permanently motile, grazing morphotype is dominant in the lower part and decreases in abundance towards the upper core. Temporarily attached epiphytic species show the opposite trend, reaching maximal values in the uppermost sediments (0-20 cm) the anthropogenic impact over the last century is reflected in a sharp increase in the concentrations of nutrients, persistent organic pollutants and heavy metals. Foraminiferal communities respond to these disturbances by increasing abundances of stress tolerant species, although Foram Stress Index retrained relatively high values (between 5 and 8).

Kasna naplata potraživanja predstavlja nezaobilazan problem u svakodnevnom poslovanju poduzeća usprkos propisima koji se bave zakašnjenjem u plaćanjima. Duljina vremena tijekom kojeg kupac treba platiti dobavljaču reguliran je Zakonom o financijskom poslovanju i predstečajnoj nagodbi. Zatezne kamate na zakašnjelo plaćanje proizlaze iz Zakona o obveznim odnosima i Zakona o financijskom poslovanju i predstečajnoj nagodbi. U ovom radu se sagledava problem naplate potraživanja u poslovnim odnosima, rokovi plaćanja i kamate na zakašnjenje u plaćanjima. Problem nenaplaćenih potraživanja vrlo lako može prerasti u problem nelikvidnosti. Zakon o financijskom poslovanju i predstečajnoj nagodbi navodi upravu društva odgovornom da kroz planiranje priljeva i odljeva prepozna i ukloni probleme s likvidnošću društva. U svrhu planiranja priljeva i odljeva predlaže se izrada novčanog budžeta.

Porezni propisi u Republici Hrvatskoj podložni su stalnim izmjenama pri čemu se porezni propisi posebno bave djelatnošću ugostiteljstva i turizma. Udio prihoda od putovanja - turizma u ukupnom BDP-u u 2015. godini iznosio je 18, 1 % što ukazuje na iznimnu ovisnost gospodarstva, a time i državnog proračuna o prihodima od turizma. Nije ni čudno što je najjednostavniji način punjenja državnog proračuna upravo mijenjanje stope PDV- a u turizmu. Porezni okvir poslovanja u turizmu je pokriven cijelom serijom propisa koji se posebno dotiču turizma ; Zakon o obrtu prepoznaje kategoriju sezonskih obrta, na snazi je poseban je pravilnik o paušalom oporezivanju djelatnosti iznajmljivanja soba postelja i stanova te zakon o koncesijama. Početkom 2017. godine stopa PDV-a u ugostiteljstvu je podignuta s 13 na 25%, noćenje je i dalje ostalo 13 % što je sigurno utjecalo na strukturu cijena u turizmu i suzilo prostor za bruto marže. U ovom radu se raspravlja o poreznom okviru poslovanja u turizmu i pitanje da li je on u funkciji održivosti državnog proračuna ili razvoja sektora turizma u Republici Hrvatskoj.

22nd International Scientific Conference on Economic and Social Development –"Legal Challenges of Modern World"590 BREXIT – AN UK STATE FINANCE AND TRADE PERSPECTIVEJelena Vidovic University Department of Professional Studies, Croatiajvidovic@oss.unist.hrJasenka BubicUniversity Department of Professional Studies, Croatiajbubic@oss.unist.hrABSTRACTAway from a vast political debate, Brexit has many other financial and trade aspects that need closer attention. In this paper we observe trade between member states, their trade with the rest of the world, trade in goods vs. trade in services, GDP of member states, trade balance, contribution of member states to the EU budget, and willingness of UK to follow agreed changes in tax system. The imposed tax rules that arrive from EU are in UK observed as intrusion in sovereignty to impose taxes. This paper deals with structure of export and import of member states with special emphasis on trade between member states and trade with the rest of the world. If we observe trade through two categories ; trade in goods and trade in services, we can conclude that UK trade in relative terms does not primarily depend on trade with member states what cannot be concluded for other member states. In situation when UK does not depend primarily on the trade with EU, is it reasonable to expect that it will continue to contribute to the EU budget and in the same time allow EU legislations to dictate the VAT rates and generally the model in which the taxes should be collected? Another important issue is retained contribution to the EU budget. What kind of effect does the retained EU budget contribution has on UK government finance since UK struggles with budget deficit and trade deficit.

