INVEST IN CROATIA. Agency for Investments and Competitiveness
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1 INVEST IN CROATIA Agency for Investments and Competitiveness
2 CROATIA: Area (sq km thousands): 56.6 Population (million): 4.17 GDP (USD, billions): GDP growth (%): 3.0 Inflation (%): -0,1 Exports of goods and services (% GDP): 50 Imports of goods and services (% GDP): 47 Industry, value added (% GDP): 26 Services, etc., value added (% GDP): 70 Agriculture, value added (% GDP): 4 Unemployment rate (ILO): 10.8 JAPAN: Area (sq km thousands): 378 Population (million): GDP (USD, billions): 4, GDP growth (%): 0,9 Inflation (%): 0.3 Exports of goods and services (% GDP): 16 Imports of goods and services (% GDP): 15 Industry, value added (% GDP): 30 Services, etc., value added (% GDP): 69 Agriculture, value added (% GDP): 1 Unemployment rate (ILO): 2.8 SOURCE: WB databank 2018 for 2016 (latest available data); ILO 2018 for 2017 (latest available data) for unemployment rate
3 TOTAL FDI IN CROATIA MILLION USD 2.151,0 + 7% increase 2.005, SOURCE: CNB 2018 (millions od $)
4 FDI IN CROATIA FDI BY ACTIVITY TOP INVESTOR COUNTRIES: 16% 3% 10% 32% Financial service activities Trade Manufacturing NETHERLANDS AUSTRIA ICT ITALY 6% Real Estate and Construction Accomodation GERMANY 18% 15% Other LUXEMBOURG SOURCE: CNB 2018
5 CUTTING TAXES BIG TAX REFORM 2017 CORPORATE INCOME TAX RATE 12% < USD < 18% lowered from 20% PERSONAL INCOME TAX RATE personal allowance: 596 USD (increased) Two rates: 24% < 2745 USD < 36% Before: 12% < 345 USD < 25% < 2070 USD < 40% VALUE ADDED TAX 25% general rate 13% (accommodation, periodicals, concert tickets, delivery of electricity and water, etc.) 5% (books, bread, milk, medicines, etc.)
6 COMPETITIVE TAX POLICY TOP STATUTORY CORPORATE INCOME TAX RATES 2017 TOP STATUTORY PERSONAL INCOME TAX RATES (INCLUDING SURCHARGES), 2017 France 34,4 France 50,2 Germany 30,2 Slovenia 50,0 Italy 27,8 Austria 50,0 Austria 25,0 Germany 47,5 Spain 25,0 Italy 47,2 Slovenia 19,0 Spain 43,5 Croatia 18,0 Croatia 42,4 SOURCE: Eurostat 2017 (latest available data)
7 HUMAN CAPITAL 23% Italian HOURLY LABOUR COSTS, USD 38% German 62% English Business economy 12,3 30,9 Industry 11,3 31,8 over 90% of persons aged speak at least one foreign language Construction 11,4 27,5 93.1% students learn two or more languages (58,5% is the EU 28 average) Services 13,2 30,9 99.6% English 61.7% German 24% Italian Croatia EU-28 SOURCE: Gfk Croatia, 2012 (language knowledge); Eurostat 2018 for 2015 (foreign language learning) SOURCE: Eurostat 2018 for 2017 (latest available data)
8 LABOUR LAW EMPLOYMENT CONTRACT concluded in writing for an indefinite period of time can be concluded for a limited period of time (max. three years with certain exceptions) EMPLOYMENT CONTRACT TERMINATION business-related termination - if the need for performing a particular job for economic, technological or organizational reasons ceases personally conditioned termination - if a worker is unable to properly perform his / her obligations arising out of employment due to certain permanent characteristics or abilities misconduct - if a worker violates his / her employment obligations probation period - if the worker did not satisfy mutual agreement it is forbidden to terminate the employment during pregnancy, maternity leave and temporary incapacity for work due to work related injuries