Obnovljivi izvori energije u koje se ubraja i bioplin način je kako stvarati i upotrebljavati energiju na osviješten i suvremen način. Proizvodnja energije unutar države omogućuje neovisnost o drugim državama i povećava samostalnost. Otpad treba iskoristiti na način da u njemu ne ostaje više energetskog potencijala. Republika Hrvatska ima veliki potencijal unutar obnovljivih izvora energije. Potencijal proizvodnje bioplina i izgradnje bioplinskih postrojenja u istočnoj Hrvatskoj je znatan, što je pokazano i u primjerima obrađenim u okviru ovog rada - potencijalu stočarskog otpada i neobrađenih ratarskih površina., Renewable energy which include biogas is a way how to create and use energy on environmentally and contemporary way. Energy production in the country provides self sufficiency in energy and increasing independence. Garbage should be used in a way that doesn´t remain more energy potential. Republic of Croatia has great potential in sources of renewable energy. The potential of biogas production and building biogas plant in eastern Croatia ist significant, as shown in the examples provided to you in this paper- the potential of livestock muck and uncultivated farmland.

Prednosti izdavanja računa u e-obliku ne očituju se samo u uštedama vezanim uz izdavanje i pošiljanje papirnog računa već u ubrzavanju same naplate. Promotri izdavanja računa u elektroničkom obliku su prije svega državne institucije i velika poduzeća. Izdavanje računa promiče i SEPA- jedinstveno područje platnog prometa za Eure u EU. Brojne su zapreke u realizaciji ovog cilja do 2020. godine do kada ga EU planira provesti. Prije svega tu su tehnološke zapreke dok su zapreke vezane za nejednako uređenje e-računa različitim propisima o PDV-u uklonjene Direktivom EU iz 2013. godine.

Shallow and sheltered marine embayments in urbanized areas are prone to the accumulation of pollutants, but little is known about the historical baselines of such marine ecosystems. Here we study foraminiferal assemblages, geochemical proxies and sedimentological data from 1.6 m long sediment cores to uncover ∼ 500 years of anthropogenic pressure from mining, port and industrial activities in the Gulf of Trieste, Italy. From 1600 to 1900 AD, normalized element concentrations and foraminiferal assemblages point to negligible effects of agricultural activities. The only significant anthropogenic activity during this period was mercury mining in the hinterlands of the gulf, releasing high amounts of mercury into the bay and significantly exceeding the standards on the effects of trace elements on benthic organisms. Nonetheless, the fluctuations in the concentrations of mercury do not correlate with changes in the composition and diversity of foraminiferal assemblages due to its non-bioavailability. Intensified agricultural and maricultural activities in the first half of the 20th century caused slight nutrient enrichment and a minor increase in foraminiferal diversity. Intensified port and industrial activities in the second half of 20th century increased the normalized trace element concentrations and persistent organic pollutants (PAH, PCB) in the topmost part of the core. This increase caused only minor changes in the foraminiferal community because foraminifera in Panzano Bay have a long history of adaptation to elevated trace element concentrations. Our study underlines the importance of using an integrated, multidisciplinary approach in reconstructing the history of environmental and anthropogenic changes in marine systems. Given the prolonged human impacts in coastal areas like the Gulf of Trieste, such long-term baseline data are crucial for interpreting the present state of marine ecosystems.

In this paper we present the concept and prototype for online automatic processing of microscopic images. The idea behind the system is based on the needs of different scientific and professional areas for automation of image processing. There are many tasks in these areas that can take advantage of computer vision (CV) and machine learning (ML) techniques for image segmentation and classification. Advances in ML area of deep neural networks enable us to use the same models for many different recognition tasks. The problem is that image processing usually requires particular skills in CV and ML for successfully building these models. With this system, all models would be supervised by independent ML experts while other users could set up systems through simplistic wizards. Another problem is obtaining and preparing large quantities of data for training and testing CV and ML models. Manual sampling and labelling of large quantities of images is necessary for building good automatic models. This problem can be mitigated by online collaboration between interested parties through sharing image databases.