9 LABOUR LAW WORKING HOURS Full-time: 40 hours a week Overtime (special reasons): - no longer than 50 hours per week - no longer than 180 hours per year (exceptionally 250 hours) LEAVE Vacation: The worker has a right to an annual paid leave of at least four weeks for each calendar year. Paid leave: for important personal needs up to seven working days a year 14 public holidays SICK LEAVE first 42 days of sickness, or 7 days for a worker with a disability are paid by the employer not less than 70% of worker s average wage in the 6 months preceding the sick leave from the 43rd day of sick leave, or the eighth day for a disabled employee, incomereplacement benefit is calculated and paid out by the employer and reclaimed from the Croatian Health Insurance Fund (HZZO)
10 INVESTMENT COSTS PRICE LEVEL INDICES FOR INVESTMENT Investment Construction Software Machinery and Equipment Metal Products and Equipment Transport Equipment Croatia EU 28 SOURCE: Eurostat 2018 for 2016 (latest available data), EU 28=100
11 UTILITIES COSTS ELECTRICITY PRICES FOR NON- HOUSEHOLD CONSUMERS 2017S2 ( /kwh) GAS PRICE FOR NON-HOUSEHOLD CONSUMERS, 2017S2 ( /GJ) MWh < C < MWh 0,0541 0,0912 0, GJ < C < GJ 7,6334 7,7817 7, MWh < C < MWh 0,0762 0,103 0, GJ < C < GJ 8,5901 9,5971 9, MWh < C < MWh 0,0912 0,1249 0, GJ < C < GJ 9, , , MWh < C < MWh 0,1040 0,1454 0,1389 C < GJ 11, ,681 14,3145 Croatia Euro area EU 28 Croatia Euro area EU 28 SOURCE: Eurostat 2018 (latest available data), all taxes and levies included
12 OFFICE UNIT ANNUAL RENT COSTS FOR 115 USD: CROATIA (Zagreb): 7.14 m² GERMANY (Berlin): 4.55 m² AUSTRIA (Vienna): 4 m² JAPAN (Tokyo): 1 m² SOURCE: Cushman & Wakefield, 2014
13 INVESTMENT INCENTIVES ACT ON INVESTMENT PROMOTION up to 45% OF THE INVESTMENT COST BACK Up to 0% profit tax rate for up to 10 years Up to employment grants for every new employee Up to 1 M grant for capital costs of investment Up to 0,5 M grant for R&D NEW CHANGES TO THE ACT ON INVESTMENT PROMOTION in force from 22nd March 2018 For ICT centres lower amount of investment needed (from to new employees) New incentive free lease of inactive government property for up to 10 years
14 INVESTMENT INCENTIVES MINIMUM AMOUNT OF INVESTMENT ENTERPRISE CATEGORY EUR ( USD) + 3 employees (micro-enterprises) EUR ( USD) + 5 new employees (small, medium and large enterprises) EUR ( USD) + 10 employees (for ICT system and software development centres) STAFF HEADCOUNT and ANNUAL TURNOVER or ANNUAL BALANCE SHEET TOTAL MAXIMUM AID INTENSITY (% of eligible investment costs) Large > 250 > 50 million > 43 million 25% Medium < million 43 million 35% Small < million 10 million 45% Micro < 10 2 million 2 million 45% INCENTIVISED ACTIVITIES manufacturing and processing activities, development and innovation activities, business support activities, high added value services
15 INVESTMENT INCENTIVES TAX INCENTIVES INVESTMENT AMMOUNT ( MIL.) 0,15-1 (>0,05 for micro and ICT system and software development centres) NEWLY EMPLOYED 5 (3 for micro and 10 for ICT system and software development centres) PERIOD OF EMPLOYMENT (YEARS) PROFIT TAX RATE DEDUCTION PERIOD (YEARS) 3 (SME), 5 (large) 50% 10 (5 for micro) (SME), 5 (large) 75% 10 > (SME), 5 (large) 100% 10 CAPITAL COSTS INCENTIVES INVESTMENT AMOUNT ( MIL.) NEWLY EMPLOYED COUNTY UNEMPLOYMENT RATE INCENTIVES FOR CAPITAL EXPENSES 10-20% 10% of the eligible costs of investments in long-term assets (max )* >20% 20% of the eligible costs of investments in long-term assets (max )* *eligible costs of investments in long-term assets are construction of the new factory, production facility and buying of new machines, i.e. production equipment, with the condition that the part of investment in the machines/equipment equals at least 40% of the investment and that at least 50% of those machines/equipment are of high technology.
16 INVESTMENT INCENTIVES EMPLOYMENT INCENTIVES COUNTY UNEMPLOYMENT RATE <10% 10-20% >20% INCENTIVE RATE IN RELATION TO ELIGIBLE COSTS OF JOBS CREATION* INCREASE FOR DEVELOPMENT AND INNOVATION ACTIVITIES** INCREASE FOR BUSINESS SUPPORT ACTIVITIES*** AND HIGH ADDED VALUE ACTIVITIES**** 10% (max. 3,000 ) +50% (1,500 ) +25% (750 ) 4% (max. 1,200 ) +50% (600 ) +25% (300 ) 20% (max. 6,000 ) +50% (3,000 ) +25% (1,500 ) 8% (max. 2,400 ) +50% (1,200) +25% (600 ) 30% (max. 9,000 ) +50% (4,500 ) +25% (2,250 ) 12% (max. 3,600 ) +50% (1,800) +25% (900 ) >100 NEWLY CREATED JOBS >300 NEWLY CREATED JOBS >500 NEWLY CREATED JOBS + 25% + 50% + 100%
17 INVESTMENT INCENTIVES ADDITIONAL EMPLOYMENT INCENTIVES 5 YEAR EXEMPTION* OF 17.2 % OBLIGATORY CONTRIBUTIONS ON THE SALARY FOR: health insurance at the rate of 15% health protection at work at the rate of 0.5% employment at a rate of 1.7% *for employing young people under 30 UP TO 50% OF THE ANNUAL COST OF GROSS II SALARY (TOTAL COST OF THE EMPLOYEE S SALARY) duration of the measures: 12 months active labour market measure awarded to encourage employment of unemployed persons available to entrepreneurs operating with profit
18 INVESTMENT INCENTIVES ACT ON STATE AID FOR R&D in legislative procedure PROFIT TAX DEDUCTION OF: Up to for a predominantly fundamental research Up to for predominantly industrial research Up to for predominantly experimental development Up to for feasibility studies in the preparation of research activities EU STRUCTURAL FUNDS STRENGTHENING CAPACITY FOR RESEARCH, DEVELOPMENT AND INNOVATION upcoming tender Up to per project
19 STRATEGIC INVESTMENT PROJECTS NEW ACT ON STRATEGIC INVESTMENT PROJECTS OF THE REPUBLIC OF CROATIA in force since 4 April 2018 PROVIDES STRATEGIC INVESTMENT PROJECT WITH: quicker investment implementation; less procedures and licences needed; and operational group appointed to provide support to project implementation. TO QUALIFY: construction of structure sectors: economy, mining, energy, tourism, transport, infrastructure, electronic communications, postal services, environmental protection, public utilities, agriculture, forestry, water management, fisheries, health care, culture, audio-visual activities, science, technology, education, defence and judiciary value: 10 M EUR (11,7 M USD) or 1,3 M EUR(1,56 M USD) if realized in assisted areas, on the islands or in sectors of farming, forestry and fisheries)
20 AGENCY FOR INVESTMENTS AND COMPETITIVENESS GOVERNMENT AGENCY operational since 2012 PROFESSIONAL ASSISTANCE FREE OF CHARGE - WE Provide information and analyses to investors Organise visits to investment sites and to relevant public institutions Provide assistance with the application for investment incentives Provide operational help to the strategic investment projects of the Republic of Croatia Convey to the central government investors suggestions about the investment climate Provide operational support to Croatian Clusters of Competitiveness
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23 THANK YOU! ZDENKO LUCIĆ
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