Small and medium enterprises (SMEs) are often perceived as an important segment of every modern economy. Through economic literature, SMEs are often seen as drivers of economic growth, new employment and it is presumed that they foster innovation. Preferential taxation of micro and small enterprises is considered as a normal feature of taxation in a number of tax systems. This paper argues the policy of preferential taxation of micro, small and medium enterprises in the context of their contribution to reduction of unemployment. We observe relationship between unemployment and four variables ; value added, employment and number of enterprises in 25 EU member states and Croatia in period from 2010 to 2013. Each variable is defined as a percentage corresponding to the each of four SME categories ; micro, small, medium and large enterprises. Major drawback of data is presence of missing data.Results indicate that only large and medium enterprises significantly influence on unemployment reduction. In the same time increase of value added of large and medium enterprises results in increase of unemployment. On the other hand increase of employment in micro enterprises is connected to rise of unemployment. Also, increase of vale added in micro enterprises results in reduction of unemployment.

Porezi su najveća kategorija prihoda u sastavu državnog proračuna i njima se fi-nanciraju državni rashodi. S druge strane, ako su porezi preveliki, obeshrabruju podu-zetničku aktivnost. Kada se promatra broj poduzeća nemoguće je pritom zanemariti ulogu države koja bi trebala stvoriti povoljno okruženje za razvoj poduzeća. Pritom je od posebne važnosti porezni sustav koji u ovom radu promatramo kao porezno opte-rećenje kroz sve članice EU. U radu se promatra broj poduzeća mikro, malih, srednjih i velikih u članicama EU. Rezultati pokazuju kako ne postoje značajne razlike u strukturi pojedine kategorije poduzeća između zemalja s višim i nižim poreznim opterećenjem na nivou EU.

The northern Adriatic Sea is one of the world’s largest modern epicontinental seas and a young marine ecosystem that has been subject to various natural and anthropogenic processes during the Holocene: marine transgression, regional climate fluctuations, urbanisation and pollution. The Gulf of Trieste, located in the northeastern part, presents the area of particular interest, as it is a shallow and sheltered embayment, prone to the accumulation of pollutants, populated for at least the last 2000 years and with recent anthropogenic pressure coming from several rivers, ports and industrial zones. The aim of this multidisciplinary study is to provide a high-resolution record of these processes using benthic foraminiferal assemblages, geochemical proxies (trace metals, nutrients and pollutants), sedimentological (sedi- mentation rates) and time-averaging data (from dated mollusc shells). One core of 1.5 m length was taken at the sampling station Panzano Bay, northernmost part of the Gulf of Trieste, at the water depth of 12.5 m. The sedimentation rate is estimated to be 2.5 mm/year, based on 210Pb sediment dating, while dating of the molluscs shells revealed the age at the bottom of the core to be approximately 500 years. The core was sliced into smaller subsamples, and four sediment fractions of each subsample (63, 125, 250 and 500 microns) were analysed for standard properties of the foraminiferal community (faunal composition, absolute and relative abundances of species, bio- diversity indices), in order to make comparison with relevant physical and geochemical properties of the sediment. The results concerning changes in foraminiferal species composition, their abundance and biodiversity, supported by statistical analyses (cluster analysis, NMDS, PCA), allow identification of three major foraminiferal associations: 1) 80-150 cm – the oldest association is dominated by opportunistic genera ans species, characteristic for unstable environments: Valvulineria sp. (25-50%), non-keeled elphidiids (23-39%), Ammonia tepida (5-10%) and Haynesina depressula (5-17%). 2) 25-80 cm – opportunistic species are still highly abundant, but there is the increase in abundances of epiphytic species (Adelosina laevigata, Quinqueloculina seminula, Miliolinella subrotunda). 3) 0-25 cm – the youngest association is characterised by the decrease in abundances of opportunistic species and relative higher precentages of epiphytic species: Eggereloides scabrus, A. laevigata, Q. seminula, M. subrotunda. Foraminiferal biodiversity is increasing from the oldest toward the youngest association. The sediment throughout the core is composed of silty clay. Older sediment intervals (80-150, 25-80 cm) have higher concentrations of major (Fe, Al), minor (Mn, P) and trace elements (Hg, Cr, Cu, Ni, As, Li), compared to the uppermost sediment. The concentrations of Pb, Zn, P, TOC, N tot, PAH and PCB display the opposite trend and increase in the youngest sediment interval (0-25 cm).

The Late Holocene in the northern Adriatic is characterized by the eustatic peak of the sea-level rise, followed by the equilibrium between the regional tectonic subsidence and hydro-isostatic emergence and relatively stable sea level for a few thousand years. During this period the area experienced changes in sedimentation rate, food/oxygen availability in the benthic ecosystem and eutrophication with seasonal hypoxic and anoxic events. In order to reconstruct the marine paleoecology in the Brijuni Islands area during this period, a multidisciplinary study was carried out, including geochemical (TOC, trace metals, carbonate content), micropaleontological analyses (benthic foraminifera) and dating of sediments and mollusc shells. The principal aim of this study is to observe the effects of ecological shifts on foraminiferal assemblages during the Late Holocene. One core of 1.5 m length was taken at a sampling station south of Veli Brijuni Island, located within a marine protected area with no fishing/dredging pressure (Croatian national park). The core was sliced into smaller subsamples, and four sediment fractions of each subsample (63, 125, 250 and 500 micrometer) were analyzed for standard properties of the foraminiferal community (species richness, faunal composition, biodiversity indices), in comparison with relevant physical and geochemical properties of the sediment. The results concerning changes in foraminiferal species composition and abundance point to differences within the core: surface sediments are dominated by suspension feeders (Planorbulina mediterranensis, Lobatula lobatula, Cibicides variabilis, Cibicides refulgens), whereas deposit feeders (genera Textularia, Siphonaperta, Adelosina, Trioculina) appear in higher abundances at approximately 30 cm of the sediment depth and dominate down-core. Species richness in the first 30 cm is lower (10 to 34 species per sample) in comparison to the middle part of the core (39 to 53 species), and decreases again at 100 cm to 25 to 42 species per sample. Diversity indices follow the pattern of species richness and point to normal marine conditions. Similarity indices rise with core depth. The radiometric dating of the sediments together with carbon-calibrated amino acid- racemisation of mollusc shells from selected species will help to determine the timing of major ecological changes.

The connection between state aid expenditures and economic growth in economic literature was never confirmed. In this paper we explore connection between state aid expenditures for horizontal and sectoral purposes and GDP using Granger causality test on panel data set. Panel data set consists of ten EU member states in period from 2000 to 2011. Our results suggest that the changes in GDP will create changes in horizontal aid but changes in horizontal aid will not create changes in GDP. Sectoral aid appears to cause changes in GDP but this connection remains unexplained due size of sectoral aid expenditures and political decision to reduce share of sectoral aid in total state aid.

Početkom 2015. godine u hrvatski porezni sustav je uveden porez na kama-te na štednju. Direktiva o porezu na kamate na štednju EU je u usvojena u lipnju 2003. godine a primjenjuje se od početka 2005. godine, porez se odnosi na kama-tu isplaćenu rezidentu EU, a isplaćena je iz neke druge države. Kamata je predmet oporezivanja prema zakonima države članice u kojoj je prebivalište rezidenta. U ožujku 2014. Vijeće ministara EU-a usvojilo revidiranu verziju Direktive o oporezi-vanju štednje s ciljem zatvaranja postojećih rupa i boljem sprječavanju utaje pore-za. Tekst povećava opseg Direktive odražavajući promjene u štednim proizvodima i razvoj u ponašanju investitora ; sada obuhvaća nove vrste dohotka od štednje i pro-izvode koji daju kamatu ili ekvivalentni prihod. To uključuje i ugovore o životnom osiguranju, kao i širi obuhvat investicijskih fondova. Države članice će morati do 1. siječnja 2016. godine prilagoditi nacionalno zakonodavstvo kako bi se uskladile s Direktivom. Posljedice Direktive iz 2003. godine i jačanje mjera u okviru EU mogu imati prijenos štednje u zemlje koje nisu članice EU.

Larger benthic foraminifera (LBF) from two spectacularly exposed carbonate mounds that crop out in the SE part of the Promina piggy-back basin (Outer Dinarides, Croatia) were used to define the origin and the mechanisms that produced them. The Promina Beds are ca 2000 m thick and are a regressive molasse succession of neritic to terrestrial calciclastic deposits of mid Eocene to Oligocene age accumulated in the Dinaric foreland zone. Limestones with LBF and corals occur in the upper part of the clay/marls neritic succession. In order to estimate the relative bathymetry of deposition and to build a depositional model, textural analysis, nummulitid (Nummulites s.str and Asterigerina/Amphistegina sp.) and orthophragminid test size and shape, and the types of light-dependent skeletal components were studied. Five types of facies were recognized: Facies #1, packstones in which LBF (nummulitids) make up 20% of the rock volume while small bioclasts (fragments and whole tests) comprise 10 % are dispersed in micrite matrix ; Facies #2, a red-algae-rich coral rudstone with a pack-wackestone matrix ; Facies #3, well sorted, fine-grained or poorly sorted coarse-grained skeletal packstones with numulitids, bryozoans, coralline algae, and very rare, smaller benthic foraminifera ; Facies #4, coral boundstone with abundant red algae in a mud-dominated matrix ; and Facies #5, nummulitid packstones, with Nummulites sp., Operculina sp. Discocyclina radians and Asterocyclina stellata, coralline algae, very rare smaller benthic foraminifera. Facies associations, textures, and photodependent components (T/D ratio, test morphology) indicate these cycles with corals and coralline algae to have grown in the mesophotic (facies # 2, #3 and #4) and euphotic (facies #1 and #5) zones and in low energy conditions below fair-weather wave base, where they were only occasionally influenced by exceptional storms. Facies #1 is assigned to a maximum water depth of 10 m and the deposits are winnowed, probably from the action of bottom currents. The prevalent deposits are unsorted Discocyclina–Asterocyclina micrites (facies #5), which were deposited at a maximum water depth of 50–60 m suggested by this large, hyaline foraminiferal assemblage.

U ovom radu se raspravlja o prijedlogu zakona o financijskom poslovanju i računovodstvu neprofitnih organizacija. Novi zakon propisuje obvezu izrade financijskog plana, reviziju financijskih izvještaja, obvezu upisa u registar neprofitnih organizacija, obvezu podnošenja financijskih izvještaja te obvezu osnivanja trgovačkog društva za one neprofitne organizacije koje obavljaju i gospodarsku djelatnost te kao novost uvodi prekršajne odredbe. Problematika financijskog poslovanja neprofitnih organizacija je prvenstveno proizašla iz netransparentnosti primitaka vjerskih zajednica i športskih klubova.

Gorući problem hrvatskog gospodarstva je rastuća nezaposlenost koja je od 320.000 u 2011.g. narasla do 380.000 početkom 2014. g. Sredinom 2012. g. uveden je Zakon o poticanju zapošljavanja s ciljem poticanja zapošljavanja ali i smanjenja cijene rada. Kroz oslobađanje uplate ukupnih doprinosa na plaću, utječe se na smanjenje cijene rada, te na taj način dodatno potiče poslodavce na zapošljavanje nezaposlenih osoba bez radnog iskustva u zvanjima za koja su se obrazovale i dugotrajno nezaposlenih osoba. U ovom radu su obuhvaćena oslobođenja od plaćanja doprinosa prema Zakonu o doprinosima te olakšice prema Zakonu o poticanju zapošljavanja. Zbog potrebne zaštite radnika i njihovih prava, predloženo smanjenje troškova rada mogu ostvarivati samo oni poslodavci koji tijekom razdoblja korištenja oslobođenja, svim svojim, već zaposlenim radnicima isplaćuju plaće, doprinose za obvezna osiguranja i poreze te ne smanjuju broj zaposlenih putem poslovno uvjetovanih otkaza ili programa zbrinjavanja tehnološkog viška radnika.

This paper questions existence of illiquidity premium on 8 Central and South East European stock markets. Using the ILLIQ illiquidity measure proposed by Amihud (2002) we investigate liquidity of each stock. Naïve portfolio diversification is applied in forming liquidity sorted portfolios. These portfolios were formed using daily data in the half-year period and in the second part of analysis by using daily data within one month. Performance of these portfolios was observed in the half-year period out of the sample. This approach gave additional information pointing that each period had different set of stocks which were defined as less or more liquid. Contrary to previous researches we could not confirm existence of illiquidity premium on these stock markets since stock returns of illiquid portfolio and liquid portfolio do not show statistically significant difference in case of all eight countries and all observed portfolios. In addition, we conducted detailed analysis for Poland and Bulgaria using monthly data. These results confirmed previous findings suggesting that observation of liquidity has no impact on portfolio return in the next month., U ovom radu preispituje se postojanje premije za nelikvidnost na osam tržišta kapitala u središnjoj i jugoistočnoj Europi. Za procjenu nelikvidnosti pojedinačne dionice primijenjen je ILLIQ Amihud (2002). Pri oblikovanju portfelja dionica koji se temelji na sortiranju dionica prema likvidnosti primijenjen je pristup naivne diversifikacije portfelja. Portfelji su oblikovani na temelju promatranja dnevnih podataka u polugodišnjem razdoblju, a zatim i u razdoblju od mjesec dana. Karakteristike ovih portfelja su promatrane u polugodišnjem razdoblju izvan uzorka. Ovakav pristup dao je i dodatne informacije o sastavu portfelja, pri čemu se u svakom periodu različiti skup dionica smatra manje ili više likvidnim. Suprotno ranijim istraživanjima, nije dokazana prisutnost premije za nelikvidnost na ovim tržištima jer povrat i likvidnih i manje likvidnih portfelja ne pokazuje statistički značajnu razliku u primjeru svih osam zemalja i svih promatranih portfelja. Provedena je dodatna detaljna analiza na bugarskom i poljskom tržištu na temelju mjesečnih podataka. Ovi rezultati potvrdili su prijašnje nalaze potvrđujući da promatranje nelikvidnosti nema utjecaja na povrat portfelja u sljedećem mjesecu.

This paper questions existence of illiquidity premium on 8 Central and South East European stock markets. Using the ILLIQ illiquidity measure proposed by Amihud (2002) we investigate liquidity of each stock. Naïve portfolio diversification is applied in forming liquidity sorted portfolios. These portfolios were formed using daily data in the half-year period and in the second part of analysis by using daily data within one month. Performance of these portfolios was observed in the half-year period out of the sample. This approach gave additional information pointing that each period had different set of stocks which were defined as less or more liquid. Contrary to previous researches we could not confirm existence of illiquidity premium on these stock markets since stock returns of illiquid portfolio and liquid portfolio do not show statistically significant difference in case of all eight countries and all observed portfolios. In addition, we conducted detailed analysis for Poland and Bulgaria using monthly data. These results confirmed previous findings suggesting that observation of liquidity has no impact on portfolio return in the next month.

Prema postojećem zakonu o proračunu i pravilniku o proračunskom računovodstvu, računovodstvo opće države temelji se na konceptu nastanka događaja i primjeni načela povijesnog troška u mjerenju bilančnih pozicija. Najveće probleme u primjeni ovog koncepta računovodstva imaju zdravstvene ustanove. One su posebne od drugih proračunskih korisnika po veličini, značaju (političkom, socijalnom i ekonomskom), načinu financiranja, potrošnji, likvidnosti, sudjelovanju na tržištu itd. u ovom radu se pokazuje kako sustav financijskog izvještavanja koji se primjenjuje u sektoru opće države nije u mogućnosti osigurati potpuno relevantnu i pouzdanu sliku poslovanja i informacijsku podlogu potrebnu za donošenje ekonomskih odluka na razini ovih zdravstvenih ustanova, a isto tako i da pokazuje određene manjkavosti u svezi s ekonomskim, socijalnih i političkih odluka na državnoj razini., According to the existing Budget Act and Regulations on government accounting, government accounting is based on modified accrual basis and the application of historical costs principle in the measurement of balance sheet figure. Medical institutions have the largest problem in terms of using this accounting concept. They differ from other budget users by their size, importance (political, social and economic), source of financing, consumption, liquidity, participation on the market etc. In this paper it is shown how the financial reporting system used in public sector cannot provide relevant and reliable image of business operations of medical institutions. These financial data cannot be used as the base for making economic decisions in medical institutions, and they show deficiencies in helping make economic, social and political decisions on state level.

U radu je opisan Prandtlov model idealnog elastoplastičnog materijala i uvjeti plastičnosti, analizirana je plastična torzija, savijanje, savijanje i aksijalno opterećenje ravnog štapa i način proračuna statički određenih i neodređenih konstrukcija prema teoriji plastičnosti.

Small areas of Pleistocene sands occurring on islands in the eastern Adriatic, Croatia, record environmental and depositional conditions during climate changes of that period. The Pleistocene deposits of the Island of Mljet located in the south-eastern Adriatic have been studied using mapping, logging, facies analysis, petrography, heavy minerals and fossil content. The studied sediments include modified deposits, aeolian deposits and fluvial deposits. Modified sediments originated from previously deposited sands and minor gravels which experienced pedogenic homogenisation. Aeolian deposits are represented by deflationary gravel, dune cross-stratified sands and low-angle laminated sands. Aeolian sands were mostly sourced from exposed, shallow-marine sands. Fluvial deposits include gravels reworked from the slope and colluvial sediments related to the carbonate bedrock, and recycled aeolian sands, which were deposited by high-gradient streams. Two tephra horizons represent former sand-grade volcaniclastic material reworked by streams, mixed with aeolian sand and deposited from river floods shortly after eruption and ash fall. The studied succession includes major stratigraphic surfaces (=super bounding surfaces) related to processes of landscape stabilisation and stratigraphic gaps. The lower, modified part of the succession originated during an interglacial (or interstadial) period. Subsequent aeolian sands reflect the onset of a glacial period characterised by strong, cold winds, and an initial sea-level fall which resulted in the exposure of shallow-marine sands, making them a source for the aeolian sands. It is tentatively proposed that the base of the aeolian deposits corresponds to the onset of the Last Glacial period.

Prema postojećem zakonu o proračunu i pravilniku o proračunskom računovodstvu računovodstvo opće države temelji se na konceptu nastanka događaja i primjeni načela povijesnog troška u mjerenju bilančnih pozicija. Najveće probleme u primjeni ovog koncepta računovodstva imaju zdravstvene ustanove. One su posebne od drugih proračunskih korisnika po veličini, značaju (političkom, socijalnom i ekonomskom), načinu financiranja, potrošnji, likvidnosti, sudjelovanju na tržištu itd. u ovom radu se pokazuje kako sustav financijskog izvještavanja koji se primjenjuje u sektoru opće države nije u mogućnosti osigurati potpuno relevantnu i pouzdanu sliku poslovanja i informacijsku podlogu potrebnu za donošenje ekonomskih odluka na razini ovih zdravstvenih ustanova, a isto tako i da pokazuje određene manjkavosti u svezi s ekonomskim, socijalnih i političkih odluka na državnoj razini.

Pranje novca je proces u kojem se nastoji sakriti imovina koja svoje izvore ima u kriminalnim aktivnostima. Međunarodna praksa je pokazala da kriminalci često koriste svjetski financijski sustav kako bi sakrili ilegalan novac. U radu su prikazani propisi vezani uz sprječavanje pranja novca prilikom pružanja platnih usluga u Republici Hrvtaskoj.

Od početka 2011.g. stupio je na snagu novi Zakon o platnom prometu. Ovaj rad se bavi novom organizacijom platnog prometa u Republici Hrvatskoj čime je ona usklađena sa sustavom platnog prometa u Europskoj Uniji. Zakon na posve drugačiji način definira platne usluge i pružatelje platnih usluga te je izrazito orjentiran na informiranje i zaštitu potrošača.

Late Pleistocene sands of SE Adriatic islands (Vis, Hvar, Lastovo, Korčula, Mljet) are generally thought to be aeolian in origin and to have been deposited at the time when present-day islands were parts of the mainland. It has been suggested that the sands derived from the Dinaric mountains and/or from land areas (now submerged) situated between the present-day islands and the mainland which included alluvial deposits. New data confirm the aeolian origin of most of these sands and suggest that they predominantly derived from marine sands exposed during sea-level lowstands. SE Adriatic islands mainly consist of carbonates originated on Mesozoic carbonate platforms of the Adria, and to lesser extent within a Palaeogene shallow sea. Only Vis Island includes a small area of Permian and Triassic rocks. Quaternary sediments occur in smaller patches. Tertiary deformation resulted in folds and SW-verging thrust faults. The work in progress includes field observations of sedimentary features and facies within the Pleistocene sands, as well as related studies of particle composition, heavy mineral associations and in particular, biogene constituents. Foraminiferal assemblages have been studied qualitatively (genera and species) and quantitatively. The studied Pleistocene deposits consist of aeolian sands, as well as of fluvial deposits derived from neighbouring highs. Aeolian sands are represented by cross-stratified units formed by the migration of dunes, and low-angle sand sheets. Dominant winds were from NE, E and SE. Main particles in the aeolian sands are quartz and limestone clasts which are followed by quartzite and chert. Clasts of ultramafic and mafic rocks may be common, while metamorphic clasts, as well as feldspars and shales, are rare. Heavy mineral associations are dominated by clinopyroxenes, orthopyroxenes and amphiboles. This compositional data, if taken alone, would indicate source areas located in the Dinaric orogen to the NE. However, the sands also contain marine fossils such as foraminifera, echinoid spines, mollusc and bryozoan debris and corallinaceans. Foraminiferal assemblages mainly include smaller benthic foraminifera, and in some cases, they are accompanied by globigerinids. Some samples contained as much as 84 specimens belonging to 20 taxa in 100g of sand. It is suggested that a major part the aeolian sands (if not all) of the SE Adriatic islands derived from exposed marine sands during glacial lowstands. The sands were initially supplied by rivers from the Dinaric mainland to ancient coasts, have subsequently experienced a reworking by marine processes, and were finally brought to present-day islands by aeolian processes. By this way marine biogene constituents were incorporated in the sands. Hence, the search for smaller marine fossils, e.g. foraminifera and echinoid spines, which represent a minor component of the Pleistocene sands, may help in a better understanding of the relevant geological situation, and in deciphering the provenance of aeolian sands. This work is part of the projects "Evolutionary changes of the Dinarides from subduction to modern Adriatic beaches", “Recent sediments and fossil environments of Adriatic coastal zone” and "Quaternary sediments of the Adriatic area", all of them supported by the Ministry of Science, Education, and Sport of the Republic of Croatia.

Eastern Adriatic shelf is mixed siliciclastic/carbonate area with a great proportion of carbonate biogenous production. This study presents analysis and comparison of total benthic foraminiferal assemblages (their composition, diversity and distribution) in surface sediments from two Eastern Adriatic shallow water bays (Soline and Nin Bay), sampled seasonally from 2006 to 2008. In order to characterize the carbonate sediment production, 62 samples along the bathymetric profiles (from 2 to 20 m) were collected by scuba diving with short PVC corers. Granulometrical analysis was done using method of wet sieving. Statistical analyses (cluster analysis, PCA) were performed using Past program. The most abundant biogenous components in different sediments from Soline Bay (muddy sandy gravel and mud) are foraminifera, bivalves, gastropods, ostracods and sea urchins. Foraminiferal assemblages are high diversified as confirmed by Shannon-Wiener index varying from 2.14 to 3.39, Fisher α index from 5.74 to 16.30 and Equitability from 0.32 to 0.72. The shallowest part of the bay is covered with the sand, consisted of high proportion of siliciclastic component and impoverished in biogenous remnants. Foraminiferal assemblages have low diversity (Shannon-Wiener index 1.36, Fisher α index 2.31 and Equitability 0.32). Throughout Nin Bay, sediments (classified as sand, muddy sand and mud) are consisted of various biogenic remnants. Foraminiferal assemblages have high biodiversity, with Shannon-Wiener indices varying from 2.51 to 3.20, α-Fisher indices from 7.84 to 12.64 and Equitability from 0.37 to 0.77. Statistical analyses (cluster analysis and PCA) grouped foraminifera in two major assemblages, related to sediment type. On sandy and gravely substrates, assemblage is dominated by epifaunal genera and species: Quinqueloculina sp. (6-20%), Elphidium sp. (5-16%), Neoconorbina terquemi (6-10 %) and Asterigerinata mamilla (5-7%). Infaunal species, Ammonia beccarii (5-16%), Ammonia inflata (5-36%), Ammonia tepida (6-38%) and genus Haynesina sp. (6-31%) dominate assemblages in muddy sediments. The only reworked species Aubignyna planidorso is found in the shallowest part of Soline Bay, making 20 to 65% of the assemblage.